This issue looks at total renovation at 115 Meridan St in Pittsburgh (Mt Washington). This property is owned by Bobby Franklin and Dianna Sum. This was my second project with Bobby and Dianna. This video takes a look at the property when the rehab was 50% complete.
The project involved completely renovating an up and down duplex located less than a block from Grandview Ave. The 3rd floor of the property has a nice city view. The plan is to rent the 1st floor unit to a traditional long-term renter and the upstairs unit will be completed with the goal of renting it out on a short-term basis using Airbnb. I’ve funded several successful Airbnb properties around Pittsburgh. This one is the most desirable location for that purpose. With the growth and acceptance of marketplaces (like Airbnb, Vrbo, and Booking.com) this becomes another revenue source for an investor who has a property in a desirable location. I have been renting a vacation home using these services and it has been a very positive experience. If you would like to discuss a real estate project, even if you don’t require a hard money loan at this time, I am always happy to share my experiences with another investor. You can reach me at https://g.page/r/CTcMtkHdqQHYEBA
Approximately 25% of the hard money loans I provide are for buy and hold properties such as this. Once the investor completes the rehab and gets the property rented (stabilized), they refinance by securing a long-term loan with a bank and paying off my loan. Time is of the essence, especially with a hard money loan in place. Please check out the video of this project.