Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Real Estate Deal Analysis & Advice
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated 12 months ago,

User Stats

1
Posts
1
Votes
Rafael Mora
  • Real Estate Agent
  • Santa Barbara
1
Votes |
1
Posts

PadSplit Short-Term Rental

Rafael Mora
  • Real Estate Agent
  • Santa Barbara
Posted

Investment Info:

Single-family residence buy & hold investment in Riverdale.

Purchase price: $163,800
Cash invested: $62,000

Short term rental property rented by week. Converted an 4/2 into an 8/2 with average rent of $160 per week. $32k downpayment + closings costs (15%) and $30k contractor work to build out extra rooms and furnish each one before launch.

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

Massive cash flow relative to traditional rentals.

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

On market property, worked with a local realtor with experience in these type of homes (owns PadSplit homes himself).

How did you finance this deal?

Traditional Finance plus cash saved for the downpayment/construction

How did you add value to the deal?

$30k worth of work to build out extra rooms and furnish each of them before launch.

What was the outcome?

$2k average monthly profit after paying mortgage and ALL other expenses.

Lessons learned? Challenges?

Acquire more fast. Challenge, cash constraints.

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

Yes, worked with local lenders, realtors, title attorneys, and property managers all familiar with these type of investments.

Loading replies...