My first out-of-state rental experience

[Terry Dunlap]

Investment Info:

Single-family residence buy & hold investment in Huron.

Purchase price: $143,500
Cash invested: $143,500

Purchased in Short-term rental via VRBO & Airbnb during Cedar Point season.

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

As a Sandusky-native, I knew first-hand the attraction of Cedar Point and how overpriced hotels can be. And since this house is in a quiet neighborhood near the lake, it was a no-brainer decision to buy for the purpose of renting short-term via VRBO and Airbnb.

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

Agent. Once the inspection reports were in, we negotiated based on the costs necessary to fix it properly.

How did you finance this deal?

All cash.

What was the outcome?

So far, so good! It's making money. And it's a place for me and my wife to stay during the holidays when we visit family in the area.

Lessons learned? Challenges?

Biggest challenge is working with guests while I live in another state (Maryland) and the property is in Ohio. Finding a reliable housekeeper was an initial challenge but that has been solved for now.

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

Jamie King, Hoty Enterprises (https://www.realtor.com/realestateagents/jamie-king_sandusky_oh_460225_194999733)