High-Performing Short-Term Rental Condo in Uptown Charlotte

[Mitchell Coles]

Investment Info:

Condo buy & hold investment in Charlotte.

A modernized condo in Uptown Charlotte, purchased in 2020 as a rental property. After minor renovations to enhance its appeal, it has consistently performed well on the short-term rental market, particularly on Airbnb, where it maintains a high 90% occupancy rate. It also succeeded as a mid-term rental with a nine-month lease. Located in a prime area, this property continues to deliver steady income and strong returns.

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

I was interested in this deal because its prime location in Uptown Charlotte made it ideal for a short-term rental. Its proximity to major attractions, businesses, and vibrant city life ensured strong demand from both tourists and professionals. The condo’s potential for consistent income on platforms like Airbnb, coupled with the area's growing popularity, made it a strategic addition to my investment portfolio.

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

I found this deal through a conversation with other condo owners, who mentioned that the seller was motivated to sell. Recognizing the opportunity, I reached out to the seller directly and negotiated a favorable price. Understanding their urgency allowed me to craft an offer that met their needs while aligning with my investment goals, making this an excellent addition to my portfolio.

How did you finance this deal?

I financed this deal initially with a hard money loan, which provided the speed and flexibility needed to close the purchase quickly. After stabilizing the property and confirming its strong rental performance, I refinanced it into a long-term loan. This strategy allowed me to secure more favorable terms while maintaining consistent cash flow from the property.

How did you add value to the deal?

I added value to the deal by making minor modern renovations to enhance its appeal for short-term and mid-term rentals. These updates improved the property’s marketability and allowed me to maintain high occupancy rates on platforms like Airbnb. Additionally, I strategically positioned the condo as a desirable rental option in Uptown Charlotte, capitalizing on its prime location to maximize rental income and overall property value.

What was the outcome?

The outcome has been highly successful. The condo consistently performs well as a short-term rental, maintaining a high 90% occupancy rate on Airbnb. Its prime location and modernized appeal have made it a favorite among travelers and professionals, generating steady and reliable income. The property remains a valuable asset in my portfolio, delivering strong returns while requiring minimal ongoing investment.

Lessons learned? Challenges?

Understanding the target market for short-term rentals is crucial to achieving high occupancy and maximizing returns. Minor renovations can significantly increase appeal without requiring large capital investments. Building relationships with other property owners can uncover opportunities that might not be publicly listed.