Jungle, bike friendly 4 bed 2 bath short term rental

[Haley Sater]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $128,000
Cash invested: $28,000

I bought this as a house-hack and then turned it into a rental when I graduated and moved to Maryland. I refinanced it a while back to take out some equity I acquired and it is not longer cash flowing as a rental. I'm planing to turn it into and short term rental using AirBNB and VRBO in early August of this year (2032). I am actively looking for short term rental property managers right now that are local to Gainesville. Let me know if you are interested in the job!

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

Well I wanted to own a house so I bought this as a house hack, before I even knew what that was. I just knew I wanted to own my own space and start gaining equity in my investment.

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

Found a Realtor who specialized in first time home buyers, they actually knew this house was being renovated by a flipper and showed it to me months before it was ready to sell so it never even hit the MLS. I also go to choose some of the finishing touches like all tile floors, the appliances, and the quartz counter tops.

How did you finance this deal?

30 fixed, then refinanced in early 2022 to take out some equity before interest rates jumped up too high. I used the money from the refi to make a downpayment and furnish another short term rental in Maryland.

How did you add value to the deal?

I didn't add very much value to this deal other than building the terrace, and stairs in the front yard. We did do a lot of landscaping and painting on the interior.

What was the outcome?

Well I was able to take out more money than my initial downpayment in the refi so I got all my cash out.

Lessons learned? Challenges?

House hacks are almost alway a good deal. It got me started and I was what I could afford at the time.