Mid-term Rental Condo in Downtown
Investment Info:
Condo buy & hold investment in Arlington Heights.
Purchase price: $116,000
Cash invested: $13,000
Mid-term rental condo. 1b/1b. High demand and low availability in my area.
What made you interested in investing in this type of deal?
I needed a home!
How did you find this deal and how did you negotiate it?
I bought it in spring of 2021, and didn't succeed in negotiating AT ALL with the seller.
How did you finance this deal?
Private money for down payment; conventional, owner-occupied, 3.125% interest loan.
How did you add value to the deal?
Remodeled a dated bathroom
What was the outcome?
I lived in the unit for a year before I started renting it out as a mid-term rental. It is fully booked with traveling professionals on a monthly basis.
Lessons learned? Challenges?
Condo associations can be really rough. The fact that I can rent this unit out as a mid-term rental was a fluke I likely can't replicate! I will not buy another condo in the foreseeable future with the terrible experience I had living in the unit and getting any help with maintenance issues through the property management. Next time I will house hack. I didn't purchase this place with an investing mindset, but as my home! It worked out better than I ever intended.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Andrew Street - Manages my mid-term rental through AirBnb. I met him through a question I posted on a BP forum!
