All Forum Posts by: Danielle Shipp

I found this great property in Largo, Florida, that another investor and I would love to pursue but need some creativity. It is a beautiful property with two homes on the land. I have an entire business/investment work up on it including market research and researched numbers on potential revenue, etc. I've attached them and would love some feedback on creative real estate. I am interested in building upon my family legacy in hospitality as I grew up on a small lake resort in Minnesota. I have an airbnb home in Minnesota right now, and the other investor involved has multiple investments. We still need approximately $200k. I am looking for anyone would be interested in this or talking further, or I would like to hear some questions or objections so that I can make sure that I have answers to all concerns.

Thank you so much!!

The Numbers for the Homes

Investment Proposal/Research

@Jeff Schemmel, we have it down as a second/vacation home. For this one, we didnt do assumptions, just a "standard" mortgage loan for a second home. I hope that helps haha. Sorry- I am new. BUT here is Allison's information. She is extremely intelligent and we loved working with her. 

Allison Larson
Branch Manager | Novus Home Mortgage
NMLS #1059283
Visit my website: allisonlarsonloans.com/

I cant post her direct contact info but you can find more about her on her site. 

@Dmitriy Fomichenko Thank you so much!

@Jessica Grewe, We used Allison Larson with NOVUS homes! :) They're out of Minnesota, and she was great toward with

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $189,000
Cash invested: $40,000

This is beautiful, historic home built in 1903 in the desirable Minnesota lake community of Battle Lake, Minneosta. This is a 4 bedroom, 2 bath home sitting on a maintained corner lot with a detached 2 car garage with a screened gazebo. This property is listed with airbnb, Vrbo and has a direct website so we are utilizing it as a short term rental. We have lovingly named this home, The House on Lake.

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

I grew up in hospitality, specifically on a lake resort with my grandparents. So hosting and hospitality have always been in my heart. I wanted to invest in a short term rental, and create a beautiful space for families to enjoy some of the best times. When I came across this historic home with so many charming features- I fell in love.

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

I found it on KW.com with an alert set for a specific size house within a specific amount of money. I used my realtor to negotiate. It was a divorce situation, so it was a hot mess for a bit.

How did you finance this deal?

A conventional loan. We put 10% down, 30 years at a rate around 5.5%

How did you add value to the deal?

We cleaned it out, updated the paint throughout the entire home. Tore up carpet to reveal hard wood, updated hardware and future, and cleaned up the entire yard. Long term goal is redo the exterior, update cabinetry and bathrooms.

Lessons learned? Challenges?

We learned that what we thought it would cost to clean up the home and fix many internal issues, was WAY off. We under estimated the upfront cost of a short term rental but we also learned that our sweat equity is more than we thought. We worked our tails off physically and we are very happy with the outcome.

The biggest challenge was navigating this while living in Colorado.

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

We worked with a real estate agent who was amazing. And we had a Minnesota lender, who was one of the best lenders I've worked with.