My first apartment - now a cash flowing short term rental!

[Clay Westerlund]

Investment Info:

Condo buy & hold investment in Lawrence.

Purchase price: $78,000
Cash invested: $1

I bought this 3/2 condo in 2007 as my first home because I didn't want to pay rent to someone else.

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

I was thinking that someday if my daughter went to college here she would have a place to live.

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

MLS, no negotiation as I was a young inexperienced buyer.

How did you finance this deal?

100% financing, 30 year mortgage.

How did you add value to the deal?

added laminate flooring to living room

What was the outcome?

It's been a full time short term rental (hostel style) since 2018 and it cash flows over $1000 per month.