Short Term Rental in bike country

[Matthew Radniecki]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $76,000
Cash invested: $40,000

Bought direct from homeowner in foreclosure for amount due to bank $76k. Rehabbed $55k. Reappraised for $170k. Refinanced for $130,500. Rent short term on Airbnb.

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

Location seemed conducive to short term rental due to growing tourism.

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

Searched county records for foreclosures, researched homeowner, reached out direct through Facebook. Negotiated to pay off mortgage to save them from foreclosure.

How did you finance this deal?

Short Term bank lending for 80% of purchase price and rehab costs.

How did you add value to the deal?

Major rehab

What was the outcome?

A cash flowing property that is 100% managed by outsourced mgrs.