First Residence converted into Short term rental

[Corey Johnson]

Investment Info:

Single-family residence buy & hold investment in Baltimore.

Purchase price: $455,000
Cash invested: $75,000

Short term rental doing well in Baltimore.

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

I turned my primary residence into an income property after moving out of state.

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

I used an agent to find the deal. He did the negotiating. I originally purchased the home as my residence with my wife.

How did you finance this deal?

Cash down payment and 30 yr mortgage

How did you add value to the deal?

Not sure if I have

What was the outcome?

Still going strong as a short term rental

Lessons learned? Challenges?

Move in ready is expensive. Better to find something that needs a little work.