Huge STR in Hamilton

[Jeff Boyle]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $172,000
Cash invested: $110,000

We purchased this house with the intent to completely remodel it and make it an STR. It was a 3200 s.f. 3 bedroom with a huge box addition on the back of the house that has the Master suite on the 2nd floor and the kitchen and family room on the first floor. We turned it into a 4 bedroom 3.5 bathroom home.

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

It was a for sale by owner that I saw driving by it and when I called I realized that they had under priced it. It is about 5 minutes away from the largest indoor sports complex in the country that brings in 10's of thousands of people every weekend.

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

It was a For Sale By Owner that I drove by and called on.

How did you finance this deal?

Convention rehab loan with 25% down.

How did you add value to the deal?

We completely remodeled the entire inside of the house and rebuild the deck on the back of the house.

What was the outcome?

It turned out fantastic and we have all 5 star reviews since we opened it up as an STR.

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

Just myself on the buying side. The homeowner was a FSBO that represented himself.