Short Term Rental Investment in Great Location
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $302,000
Cash invested: $210,000
Bought a fixer upper in an excellent location. Complete renovation.
What made you interested in investing in this type of deal?
I love everything about short term rentals -- interacting with guests, providing an entire experience, control over the property.
How did you find this deal and how did you negotiate it?
The landlord approached us when he was ready to sell. We paid full asking as there are few properties in our town available anywhere near this price point.
How did you finance this deal?
Savings and private money loans.
How did you add value to the deal?
I am an interior designer and Realtor so I was a dual agent and managed the entire renovation project.
What was the outcome?
So far, it has been rented with great success.
Lessons learned? Challenges?
Constructions costs came in significantly higher than first projected, I'd suggest weekly meetings with the GC to keep everything on track.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Myself :) and Joe Street at NBKC Bank