All Forum Posts by: Ashley Powell

Hey BP community,

I have an off market turn key fully furnished property in Surfside Beach, SC(right next to Myrtle). This property is ideal for an all cash buyer and netted $29k last year for the owner after expenses.

Current value is $238k, property is available for  $190k. 

Its a 2/2 in a private secure resort that features a private beach, bar and grill, lazy river, and many pools and gyms. 

Here is the link for the property:

https://endlesssummerbeachrent...

If anyone is interested let me know!

Thank you!

Hey everyone,

I’ve done a few deals so far and have realized I really want to restore historical homes. I’ve seen many of them in cities surrounding me get gutted and quickly flipped. I want to restore these old homes to their former glory and save them from bad flippers tearing out their history.  I’ve started on one and looking to expand but it’s obviously a costly venture and in some areas it’s tough to find comps.  Thus far I’ve been funding personally and holding the properties for STRs and MTRs. 

I’d really love some advice from any experienced restorers, and suggestions/ advice for seeking funding as I look to expand and move forward! 

Thanks everyone! 

I'm pro renovate also. I own a few historic homes in NC that I rent out as STR's already. People enjoy the history and uniqueness of historical homes. Plus there are many benefits if you register it as a historical property. You will be limited on what you can do, but in my experience restoring historical homes do better in the long run with equity and if you need to sell. It is a huge can of worms and older homes have a lot of extra things that new ones do not, so be careful in calculating your renovation budget. Best of luck!

Hey everyone, 

So I’m going to start managing STRs for clients that are deploying. I’m looking for a contract that anyone has used to facilitate this relationship? These are friend so I feel it’s best to have everything laid out. So a starting point would be great! It’s for the state of NC. 

Thanks everyone!

-Ashley 

Hey everyone, 

So I’m going to start managing STRs for clients that are deploying. I’m looking for a contract that anyone has used to facilitate this relationship? These are friend so I feel it’s best to have everything laid out. So a starting point would be great! It’s for the state of NC. 

Thanks everyone!

-Ashley 

Investment Info:

Small multi-family (2-4 units) other investment.

Purchase price: $274,000
Cash invested: $50,000

Single family Historic home with an ADU

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

I wanted to find a home for me to personally buy that I could house hack.

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

I had been looking on zillow at local historic districts. this home had been on the market for over 90 days, which in this market was not right. I went and looked at the property and could tell why. The problems list was never-ending, but the owner had moved out of state already and wanted to sell the property so we negotiated from there.

How did you finance this deal?

VA home loan

How did you add value to the deal?

The apartment(ADU) on the back was being rented for $700, but actually had a squatter that hadn't been paid in months. After evicting the man I rehabbed and furnished the apartment and made it two separate living spaces with bedrooms and a shared bathroom and kitchen then rented the units out. The alone now pay the entire mortgage on the property as I renovated the main house.

Lessons learned? Challenges?

Budgets and timelines with historic homes (especially) are really hard to keep on track. I've decided moving forward when analyzing historic homes to add an 'oh poop' fund for all of the stuff that WILL come up.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $335,000
Cash invested: $85,000

Purchased this home from another investor, finished some renovations, and furnished the property. It's a 3/2 in downtown southern pines within the historic district.

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

I was wanting to purchase another property and this area and location are very desirable to own in.

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

It was from a fellow investor/friend so we talked about it.

How did you finance this deal?

conventional financing for an investment property. Required 20% down.

How did you add value to the deal?

finishing renovations and furnishing the property.

Lessons learned? Challenges?

So many lessons were learned. I wish I had found a better way to finance than typing up that much money. The house has approximately $120k in equity right now but if I could go back I would have explored other financing methods. Another big lesson was the over inundation of Airbnbs in these small towns. What a couple of years ago I would run numbers/occupancy rates at have changed a lot. I switched strategies and now it serves as a Midterm rental and is an okay investment.

My biggest challenge right now is organizing the accounting and books to better prepare for next year's taxes, keep better track of my properties and profits/losses plus build solid practices now so that I am able to scale as I move forward. I just recently listened to BP podcast episode 635, and when Sam was discussing starting out and things not being tracked well, I could relate. I am ready to scale but know I need to hammer down solid financing and taxes but struggling with where to begin. I would love suggestions to begin this and set myself up for long-term success as I scale in the next couple of years. Thanks, everyone!

@Marc Rice It’s a class A area, set to expand drastically in the next few years. The home is older, but is a registered historic home, most in the area are. I know all deals have a price that makes them a good deal, when running the numbers I tried to be a little more cautious. What are your thoughts?

@Bill Conlan

Thanks for the advice! I will have to start reaching out, even if not for this one to at least start networking for future properties! Thanks again!