Ocean Bay Park Condo Short Term Rental

[Craig Berger]

Investment Info:

Condo buy & hold investment.

Purchase price: $255,000
Cash invested: $45,000

Short Term Rental Condo located in Ocean Bay Park, Fire Island, NY

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

I was looking for my first investment, preferably a short term rental. I wanted my first deal to close by and as low risk as possible. Another factor was the unit already booked out for 30 days as of the closing date. Since then, additional bookings were made.

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

I found this deal on Zillow. There were number of units available, but ultimately chose this one as it was a lesser price than the others.

How did you finance this deal?

This deal was seller financed which made it more attractive and easer to finance. The down payment as financed through saving and some of the HELOC against my primary residence.

Lessons learned? Challenges?

No significant challenges as of yet.

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

We worked with the property managers instead. They gave us insight into the unit and overall community.  Also my lawyer from Ackerman Law was excellent insuring we the deal went smoothly.