All Forum Posts by: Heidi Braunhardt

Thanks, @Rita Medeiros! I will check it out now :)

Investment Info:

Single-family residence buy & hold investment in Nashville.

Purchase price: $375,000
Cash invested: $2,000

I just purchased this home located in Nashville, TN. It is new construction, so not much needed to go into it. Just some mirrors, fixtures and a W/D. 2 weeks after closing a tenant moved in. What I learned from this is, it's difficult to find great Realtors, and I was disappointed that mine did not work as hard for me as I work for my clients. Going forward, I will continue to invest in my market (South Florida) so I can broker my own deals since I kick butt for both myself and my clients :)

How did you finance this deal?

Conventional 25% down

Investment Info:

Other buy & hold investment.

Purchase price: $133,000
Cash invested: $20,000

This was the very first property I purchased. It was back in 2011, and I used an FHA loan to acquire the property. I lived in the home with two other roommates (it is a 3/2 townhome) while I saved up to buy my next property. When I moved out and purchased the single family I now live in, I started renting the townhome for $2K/month.

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

I was ready to start saving money, so purchasing a townhome with $20K down and living for free (rent paid by roommates), allowed me to save a lot of money for my next purchase.

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

I did not have my RE license at the time, so I worked with a Realtor.

How did you finance this deal?

FHA

How did you add value to the deal?

I only had to put a little money into the home as it was a newer construction townhome.

What was the outcome?

I have been renting it to the same tenants for the past 4 years for over $2k/month.

Just purchased my ticket and I look forward to the event and meeting everyone :)

Investment Info:

Large multi-family (5+ units) buy & hold investment in Fort Lauderdale.

Purchase price: $582,500
Cash invested: $125,000

I purchased a 6 unit building in my neighborhood and spent 5 months on the renovations. I then set each unit up as an Airbnb, and now it’s a successful full-time short term rental. It was A LOT of work, and I would be willing to discuss details with anyone interested :) There are things we did right, plenty we made mistakes on, but it sure was a great learning experience!

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

After starting my first Airbnb and realizing how successful it was, I was ready for much more. We found this 6-unit building and went under contract the day it came on the market.

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

I am a Realtor, so I was able to locate this home the very first day it came on the market. We offered full asking price to secure it, and went under contract that same day.

How did you finance this deal?

Commercial Loan 25% down.

How did you add value to the deal?

Renovated the entire building - SO much work went into this one!

What was the outcome?

Running now as a very successful Airbnb.

Lessons learned? Challenges?

Many lessons learned haha

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

I am a Realtor :)

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Fort Lauderdale.

Purchase price: $375,000
Cash invested: $30,000

This was a 2 unit that I purchased in 2016 for $375K. There is a single family home in front, and in back there is a guest house/loft above a garage. It is a corner lot, so they actually have two separate driveways, which is great for privacy. We renovated the loft right away, and then put it up on Airbnb. We gross in between $2,500 - $3,000/month on that unit. It is a 450 SQFT 2/1. The main house is original (this place was built in 1924, very cool) and we rent it for $1,650/month.

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

This was my first multi family purchase. I was ready to get into Airbnb, so this was also my first Airbnb :)

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

I am a Realtor, and I found it off market through another Realtor I was actually working on another deal with.

How did you finance this deal?

Conventional 20% down.

How did you add value to the deal?

By renovating the loft, we were able to get top dollar for it on Airbnb. We rent it in between $75-125/night, depending on the time of year.

What was the outcome?

The loft is very successful on Airbnb and people love the main house for long term rental.

Lessons learned? Challenges?

We probably would have renovated the main house also, and turned that one into an Airbnb if we had really thought about it back then. Since it was my first duplex, I thought having one short term and one long term rental would be good. It is good, but we could be making more money if both were on Airbnb.

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

I am a Realtor :)

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Fort Lauderdale.

Purchase price: $375,000
Cash invested: $30,000

This was a 2 unit that I purchased in 2016 for $375K. There is a single family home in front, and in back there is a guest house/loft above a garage. It is a corner lot, so they actually have two separate driveways, which is great for privacy. We renovated the loft right away, and then put it up on Airbnb. We gross in between $2,500 - $3,000/month on that unit. It is a 450 SQFT 2/1. The main house is original (this place was built in 1924, very cool) and we rent it for $1,650/month. It is an 800 SQFT 2/1. This is located in the Sailboat Bend neighborhood of Downtown Fort Lauderdale. After all expenses, including PITI, we net on average $700/month.

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

This was my first multi family purchase. I was ready to get into Airbnb, so this was also my first Airbnb :)

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

I am a Realtor, and I found it off market through another Realtor I was actually working on another deal with.

How did you finance this deal?

Conventional 20% down.

How did you add value to the deal?

By renovating the loft, we were able to get top dollar for it on Airbnb. We rent it in between $75-125/night, depending on the time of year.

What was the outcome?

The loft is very successful on Airbnb and people love the main house for long term rental.

Lessons learned? Challenges?

We probably would have renovated the main house also, and turned that one into an Airbnb if we had really thought about it back then. Since it was my first duplex, I thought having one short term and one long term rental would be good. It is good, but we could be making more money if both were on Airbnb.

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

I am a Realtor :)

Hi Melody! I would be happy to help, and I am an experienced investor also :) I just sent you a PM!

@Tim Bergstrom Hi Tim! Thanks so much! Very cool that you have two in Nashville. South Florida is definitely a great area for STR's. My husband and I did not partner with anyone, we were luckily able to save enough to pay for the down payment and remodel ourselves. Here is a link to my listings on Airbnb! https://www.airbnb.com/users/35075530/listings?use...

The "Parakeet Retreat" units are the 6 unit building. We have one additional Airbnb in a different location.

Our budget for the renovation was $75K, buttttt we ended up spending $110K, and then $15K furnishing the units. Right now we do not plan to refinance, but we do have a 5/5 ARM on a 25 year amortization schedule, so we will have to decide what to do as we approach the expiration of the first 5.

Thanks for your message! If you would like any more details, please feel free to PM me :)

@Minh Nguyen Hi Minh! Thanks for your message!  I purchased my first property in 2012, and I had searched for about 9 months before I found the right home.  At that time, I purchased a townhome that I could live in and also rent out a room or two to save money.  

My next 2 purchases I kind of fell into, being a Realtor I was able to find them quickly, and one even off market.  

Then, this last purchase (the 6 unit building) took me almost a full year to find!  I was anxious to purchase something for that entire year, but I knew I had wait for the right opportunity, and I am so glad I did!

It's great that you are in Fort Lauderdale, and if you are ever interested in meeting up to chat more about my investment experience or just real estate in general, it would be my pleasure!