Renovated on HGTV - Beach Vacation Rental

[Chris Webb]

Investment Info:

Other other investment.

Purchase price: $330,000

Cash invested: $40,000

Beach Front Condo in Pawley's Island, SC. Fully renovated as part of HGTV Beach Front Bargain - Renovation Series.

What made you interested in investing in this type of deal?

We purchased this condo due to its location and the original state of the int

erior finishes. We wanted to do a full renovation with a rustic farmhouse at the beach design.

How did you find this deal and how did you negotiate it?

This property was found on the MLS and we had to negotiate with a group of 11 elderly owners that used it for a rotating vacation home.

How did you finance this deal?

Financed as a second home with 90% LTV based on purchase price.

How did you add value to the deal?

We renovated almost every inch of the interior. We gutted the

kitchen and both bathrooms and added modern touches like a coffee bar along with rustic finishes like shiplap and barn doors. We were fortunate to renovate it on one of the HGTV shows so our marketability has been priceless on VRBO & Booking.com

What was the outcome?

We have been able to keep it booked almost every night of the year with a few vacancies during the off season but still have snow birds coming down to stay in Jan & Feb.

Lessons learned? Challenges?

It was challenging to complete some of the renovations with a camera and production crew there for 12 hours a day. We did lose some time with having to stop for interviews and progress updates.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

We are licensed real estate brokers and own a property management company so we were fortunate to handle everything in house.