All Forum Posts by: Phil Barry

Hi Ben,

Are you located in Charlotte metro?  Happy to chat with you anytime.

I have done my own investing, currently operating a lakefront AirBnB near Charotte and work with multiple investors, both buy & hold as well as flips.

Feel free to call me anytime.

Hi Wes,

We own an AirBnB and plan to expand our own portfolio.  Keep us posting in how it goes!

Phil Barry

Thanks Jack,

Numbers will be better next time.  Dipping my toe in the water on this one.

This is on High Rock Lake in Lexington, NC.

Hi Scott,

I know you mentioned selling, but have you considered selling and purchasing 2 $400k properties instead?  Marking fluctuations don’t impact yoU as much if you are buying and selling at the same time. 

You mentioned AirBnB.  Have you considered short term renting this property?

No matter what the case is, STR or LTR, renters will damage your property. It comes with the territory. This might be too much of a personal emotional toll on "your house".

Best wishes on whatever path you take!  If you need any guidance on listing your property, please reach out any time.

Thank you!

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $515,000
Cash invested: $80,000

Single-family, lakefront, short term rental property.

Bank loan & personal cash funded. Launched Sept 1. Projected $30-35k annual net operating profit.

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

Backstory, we owned a single family rental from 2007-2017.

Around 2018-19, I began to travel a lot for business and started using AirBnB quite a bit. The entire model was interesting to me, so my wife and I did a test AirBnB listings with a private suite connected to our primary residence in 2021.

The income per SF was incredible compared to single family residential rental that we had previously owned.

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

MLS property. I was the purchasing agent.

How did you finance this deal?

Personal cash & bank loan.

How did you add value to the deal?

Managed property rehab, decor & AirBnB marketing.

What was the outcome?

Only 3.5 months active. Projecting $30k annual net operating profits (after paying monthly mortgage & service costs.)

Cash invested $90k (closing costs, repairs/improvements & adding furniture, TVs, appliances, etc.)

Cash borrowed: $463k

Hours invested: 500

Projected annual revenue $70k

Annual mortgage, taxes, insurance $37k

Annual maintenance & cleaning $20k

Annual repair budget $10k

Lessons learned? Challenges?

Vet contractors. Anticipate sloppy / delays in work.

Furnishing takes 2 weeks minimum.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I was the purchasing real estate agent.