Rochester Duplex Househack-Turning to short-term rental.

[Jesse Lynch]

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $182,000
Cash invested: $20,000

This duplex is located 3 blocks from Mayo Clinic in Downtown Rochester! It is in the process of converting to an airbnb/short term rental. Expected cashflow after all expenses, is approximately $1900/month. If one level is left as a long term rental, I still expect cash flow of nearly $1200.

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

Rochester is a fantastic market right now. Prices and population are rising, but not at the same rate as the twin cities. This duplex is 3 blocks from Mayo Clinic and just the right amount of value add; the upper floor was hideous, but by doing all of the work myself, it's a beautiful space fo

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

MLS! I was first to look, first to offer. It was a great deal, the landlord was just tired of dealing with his own deferred maintenance.

How did you finance this deal?

FHA!

How did you add value to the deal?

Renovation of the upper level and pivoting to airbnb/short term rentals.

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

I became a real estate agent because of this process. An agent that knows investing is very hard to come by -- I decided I need to become that person.