Updated about 7 years ago on . Most recent reply
condo for summer rentals
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $400,000
Cash invested: $20,000
Air BNB rental at Virginia Beach ocean front
What made you interested in investing in this type of deal?
I moved to Washington DC for a job and needed a place to stay every other weekend to see my son. This property has a full condo upstairs that I AIR bnb during summer try to attract long term rentals in the winter. It has a studio apartment on the ground floor that i keep for my personal use.
How did you find this deal and how did you negotiate it?
I found it through a regular property search.
How did you finance this deal?
I used a TSP loan fo rhte down payment.
How did you add value to the deal?
I have a personal space for me to go to the beach during the year. Without this property I would have spend thousands in hotels and air bnb fees to see my son.
What was the outcome?
I have the property and the property pays for its self, I need to consider way to improve real estate.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I worked with Nick Russo from Towne Mortgage and Melody Workman was the realtor.