Mid-term Rental Condo in Downtown

[Jillyan MacMorris]

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!