Short Term Rental for traveling nurses during COVID
Investment Info:
Single-family residence buy & hold investment in Joplin.
Purchase price: $55,000
Cash invested: $60,000
Single-Family Home (2 bed 2 bath 1000 SQFT) near the hospitals.
What made you interested in investing in this type of deal?
Its relative location to the Medical District
How did you find this deal and how did you negotiate it?
Found it through our Kellar Williams Agent. Negotiated from 70k down to a closing price of 55k.
How did you finance this deal?
Cash
How did you add value to the deal?
we added value by purchasing it at the price we did. After all the repairs and furnishing the house we had a total of 60k cash in the deal. After refinancing we pulled 61k out and left a 15% down payment with the equity we had created.
What was the outcome?
We have listed this house on Furnish Finder, a listing service for traveling medical professionals, and are currently renting the unit out for $850 per month (1.2% RTV) to very responsible tenants.
Lessons learned? Challenges?
I learned not to be afraid to do something a little different if the number work. Normally we do LTR but wanted to try out the Furnish finder because they had offer 200 requests a year in our area, but not a single listing near the hospitals. It worked out well and we are now looking to start doing more in that area.
