All Forum Posts by: Justin Melendez

@Meghan McGill Congratulations, I can feel your enthusiasm through your post! We just went live (30 days ago) on our first AirBnB in Fayetteville, NC and I'd love to share any insights/lessons learned with you. I am also interested in hearing what you have to say about Charleston. Fayetteville seems like a good place for some steady STR income, if you haven't already reach out to Mark Horton II here on BP he's a local STR manager.

@Raeford Leonard Black II ugh that sucks! Definitely answered my question and thanks for sharing. The underwriting process can seem like such a crapshoot sometimes, I feel like I don’t know enough about how, when, what, and how often they look at your financials. 

Glad you were able to close though. Now you have a paid off car and a money machine. Congratulations 👏🏽

@Raeford Leonard Black II Nice deal, thanks for sharing. Do you mind digging deeper on what sort of financing challenges you experienced in the 11th hour? 

Thank you @Dmitriy Fomichenko

I love this property. I’ve seen it on Airbnb and it’s beautiful! How’d you finance it? 

Also, what makes you say Fayetteville is in need of STRs in particular?

Investment Info:

Single-family residence wholesale investment in Fayetteville.

Purchase price: $95,000
Sale price: $97,000

We weren't able to profitably complete this project, but the owner wanted to sell the property. Luckily, I have good friends who have better systems in place to take on projects with less overhead.

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

Typically I never intend to assign a contract. If I put something under contract, it's because I am the one buying. However, we built rapport with this homeowner over a few months and they expressed their desire to exit. Unfortunately, I couldn't make it work for me at their price point, but we were committed to finding a solution for them.

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

Propstream list followed by text messaging campaign.

How did you finance this deal?

Assignment of Contract.

How did you add value to the deal?

While we didn't add value to the "property" we did add value to the "deal". The homeowners got the price they were asking and the investor we assigned it to now has a new project.

What was the outcome?

Small profit, built relationships, tested processes.

Lessons learned? Challenges?

This was a smooth deal. Being upfront with the homeowner and the assignee made it an easy transaction.

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

Single Source Real Estate Services

@Jaron Walling Yeah we built it back in 2017. 

Thank you @Dmitriy Fomichenko

For before and after photos, check out: https://properpivot.com/operat...