First time STR purchase

[Miranda Vaughn]

Investment Info:

Townhouse other investment.

2BR/1.5 BA furnished townhome in Panama City Beach, FL. After dropping around 40K into the property, between down payment and updates, we are starting to have some major cashflow. It is not a beachfront property, but in a very sought-after neighborhood for short term renters due to the proximity of points of interest.

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

CASH FLOW. This area is HOT in cash flow. HOA dues in this neighborhood are manageable and it's very family friendly and highly sought after for vacationers.

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

Stalked it for about 4 months on MLS and it was just sitting. The market took off in March though and we snagged it up for 20K under list price

How did you finance this deal?

Partnership with a friend. They assumed the mortgage and part of the down payment, we assumed part of down payment and all of the updates. I also fully manage property.

How did you add value to the deal?

As an agent and the one who did all of the homework, I am now licensed in Florida as an agent and am successfully managing our property.

What was the outcome?

Swooped this one up before the market soared. We could honestly turn around and sell it now for 50-75K more than what we just paid for it in March.

Lessons learned? Challenges?

Always add $1k to every quote you get... whether it's in relation to lending, insurance, repairs. HAVE FUNDS READY!

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

Bank of England Mortgage with Mike Tarleton was phenomenal in getting us squared away with a vacation rental loan.