First Short Term Rental Purchase!

[Maurice Blackledge]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $275,000
Cash invested: $31,000

Cabin purchased for the purpose of using as a Short Term Rental

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

I had the goal of purchasing my first short-term rental in 3 months (starting Jan 1). I really like the cash flow potential of the STR market to help supplement income from Long Term rentals.

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

Found via Agent on MLS

How did you finance this deal?

With vacation homes you can do a conventional loan with 10% down, so we did that.

How did you add value to the deal?

None added yet, the house was turnkey and furnished and in good shape. We will make small updates to add personal touch but nothing too extreme.

What was the outcome?

N/A

Lessons learned? Challenges?

It may go without saying but always get an inspection done. Even in a competitive market, don't skip steps in the homebuying process!

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

Yes, I worked with an awesome real estate agent! I can pass her info along if you would like :)

[Dmitriy Fomichenko]

@Maurice Blackledge wow, nice!