Short Term Rental in OKC's northeast side
Investment Info:
Single-family residence buy & hold investment in Oklahoma City.
Purchase price: $98,000
Cash invested: $36,000
I sold a previous rental property and used the $36k proceeds as a downpayment on this home using a 1031 Exchange. This home had already been remodeled and was in great shape. But it wouldn't sell! Reason: the buyers were FHA and there is a loft above the garage that serves as a third bedroom. Appraisers would not give credit for that square footage due to the ladder to access the room being too steep. So I got a fairly good deal. The seller was using the home as an AirBNB so it was fully furnished with a washer/dryer. I asked for all the appliances and furniture as part of the deal.
I've been operating this home as an AirBNB since January 2020. I've averaged about $300 in profit each month. There is the hassle of maintaining all utilities, internet, etc and making sure the property is clean. But its been profitable so far. Hit me up for tips on operating an AirBNB
What made you interested in investing in this type of deal?
I've been very interested in the Air BNB space.
How did you finance this deal?
Local community bank with a 15-year loan.
How did you add value to the deal?
Added some furnishings and marketed the home as a short term rental.
