Updated over 3 years ago on . Most recent reply
Short term rental in Panama City Beach
Investment Info:
Condo other investment.
Purchase price: $369,000
Cash invested: $1,600
Purchased as a short term rental with a vacation home loan.
What made you interested in investing in this type of deal?
We are wanting to transition from LTR to STR to increase cashflow.
How did you find this deal and how did you negotiate it?
Pocket listing offered by seller's agent after we got outbid on another one of his properties.
How did you finance this deal?
80% loan with a second mortgage to cover the other 20%.
How did you add value to the deal?
We completely remodeled the unit, new paint and all new furniture.
What was the outcome?
Within the first 10 days of being listed on Airbnb, we received enough bookings to pay for the property for the first 10 months.
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