Updated 5 months ago on . Most recent reply
Beach Gangsta's Paradise
Investment Info:
Single-family residence buy & hold investment in Daytona Beach.
Purchase price: $300,000
Cash invested: $150,000
A1A dilapidated house that we purchased for cash and fully renovated into a funky fun 5 bedroom vacation rental. Installed a Cowboy Pool and made the basement a game room. Currently renting for over $80k gross a year.
What made you interested in investing in this type of deal?
I knew that is was legally zoned for vacation rentals, which is hard to find in our area. It also would sleep a ton of people which works for our model.
How did you find this deal and how did you negotiate it?
Drive by and then offered the bank significantly more than they listed it for with a 6 hour window to accept so that other bidders wouldn't get it:)
How did you finance this deal?
Hard money then cash out refinance.
How did you add value to the deal?
Renovated the entire home and outdoors.
