The Beverly Home a full remodel for STR

[John Hildebrand]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $350,000
Cash invested: $500,000

Purchased the house than did a full remodel which took about 3 months. It cost me about $150K for remodel plus fully furnished the home. In just a few months it's a super host / plus host with 75% occupancy

Beverly
http://bit.ly/2CJ7FN3

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

Love single-family homes and wanted to have a house closer to my family for starters. I wanted to try and live it in part-time but its to busy. The city is a great investment on STR which really made me want to be apart of it

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

My brother is an agent and I had him look a bunch, but so did I searching everywhere. Then drove around. After 20 homes this was the last stop minute is saw it I had to have it. I gave him $25K cash to close the deal before all the other money was sent after closing.

How did you finance this deal?

I paid all cash which I had at the time than did a refinancing with Chase bank got a loan at 4.1%

How did you add value to the deal?

Yes the value of the homes is about $440K now but I use it for rentals with is cash flow

Lessons learned? Challenges?

Learn how to now overspend on the remodel. I wish I only spent $100K but the home was in bad shape.

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

Yes Wayne Hildebrand