Mid-Term Rental 30-90 Day Terms

[Molly Edwards]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $265,000
Cash invested: $60,000

Currently in the process of remodeling this home. I will either list it once it is done or use it as a mid-term rental.

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

I enjoy the nightly rental process but my market is saturated with these types of properties. We have a large hospital in town that is severely understaffed. Due to the number of traveling nurses that are needed, I plan to market this property to them.

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

On the MLS. It had one sale fail and the seller needed it gone. They were selling for cash only which took many buyers out of the game. I wasn't scared to take on repairs needed and used that as leverage to get a good deal.

How did you finance this deal?

Hard Money. 15% down

How did you add value to the deal?

So much to list...new flooring, new windows, new HVAC, new cabinets, new countertops, new interior paint, decommissioned the underground oil tank, new electrical, some plumbing work. Furnished the entire thing with on trend furniture and decor.

What was the outcome?

Still working on this...more to come later

Lessons learned? Challenges?

FIND A GOOD CONTRACTOR!!! I cannot express this enough. I thought I made a good choice in contractor as I have know him for 20+ years and used him on other projects. I have learned the hard way to get EVERYTHING in writing, to check on their progress regularly and to have a plan for when the contractor is not holding up his/her end of the bargain.

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

Yes, the seller had an agent. She was great to work with and understood how bad the property condition was when I purchased.