Short Term Rental in Fayetteville, NC "The Tree House"

[Matthew Kresky]

Investment Info:

Single-family residence buy & hold investment in Fayetteville.

Purchase price: $110,000
Cash invested: $40,000

We bought this single family home with the intention of converting to a short term rental. After a lengthy rehab and design process the property is now booked almost solid for the first two months. We also added about $40k in value with renovations and repairs to the kitchen and both bathrooms. This was all done from out of state never setting foot inside the house.

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

Short term rentals are becoming increasingly in demand and we recognized this area to have a limited supply of quality short term rental properties.

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

MLS and negotiated using the home inspection and renovation estimates to get the price down. The property was already priced competitively when we found it.

How did you finance this deal?

15% down investment loan with cash reserves for the renovations and furnishings.

How did you add value to the deal?

Full home rehab renovating the kitchen, both bathrooms, closets, exterior and new paint.

What was the outcome?

A beautiful, cash flowing short term rental in the hands of a trusted local property management company.

Lessons learned? Challenges?

This was our first large rehab that we managed from out of state. We learned a lot about dealing with contractors and project managers without being able to visually inspect the work. Communication and clearly outlining expectations is key.

https://www.airbnb.com/rooms/4...

[Marc Rice]

@Matthew Kresky

Impressive that you handled the rehab & setup of the airbnb all remotely! The setup of the airbnb has always been a team effort and very tedious