Updated about 3 years ago on . Most recent reply
Our first STR - rehabbed and rented!
Investment Info:
Single-family residence buy & hold investment in Mentor.
Purchase price: $69,000
Cash invested: $100,000
*Total and complete renovation in 2022
*Upscale contemporary decor
*Fully equipped kitchen
*Beach access just 4 minutes away (Headlands Beach State Park)
*Peaceful and semi-secluded location
*Private outdoor space
*Remote workstation with Wi-Fi
*Linenspa mattresses on both king-size beds
*Allergy sensitive with no down, feathers, or installed carpet
Our Headlands Beach Cottage Renovated from the Ground Up
After an extensive restoration project, we are thrilled to present Headlands Beach Cottage. Every inch of this property has been lovingly and thoughtfully restored to deliver an experience of upscale casual elegance.
What made you interested in investing in this type of deal?
The attorney who set up our LLC contacted us about this house. One of his clients had it in probate and wanted to sell it off market. Since it is near a state park in a quiet neighborhood, doing an STR seemed like the best choice.
How did you find this deal and how did you negotiate it?
Our attorney called us about the deal. We talked with the owners for over two hours when we first went and looked at the property, just getting to know them and trying to figure out what they needed to get for the house. We offered enough for them to pay all their expenses, plus a little in their pocket.
How did you finance this deal?
With an investor. Our JV Agreement is that we manage the projects and he finances everything. Shared equity 50/50.
How did you add value to the deal?
We added a bathroom by carving space out of the one bathroom plus the hall. It also made for better function in the house.
