Investment Info:
Single-family residence buy & hold investment.
Purchase price: $165,000
Cash invested: $100,000
I fixed up a single-family home in St. Pete Florida and rented it out on Airbnb for 1-year. During Covid, my vacation rentals all cancelled for the next 6-months, so my boyfriend and I moved into the house, temporarily. However, the move ended up being a permanent move, so it technically is no longer an "investment property" However, we have a Small detached unit on the property that we rent for $1,100 a month, so the property itself it is still bringing in some cash.
What made you interested in investing in this type of deal?
It was close to the best beaches in St. Pete. I had a friend wholesaling and he alerted me to the deal.
How did you find this deal and how did you negotiate it?
I found it through a wholesaler who happened to be an old friend.
How did you finance this deal?
Hard Money
How did you add value to the deal?
I completely gutted the home from top to bottom
What was the outcome?
It turned out beautifully.
Lessons learned? Challenges?
Overestimate repairs, have a trustworthy contractor, do not go with the cheapest contractor, and have a termite inspection!
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Not at the time
