Updated over 3 years ago on . Most recent reply
Short-Term Rental located in Garner, NC
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $177,500
Cash invested: $75,000
Single family residence (3BR,2BA) that was renovated and fully furnished in Garner, NC (a suburb of Raleigh, NC). The property is used as a STR (i.e. AirBnB).
What made you interested in investing in this type of deal?
The ability to force appreciation by doing some renovations in the kitchen, bathrooms, and living area.
How did you find this deal and how did you negotiate it?
Found the property on MLS. Property had been under contract recently and the sellers were motivated.
How did you finance this deal?
Conventional mortgage loan. Cash-out refinanced approximately 8 months after purchasing the property.
How did you add value to the deal?
Open concept, new flooring (LVP), new paint, new finishes, redesigned the kitchen, upgraded HVAC, and curb appeal.
What was the outcome?
We now have a beautiful property that has performed well on AirBnB (~$1000 in cash flow).
Lessons learned? Challenges?
Gave us confidence. Review the financing terms carefully and think long term (i.e. how fast can you refinance).
Most Popular Reply
@Hayden Breckenridge just genious dude! The Brrrr strat feels nearly illegal. Great deal man, congrats. We're aggressively looking to enter the str market asap. Lots of good news.