All Forum Posts by: Miranda Vaughn

Mike Tarleton was the lender.  I actually represented myself as the agent.  Just added my reciprocal real estate license and working with a great investor-savvy broker in the area. 

Thanks!

I'm still hashing out numbers since it's a recent (March 2021) purchase.  It took about 2 months (and about $10K) to get it ready to rent. We purchased furnished, but it was really outdated. We were going the AirBNB route, but decided since I'm self-managing to use Houfy. This particular neighborhood is very established with renters and has its own Facebook group where people come to specifically rent straight from the owners.  We are no longer having to float the mortgage and utilities at this point, and won't have to for awhile.  Also hoping to score more bookings through fall and land some snowbirds in the winter!

Thanks so much! Things are going very well. Currently looking for STR#2!

Thanks! 

 I'm still working through a breakdown of cash flow since we just purchased in March 2021.  The initial investment with the vacation rental loan was around 20k, plus an additional 10k in revamping/updating.  However, just in June and July we have brought in almost 10k.  I'll keep everyone updated on numbers!

Investment Info:

Townhouse other investment.

2BR/1.5 BA furnished townhome in Panama City Beach, FL. After dropping around 40K into the property, between down payment and updates, we are starting to have some major cashflow. It is not a beachfront property, but in a very sought-after neighborhood for short term renters due to the proximity of points of interest.

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

CASH FLOW. This area is HOT in cash flow. HOA dues in this neighborhood are manageable and it's very family friendly and highly sought after for vacationers.

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

Stalked it for about 4 months on MLS and it was just sitting. The market took off in March though and we snagged it up for 20K under list price

How did you finance this deal?

Partnership with a friend. They assumed the mortgage and part of the down payment, we assumed part of down payment and all of the updates. I also fully manage property.

How did you add value to the deal?

As an agent and the one who did all of the homework, I am now licensed in Florida as an agent and am successfully managing our property.

What was the outcome?

Swooped this one up before the market soared. We could honestly turn around and sell it now for 50-75K more than what we just paid for it in March.

Lessons learned? Challenges?

Always add $1k to every quote you get... whether it's in relation to lending, insurance, repairs. HAVE FUNDS READY!

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

Bank of England Mortgage with Mike Tarleton was phenomenal in getting us squared away with a vacation rental loan.