Jersey Shore Summer Rental

[David Girdusky]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $589,000
Cash invested: $59,000

Rented as seasonal rental since 2021.

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

Friend's referral.

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

Friend referred a real estate agent, spoke with them and was given a 2 day pre-market heads up on the property. Was actually not the highest bidder, but the connection to the Agent, even though new, and writing the classic "pick me" letter helped. I offered the purchase price, and since they were starting over, I asked them to include the furniture, which they kindly did.

How did you finance this deal?

FHA with 10% down.

How did you add value to the deal?

Summer rentals by the week, Winter rental by the month.

What was the outcome?

The house was built in 2014, so no update needed. Maximizing the rentals was the only available.

Lessons learned? Challenges?

I should have bought 2. :)

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

Chadwick Beach Realtor, Lavallette NJ. Excellent.