Condo used as a short term rental

[Samuel Albert]

Investment Info:

Condo buy & hold investment.

Purchase price: $150,000
Cash invested: $160,000

Using this as short term rental for traveling healthcare professionals.

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

I was going to use it as a regular airbnb due to its location near the airport, but later found that the HOA didn't allow for less than 30 day leases. I looked into extended stay bnbs and came across this strategy that seemed like a good fit because it was also close to many healthcare facilities.

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

Found on the MLS and made a cash offer.

How did you finance this deal?

I got a HELOC on another rental property and used some of the money I had in reserves.

Lessons learned? Challenges?

Always read the HOA and know what is and is not allowed for your unit.