New Short-term Rental Remodel

[Ryan Foster]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $430,000
Cash invested: $160,000

Single family home purchased. 80k in total remodel. No HOA. Setup as an STR. Currently running on AirBNB and VRBO.

https://www.airbnb.com/rooms/53404193
https://www.vrbo.com/2551217

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

Adding to existing STR properties. Wanted a home with a pool and no HOA that could be designed specifically as an STR.

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

Used an agent and the MLS. Negotiated with the seller.

How did you finance this deal?

Financed a 30 year fixed with a local lender.

How did you add value to the deal?

Remodeled the property specifically as an STR

What was the outcome?

The property is performing above expectations.

Lessons learned? Challenges?

The renovation process takes time and the cost of this vs. buying a remodeled property may not be worth it in the short-term industry.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Yes but all local and not on BP.