Investment Info:
Single-family residence buy & hold investment.
Purchase price: $280,000
Contributors:
Khine H.
This home was purchased, thoughtfully renovated, and beautifully furnished for use as a mid-term rental in Richmond, VA. It is approximately a 5 minute drive to a Level I Trauma Center. It is listed on AirBnB and Furnished Finder - https://www.furnishedfinder.com/property/584674_1
What made you interested in investing in this type of deal?
Khine, if you'd like to elaborate or your interest in this type of deal please feel free to add to this post!!
How did you find this deal and how did you negotiate it?
It was listed on the MLS for $289,750 in July, which was very busy in the area. I watched the showings and checked in with the agent frequently, they weren't getting serious interest in the first few days it was on the market. I ran comps and the price was fair, however I knew we had room to negotiate. We ended up getting the price down to $280,000 ($9,750 less than asking) and further negotiated for the seller to install a brand new HVAC system.
How did you add value to the deal?
I was the real estate agent in this deal. This investor was from out of town, so I provided information about the area and performed multiple virtual showings making sure to point out the good, bad and ugly of each home. I ran comparative market analysis to aid my client in making the best offer possible. Met with the home inspector, contractors, and shared my expertise and resources for the renovations. Although, the design and renovations were hugely my clients vision and execution.
What was the outcome?
It looks great and has been successfully rented for several months! It is listed on AirBNB, Furnished Finder, etc. (See here - https://www.airbnb.com/rooms/1002452282077304088)
