STR by accident
Investment Info:
Single-family residence buy & hold investment.
I bought this 3/2 in 2016 with intention to move to AZ (from NJ). Trouble selling my NJ house necessitated STR. Bought for $530K and it's now worth $900K plus - with next highest home value in the neighborhood at $1.4M.
What made you interested in investing in this type of deal?
Quite by accident - but buying the "runt of the litter" on the block, I knew my investment would be sound.
How did you find this deal and how did you negotiate it?
On a college visit, after a hike, stopped into local realtor and bought (from a flipper) the next day.
How did you finance this deal?
2.78% conventional
Lessons learned? Challenges?
Location, location, location!!
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Yes. I'm on a mission to educate more realtors about the STR option for home sellers and investors. It's a great option for particular situations and can be done "hands-off" - truly passive income - with the right LOCAL PM/Co-host to manage it.
