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Property Summary
- This was a full rehab project purchased from a distressed seller.
- Great location - close to NYC & Bayonne Cruise Terminal.
- Bad layout with single owner occupying a two family home.
- Construction delays due to Covid
Launch Costs
Category |
Expenses |
| Closing Costs | $52,410 |
| Renovations | $61,300 |
| Furnishing | $8,420 |
| Pre-Launch Costs | $2,430 |
Work performed
This property underwent a comprehensive overhaul. We removed the carpets and laid laminate flooring across the entire space. Both kitchens received full renovations, and we replaced all the drywall in the house due to damage from smoke. Additionally, we upgraded the plumbing and electrical systems.
Timeline
Jan 2020 – Purchase property
Feb 2020 – Began construction
Aug 2020 – Finalized construction
Sep 2020 – Long-term tenants move in
Oct 2020 – Cashout refinance (recouped 120% of total capital outlay)
Nov 2023 – Converted into short-term rental
Present – Cash flowing 6k per month
Get involved
If you’re looking to launch your own short-term rental properties or want to be involved in larger syndications that we organize, reach out and let’s set up a chat.
