Closing on 2nd STR property today - 10/29/20

[Paul Cox]

Investment Info:

Single-family residence buy & hold investment in Branson.

Purchase price: $298,000
Cash invested: $35,000
Sale price: $298,000

Contributors:
Kelly Worley

(VRBO Listing Description) This luxurious 4 bedroom 4 bath golf villa offers the utmost in Branson Rentals. You'll appreciate the fully equipped kitchen, the outdoor deck with grill, 4 spacious bedrooms each with their own full size luxury bathroom. There is plenty of room to gather and to dine all together, whether in the comfortable living area, the outdoor covered deck, the dining room or the breakfast bar, the open floor plan makes staying in touch easy. When you want peace and quiet, each private bedroom and bath combo makes that a breeze as well.

This was actually an off market deal brought to me by my realtor Kevin Kueck who is part of Kelly Worley's team in Branson.

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

We are totally focused on the STR arena right now and have a goal to reach 10 properties within the next 5 years. Branson has always been on our radar as a true Vacation Destination and so when I saw a response by Kelly Worley on the STR Forum, I reached out and connected and began the partnership with her and her team. We close today (10/29/20) and will leave it initially in the Management Program until the end of the year and then take over Self Management. It is doing between 50-60K a year.

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

Off market deal brought to me by my realtor in Branson

How did you finance this deal?

Vacation Home / 2nd Home loan...10% down on a 10/1 ARM amortized over 30 years at 3.5%...This gives us 10 years to figure out what we'll do with it next.

How did you add value to the deal?

Just taking possession, but looking to add our flair to the property and brighten it up a bit on the inside. Even though it's a stand alone villa, its still considered a Condo for the area so all the outside work is taken care of by the Association

What was the outcome?

TBD

Lessons learned? Challenges?

TBD

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

Kelly Worley and her team are outstanding and look forward to working with them into the future.