Investment Info:

Single-family residence buy & hold investment in Emerald Isle.

Purchase price: $710,000
Cash invested: $158,000

We purchased this newly renovated 3 BR, 2 BA home a short walk from the beautiful beach on Emerald Isle. This is our first vacation rental and we are looking forward to learning and growing. If you'd like to stay in our home follow the link
https://www.airbnb.com/rooms/934137682642811833?guests=1&adults=1&s=67&unique_share_id=afcc8052-e83c-4179-b494-31b83827bedd

What made you interested in investing in this type of deal?

We have been considering a vacation rental and the situation and timing on this property was perfect so we made the move. We are now "in the game"

How did you find this deal and how did you negotiate it?

My brother-in-law/ real estate partner rented a home on Emerald Isle and met a property manager and they spoke and started a relationship.... three weeks later we owned this home.

How did you finance this deal?

We put down 20% and have a 30 year fixed rate loan for the balance. We expect to refinance when rates come down.

How did you add value to the deal?

We immediately cut a path through the overgrown back yard that connects to the main island d bike bath. We also bought 4 new bikes the day of closing and had them shipped to our property manager who assembled them. We are planning to add a hot tub once we get a few bookings.

What was the outcome?

I'll let you know, we just settled this past Monday. We had a previous booking there this week. Now we need to get some bookings for the rest of the summer which may be difficult this late into the season. Hopefully there are some last might planners out there.

Lessons learned? Challenges?

will let you know

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Crista Austin, realtor and Drew Austin property manager. Great locals and super helpful