Deal #6 - Woodlawn Short Term Rental
Current Cash Flow - $1,000/mo
This one is a bit sentimental...the first home I ever purchased! I bought this house back in 2019 as my primary residence, putting $0 down through the VA loan and actually getting a check back at closing thanks to seller credits!
My business started in this house. I got under contract for my first deals in that living room, a fridge for the Gastonia Fourplex sat in the dining room for months, and it was where my wife and I hunkered down during the early months of the pandemic.
After moving out in mid-2020 I turned it into a long term rental, netting around $150/mo in cash flow. When that lease expired in 2021 we made this our first AirBNB and it has performed quite well!
Massive growth in the area (there's a huge townhome development wrapping up next door) means massive equity growth, so it's time to say goodbye and list this one on the market. More to come once it sells!
List Price: $249,100
Purchase Price: $251,600
Closing Date: March 4, 2019
Source of Deal: MLS
Funding Source: Conventional - VA
Size: 1,000 sqft
Sale Price: TBD!
Sale Date: TBD!
Estimated Profit: TBD!
Total Rehab/Furnishing: $13,278