First Property - Short Term Rental - Galveston TX

[Karl McGarvey]

Investment Info:

Other buy & hold investment in Galveston.

Purchase price: $127,000
Cash invested: $36,000

Contributors:
Holly Kaufman

500sqft 1Bd/1Bath Beach Front Condominium. Self managing to maximize cashflow so that we can move onto property #2 in the next 12 months.

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

Close to home and we love to vacation. We felt passionate about sharing our love of vacationing with others.

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

Found the deal ourselves using zillow, but it was negotiated and done through a local agent.

How did you finance this deal?

30yr conventional.

How did you add value to the deal?

By negotiating the price and buying at the right time of year.

What was the outcome?

Will let you know in 12 months!

Lessons learned? Challenges?

Lenders can make or break a deal. The processing team can have a very different work ethic and culture than the person selling you the loan. Before you choose a lender, ask your agent who they have had good experiences with before.

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

Holly Kaufman of Lee De Forke Brokerage in Galveston TX is a pro! Start to finish she will do what it takes to make sure you get what you want.

[Timothy Church]

@Karl McGarvey Congratulations on closing! Should be able to have it running smoothly soon and kick things off with spring break. Hope it is a great performer for you!!