Here we go--Jumping into STR!

[Leslie Villareal]

Investment Info:

Single-family residence other investment.

Cash invested: $40,000

Turned one of our long term rentals into STR. When the last tenant moved out we did some renovations to the kitchen and baths and furnished it.

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

We were planning on doing a 1031x with this property, but with the limited inventory in Albuquerque, we were seeing anything that we would want to purchase instead. This home is already paid off, so we figured it would be a great one to get our STR processes in place before we expand.

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

Already owned it

How did you finance this deal?

We used money we had set aside for investments to partially remodel and furnish it

How did you add value to the deal?

We remodeled the kitchen and both bathrooms as well as did quite a bit of landscaping work

What was the outcome?

We have gotten about 8 bookings in the first 3 days of being active, so hopefully our future is looking good!

Lessons learned? Challenges?

Always over budget and have a good pool of contractors/handy helpers to get the job done

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

I am a real estate broker here in Albuquerque