SFR Personal Residence, Renting One Room as STR and MTR, second room in process!

[Chirag Parikh]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $385,000
Cash invested: $20,000

Personal Residence with room rented as Short term and Medium Term Rental

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

Hospitals in the area use a large number of traveling/short term people (Doctors, Nurses, students, etc) requiring short to medium term rentals.

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

New build, found

How did you finance this deal?

Conventional, 5% down

How did you add value to the deal?

Furnished

What was the outcome?

Successfully rented very regularly.

Lessons learned? Challenges?

Furnishing and decorating is VERY expensive.
Decorating is a skill, and takes time as well.
Start with lower rents and gently increase over time to get renters early on when you have no reviews.