First Short term rental

[Philip Olivier]

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $278,000

Short term rental. Rents on Airbnb

What made you interested in investing in this type of deal?

High cash flow

How did you find this deal and how did you negotiate it?

Realtor.com

How did you finance this deal?

Lhsaa conventional

How did you add value to the deal?

Fully furnished two units

What was the outcome?

Positive cash flow $3,000/ mo.

Lessons learned? Challenges?

Furniture is expensive

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Kay Randels, Latter & Blum

[Kimberly Jones]

@Philip Olivier I am about 99% sure you will not be able to renew the license when your 12 month period is up. The only 2 ways around will be to owner occupy with the homestead exemption, or own property that is zoned commercial. You should also keep in the back of your mind that the license you currently have is technically only good for 90 days within the 12 month period. The city isn't currently strong on policing BUT you could get into trouble if one of the neighbors is an str hater and documents the guests/nights. People around here think str's are the work of satan and they love reporting to the city. If you do get slapped they can fine you and as Mike mentioned they can also shut off the power.