Converted single family home to short term rental

[Alfred Wevers]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $170,000
Cash invested: $40,000

Converted a single family home into a short term rental

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

wanted to diversify from long term rentals in the area

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

it was a foreclosure and was purchased from the bank

How did you finance this deal?

private lending them cash out refi to HELOC

How did you add value to the deal?

remodeled home interior and exterior

What was the outcome?

couldn't be happier

Lessons learned? Challenges?

it was the 1st of many we decided to switch to short term in the area

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

both myself and my office manager are licensed agents

[Taylor Dasch]

Man, thats awesome, I would love to start buying at PreForeclosures, how did you find the lender? Looks like you got a really great deal on that property! 

[Alfred Wevers]

We actually are lucky enough to have found private investors over the years. Some will do short term loans that allow us to buy, rehab then refi. I always suggest starting with friends and family and even ask them if they know anyone who might be interested. When the market was slower we even worked directly with the REO bank for the properties and soem of them would do portfolio loans on their own assets.