Our First Short Term Rental Property

[Steven P Daugherty]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $250,000
Cash invested: $2,500

My wife and I invested in our first short term property in Lake Junaluska, NC. It was a previous rental when we bought it. We negotiated the furniture in the price and used some of our older furniture to update the decor. The location has visitors year round and has been an overall great investment so far.

However, we're wondering how we can go about getting our 2nd property in the most cost effective way possible. In November 2021, we sold our home in Florida and used the profits to purchase our primary residence and our investment property. Our goal is to get 2 more this year, but we're stuck on how to build the capital for those down payments. Right now we're using the profits we currently are receiving from this rental to build our emergency fund for it. Any guidance is appreciated!