Primary Residence turned short term rental

[Madeleine Ehrlich]

Investment Info:

Single-family residence other investment.

Purchase price: $175,000
Cash invested: $35,000

Originally bought this home to be our primary residence. We are now using it as a short term rental which is funding a different renovation We recently bought a second property that we are living in and renovating to become a short term rental.

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

Using it as a primary residence.

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

I found it through the MLS/Zillow. It needed some work and had been on the market for 3 months so we were able to ask $14k under the list price and get a few credits for repairs.

How did you finance this deal?

Regular mortgage.

How did you add value to the deal?

We did a lot of work ourselves to update the property.

What was the outcome?

When we were ready, we were able to turn it into an Airbnb short term rental that cash flows.

Lessons learned? Challenges?

I'm currently learning a lot! This is my first time managing a property. I wish I had updated the heater and A/C before running it as a full time short term rental.