Ocean City, MD STR

[Paul Rumsey]

Investment Info:

Condo buy & hold investment.

Purchase price: $379,000
Cash invested: $107,690

Latest short-term investment condo (3bd, 2bth)

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

I've had success with 2 short-term rentals, and wanted one more in relative close range to work and life. Ocean City is the most popular beach town and is a 3hr drive from Washington D.C.

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

MLS. no special negotiations, just found a seller that was motivated.

How did you finance this deal?

1st position HELOC. I moved into the property while getting it prepared for the next season so I could quailify for better loan options. Sort of my own twist on BRRRR.

How did you add value to the deal?

decor and furnishings attractive to vacation renters.

What was the outcome?

We shall see. The season will start around late March 2025.

Lessons learned? Challenges?

I underestimated the costs of furnishing from a blank slate, so now know to include more expenses in my upfront cost estimates.