Lessons Learned From Doing Short-Term Rental in Sedona
Investment Info:
Single-family residence other investment.
Purchase price: $550,000
Cash invested: $50,000
Short term rental converted into long term furnished rental.
What made you interested in investing in this type of deal?
Price
How did you find this deal and how did you negotiate it?
Garage Sale
How did you finance this deal?
Partner
How did you add value to the deal?
New floors, fully furnished, hot tub, new garage door, paint, stucco, etc.
What was the outcome?
Stable high end long term rental
Lessons learned? Challenges?
Do the math on short term rentals. Rarely is it worth it if you have a property manager and high utilities. Once we removed the manager and had the tenant pay all utilities we started to cash flow positive and we never received another call about something again. :)
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Yes
