Multi-Family Learning Experience - Converting from STR to LTR

[Chris Brady]

Investment Info:

Large multi-family (5+ units) buy & hold investment in Fort Lauderdale.

Purchase price: $582,500

We purchased a 6-unit building and spent five months on the renovations. All six units were then rented full-time on Airbnb, operating as a successful short-term rental. We managed the STR business personally, so it was a LOT of work and it generated a ton of money. At the outset of covid, we pivoted to LTR due to cancellation and local restrictions on STR. As LTR, it remains profitable and the income is now MUCH more passive. This additional time has allowed us to focus on new projects.