Short Term Rental in OKC's northeast side

[Ben Scott]

Investment Info:

Single-family residence buy & hold investment in Oklahoma City.

Purchase price: $98,000
Cash invested: $36,000

Short term rental in northeast OKC near OU Medical Center

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

I've been very interested in the Air BNB space. 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 usi

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.

Lessons learned? Challenges?

The neighborhood doesn't lend itself to a short term rental. So I've had to be honest with guests around the surrouding area.