Successful Short Term Rental

[Kerry Johnston]

Investment Info:

Single-family residence buy & hold investment in High Point.

Purchase price: $190,000
Cash invested: $50,000

Contributors:
Ryan Johnston

Successful Short term rental in High Point, NC. The home is a historic home in the historic district of High Point, NC. We added a full bathroom, renovated the kitchen, replaced all porches in the home and updated the home throughout. All design and décor in the home was done by us.

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

My husband and I have another home in High Point that is also a short term rental, when this one cam on the market (perfect location) we knew it would do well.

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

We saw on the MLS and notified our realtor immediately - realtor negotiated.

How did you finance this deal?

Conventional Lender

How did you add value to the deal?

Renovated and upgraded the home throughout

What was the outcome?

High earning short term rental

Lessons learned? Challenges?

Dealing with contractors is hard, find multiple good contractors.

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

YES! I am a licensed Lender in the Charlotte area licensed in NC and SC and we used my company for the financing and a local realtor in the High Point market.

[Ryan Johnston]

@Greg Pawluk Good deal.  Here's some systems that I swear by.  Essential in my opinion:

Your Porter: Automatic Guest Messaging, Calendar management, etc.

Turnover Bnb: Automatically notifies cleaner of project.  Pays them automatically as well.

PriceLabs: Dynamic Pricing. Gathers data of nearby STR, and suggests nightly pricing based off demand, etc.