Updated over 1 year ago on . Most recent reply
Airbnb: Greensboro NC obtained SUB2
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $85,000
Cash invested: $37,000
Now: STR Airbnb
This property was bought SUB2 from a wholesaler with $34k down/entry fee. Full rehab down to stud, and now has been running as an Airbnb since Sept. 2023, consistently being rented as in a prime Greensboro location.
Previously 2bed/1bath now 2bed/2bath with full attic space for future HSQFT use.
What made you interested in investing in this type of deal?
How was it possible for me to buy a property and not have the loan in my name, keep the previous interest, and not have to apply for a loan and hurt my credit? Subject to the Mortgage. After I understood this type of creative finance I thought it was a no-brainer. Previously I was just thinking of doing regular LTR but I saw the need for STR because it's near downtown, hospitals, and other entrainment spots so, I took a stab at STR. It has thankfully gone extremely well.
How did you find this deal and how did you negotiate it?
I found this deal through a wholesaler who knew a guy who knew the right guy haha.
How did you finance this deal?
PM helped this deal happen for us.
How did you add value to the deal?
We fully rehabbed it and continue to build equity.
What was the outcome?
Positive and quite smooth as the attorney we used was well versed in these types of deals. Also knew the right people to help with the project. By no means was this project perfect as it was our first one but we learned so much and even with all the bumps on the road we came out winning.
Lessons learned? Challenges?
Simple is better. Spend more on the small things that can make a big difference. Good work is expensive but cheap work will cost you a fortune.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
24 Hour Closings was the attorney that helped us with this closing.
