Updated over 3 years ago on . Most recent reply
Beach Front Condo STR
Investment Info:
Condo buy & hold investment.
Purchase price: $340,000
Cash invested: $36,000
Oceanfront 2 bd 2 ba 890 sq ft condo which sleeps 9
What made you interested in investing in this type of deal?
My portfolio objective is to have properties in each of NC's major areas (metropolitan, beach and mountain) in order to have something wherever someone may be interested in vacationing/living.
How did you find this deal and how did you negotiate it?
Listed in MLS while working with realtor based in Wilmington, NC
How did you finance this deal?
There's a loan on the property
How did you add value to the deal?
N/A - buy and hold
What was the outcome?
The day the deal was closed, there was a guest checking in. It's been profitable enough to still generate cash flow during off season.
Lessons learned? Challenges?
Listen to my gut as walking away from another property saved me a world of heartache before ultimately finding the right property.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Meredith Johnson and Susan Lawrence, both with Remax