1st short term rental

[Burt Gourley]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $45,000

Short term vacation rental, purchased originally to flip but then decided to try the short term rental market. three bed 1 bath with the potential to add a bathroom to the garage.

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

Location

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

MLS -

How did you finance this deal?

Private lending

How did you add value to the deal?

Converted the garage to a spare bed and bathroom, restored the wood floors, updated electric.

What was the outcome?

Ended up with a 3 bed room 2 bathroom, that averages a 50-60% occupancy rate every month. It certainly isn'y passive income but its a nice change from traditional rentals.

Lessons learned? Challenges?

90% of all work is done by myself, unless a licensed professional is needed or has to be inspected.