Live in flip that will become an STR

[Arleigh Campeau]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $77,500
Cash invested: $40,000

Rehabbing this one bedroom for an STR. Downtown location is perfect within walking distance of local bars, restaurants, and event areas.

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

Short term rentals can give higher returns.

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

MLS. It was listed for 115k, negotiated it lower based on low quality/old finishes and some building code issues.

How did you finance this deal?

HELOC from another property

How did you add value to the deal?

Fully remodeled inside and out, rockin outdoor area with mountain bike theme and secure bike parking area.

What was the outcome?

Still underway.

Lessons learned? Challenges?

Living in the property while rehabbing is difficult and slow. Cost of rehab is higher with inflation. Budget isn’t accurate.