Short Term Rental in Colorado Springs
Investment Info:
Small multi-family (2-4 units) buy & hold investment.
Purchase price: $316,500
Cash invested: $30,000
I purchased this house in 202 and completed construction on the guest house in 2022. Currently, the main house is a short term rental. Both houses will be rented as short term rentals starting June 2022.
What made you interested in investing in this type of deal?
I would like to focus my real estate investments towards short term rentals.
How did you find this deal and how did you negotiate it?
I found this deal on the MLS. It was a listing that sat during the beginning of COVID so I was able to get it cheaper than the asking price.
How did you finance this deal?
I financed the deal with a HELOC on another house I had.
How did you add value to the deal?
I added value to the deal by building a guest house on the property that will become a second unit.
What was the outcome?
I ended up breaking even on the deal and the construction costs, but I did learn a lot of valuable lessons.