Updated over 2 years ago on . Most recent reply
Short Term Rental with backyard Oasis
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $380,000
Cash invested: $76,000
4B 2B Vacation Short-Term Rental Home near Pensacola Beach. This home offers a heated gunite saltwater pool. Open Pergola, allows you to relax in the beautiful backyard oasis.
What made you interested in investing in this type of deal?
I am a realtor in GA. We had just purchased our primary home in Woodstock, GA which had a detached guest house. We list it on Airbnb and found a great opportunity for cash flow. I always wanted to have a beach home, so this was a no-brainer for us. We immediately knew we wanted to buy another home to add additional cash flow. Today, we get to enjoy the home and rent it the rest of the time we are not there.
How did you find this deal and how did you negotiate it?
Saw it on Zillow. Sent it to my Realtor in FL, and he scheduled a showing for the following weekend. My husband and I drove there for 5.5 hours and saw this home and 3 others. We got accepted on this one which was our second favorite. We are glad the first one didn't work out as this home happened to be in a better location.
How did you finance this deal?
Vacation home loan
How did you add value to the deal?
Nothing needed to be done to the home, other than furnishing.
What was the outcome?
The home is booked solid during the Spring, Summer, and Holidays. We get to use it during the slow season.
Lessons learned? Challenges?
Go with your gut instinct.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Absolutely.
