Just bought a Short Term Rental In Oak Hill, WV

[Timothy Reed]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $195,000
Cash invested: $40,000

Just Bought an STR near the New River Gorge National Park with 6 Lots.

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

The property is in g rear shape and the numbers work well. Also, it includes a total of 6 individually deeded lots including two across the street for expansion.

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

found the deal on the MLS. I negotiated through my agent, offering $7k over asking.

How did you finance this deal?

I financed it out of pocket and with a partner for the down payment, minor rehab, and furnishing. We used a traditional mortgage for the balance.

How did you add value to the deal?

We will be adding another deck, EV charger, and renting it as a STR.

Lessons learned? Challenges?

Timing is always a challenge. Having to order furnishings before you are cleared to settle is stressful. For instance, we ordered the hot tub and were given a delivery date a week after we were to settle. It shipped early and will be delivered before we were to settle. We had to pay the shipping company to hold it.

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

Our Agent Joshua Harold has been fabulous. If you are looking to buy in the New River Gorge area of WV I highly recommend.