Short-Term Rental Househack!

[Adam DeShone]

Investment Info:

Single-family residence buy & hold investment in Mishawaka.

Purchase price: $168,000
Cash invested: $10,000

Acquired on the market in mid-2021, this single-family home was built in 2005 and was already turnkey. This was my first property, bought as an Airbnb "househack." Located near the University of Notre Dame, while I lived there for two years, I would short-term rent it for games and events and then stay at a family member's house. During this strategy, I broke even and lived for free, covering my yearly total of PITI. Once I moved, I turned it into a long-term rental that generates $2,100 in monthly rent. I have a 30-year fixed interest rate of 2.8% with a monthly PITI of $1,000. Before moving, I also got it reappraised to lose the monthly PMI. The appraisal was $250,000, creating over $80,000 of equity. The area is one of the best in the northern area, with great long-term appreciation. This is a buy-and-hold forever property.
The market value is $250,000.

[Dave Kush]

Well done sir. I've heard that South bend is a great short-term market.