Updated almost 7 years ago on . Most recent reply
Cincinnati Area, First Remote STR
Investment Info:
Single-family residence fix & flip investment in Dayton.
Purchase price: $72,000
Cash invested: $30,000
Cincinnati area STR on AirBNB. I automated most things in the house and now we just manage it from our home in Dallas!
What made you interested in investing in this type of deal?
We wanted something that could facilitate my wife quitting her job.
How did you find this deal and how did you negotiate it?
We found the deal on the MLS. It was a HUD property so we made and offer and it was accepted.
How did you finance this deal?
We used traditional financing but because of some necessary repairs, we had to escrow some funds.
How did you add value to the deal?
We bought the foreclosure and immediately did the necessary fixes as well as installed new hardwood floors and gave the whole place a coat of paint.
What was the outcome?
We have a beautiful, constantly booked STR on AirBNB.
Lessons learned? Challenges?
This was our first remote deal. We learned how to manage a deal entirely remotely, built a team, and saw it through.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Steve Briner was clutch in seeing this deal through to the finish. I'd recommend him to anyone looking in the Northern Kentucky area.
Most Popular Reply
@Andy Zapata
Great post. We stay in Cincinnati from time to time. We live about an hour away in Louisville. I am curious about the before and after pictures. Great job!