Short-Term Rental located in Garner, NC

9 Replies

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $177,500
Cash invested: $75,000

Single family residence (3BR,2BA) that was renovated and fully furnished in Garner, NC (a suburb of Raleigh, NC). The property is used as a STR (i.e. AirBnB).

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

The ability to force appreciation by doing some renovations in the kitchen, bathrooms, and living area.

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

Found the property on MLS. Property had been under contract recently and the sellers were motivated.

How did you finance this deal?

Conventional mortgage loan. Cash-out refinanced approximately 8 months after purchasing the property.

How did you add value to the deal?

Open concept, new flooring (LVP), new paint, new finishes, redesigned the kitchen, upgraded HVAC, and curb appeal.

What was the outcome?

We now have a beautiful property that has performed well on AirBnB (~$1000 in cash flow).

Lessons learned? Challenges?

Gave us confidence. Review the financing terms carefully and think long term (i.e. how fast can you refinance).

Congrats!  I'm in Raleigh but do STRs out in Western NC.  Would love to do some STRs locally.  If you're ever intersted in connecting and swapping stories, love to meet up.  Best of luck with this one in Garner.

Joe

Congrats!! The BRRRR strategy with the intent to STR is my favorite play in the STR playbook space right now. Keep it up!

@haydenbreckenridge, Congrats. Solid work. I'm new in the game and just bought my first property (buy/hold) in the same area. I hadn't thought about STR's in this area much, but you're now the second person I have seen be successful. I know a guy who's making 5k a month in Apex. I didn't think the demand was there for these. Would love to pick your brain one day. Nice work.

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