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Updated over 3 years ago on . Most recent reply
Long Term Rental turned Short Term Rental
Investment Info:
Single-family residence other investment.
Purchase price: $55,000
Cash invested: $37,000
Was used as a Long term rental for 13 years, Now being used as a Short term rental since 2019:
Here are some other short term rentals I have....
https://bidcoshorttermrentals.guestybookings.com/
What made you interested in investing in this type of deal?
Mike Sjogren STR Secrets MasterClass
https://www.strsecrets.com/
How did you find this deal and how did you negotiate it?
Originally through a realtor I had a relationship with......the deal fell apart with the previous buyer....he clled me on it and we did the deal in a couple of days!.....closed within a month!
How did you finance this deal?
BRRRR but before it was called BRRRR lol!.....Bought cash, rehabbed, rented then refinanced!
Almost paid off now!
How did you add value to the deal?
Quick Close
Changed Interior Layout
After a few years turned into a short term rental!........on Airbnb, VRBO and private booking site https://bidcoshorttermrentals.guestybookings.com/
What was the outcome?
Income as STR is 3-5X long term rental
Lessons learned? Challenges?
It's hard to find good plumbers!
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Realtor
Most Popular Reply
This has been in your portfolio quite a long time and is now almost paid off you said. Are you planning to pay it off for the improved cashflow or are you looking to leverage the property for additional deals?