BRRR Vacation Rental

[Krista Goodrich]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $225,000
Cash invested: $50,000

Outdated SFR that had long term tenants paying way under market. Purchased and have been renovating, starts vacation renting in March and we are already booking like crazy!

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

I love vacation rentals in this area, own quite a few and the return in incredible. Plus it helps improve our area.

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

MLS

How did you finance this deal?

Hard money that will convert to commercial loan. Around here right now cash deals win so I use hard money to pay cash and then figure out financing later. Not a strategy for everyone but works for me.

How did you add value to the deal?

Full renovation with adding a master bed and bath, furnishing entire house, upgraded basically everything.

What was the outcome?

I'm pre-booking rentals already before it's even done.

Lessons learned? Challenges?

Shop around for pricing with contractors-I had quotes with $75k variations!

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

Me as Realtor, Designer and Decorator.