Resort LRT -> STR - 850k pp - 2.7m appraisal 1 year later
Investment Info:
Single-family residence buy & hold investment in Hilton Head Island.
Purchase price: $850,000
Cash invested: $400,000
Converted a 4 bed, 3 bath LTR to a 6 bed, 4 bath STR. Added a pool, & 400ish sqft. Ripped it down to the studs. Everything new. Cashout refied at a 2.7m appraisal and used the money to purchase a similar property. Rinse & repeat.
What made you interested in investing in this type of deal?
I see the best deals & this one was a winner from the start. The location & the ability to convert from an STR to a LTR
How did you find this deal and how did you negotiate it?
I am a local realtor & have access to the best deals in the Hilton Head area before anyone else.
How did you finance this deal?
Conventional. Then DSCR cash out refi.
How did you add value to the deal?
Everything new! Added sqftage, dropped a pool in. Turned a living room & kitchen down stairs into 2 more bedrooms & added an additional jack and jill.
What was the outcome?
$1.4m wealth created in 12 months.
Lessons learned? Challenges?
Repurposing is key to value add opportunities
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Myself! Contact me today to get put on the best deals.
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