Bought a Short Term Rental in Klamath Falls, Oregon

[Ryan Johnson]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $355,000

This is a large vacation rental property in downtown Klamath Falls, Or.

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

STR's have all the normal advantages of real estate investing but with extra cashflow but I can enjoy them too!

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

I am a licensed real estate broker in Southern Oregon. Negotiated seller credit to reduce cash down.

How did you finance this deal?

2nd home loan

Lessons learned? Challenges?

Budgeting for furniture in an STR should be at least $10-12 per sqft and It takes a heck of a lit of effort to design the interior and set everything up.

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

I'd love to work with other folks in Southern Oregon who are buying short-term rentals. Also, Brian Case at guild Mortgage was incredible.

[Michael Skinner]

Congrats on the new STR @Ryan Johnson! I like how you break down the furnishing budget by SF (I'm used to gauging it by room). Curious how you got to that? 

Also, I've had pretty good experiences with havenly for furnishing/design on a budget. They pretty much take care of everything except the unboxing and building furniture