Cincy Studio STR - Tiny but mighty

[Carly Young]

Investment Info:

Single-family residence buy & hold investment in Cincinnati.

376sqft Condo - Short Term Rental located within a very short walking distance to cincy's best bar/food scene.

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

I love hosting people in my home town. Short term rentals in the area are much more profitable as a long term rental. Selfishly, I wanted to also have the option to enjoy the condo when it's not rented. The 10 year tax abatement was a nice incentive as well.

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

On MLS - my main goal was to have the condo docs revised to allow short term rentals. The numbers made sense as it was listed.

How did you add value to the deal?

Staging the rental to attract the right renter.

What was the outcome?

So far so good!

Lessons learned? Challenges?

Short term rentals are more time intensive and require me to always keep an eye on my phone. Hiring the right cleaner/cleaning company from the get go will save you a lot of headaches, and reviews. Keeping expenses low helps with the fluctuating rents during high and low season. Adding a co-host who I trust was key to fill in while I'm traveling.

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

I'm an agent and represented myself. I would recommend Gary Weinhaur with Cleveland Mortgage Corp for all financing - easy or sticky, he'll get you through it.