Short Term Rental in Albany, Texas - 1st SFR investment!

[Mitchell Lee]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $75,000
Cash invested: $12,000

Figured it would be worth posting our first SFR short term rental investment. This property was an off market property we bought from a friend. All that was needed was a bathroom remodel and paint. More information is on our Facebook page: facebook.com/leepropertyonrosestreet

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

We are from the area and wanted a place to stay when we went and visited family.

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

Let a friend know I was interested and one conversation led to another. He bought it for $70K in 2016 and we agreed upon $75K in 2020

How did you finance this deal?

2nd home mortgage through City Bank out of Lubbock, Texas.

How did you add value to the deal?

I was hands on and involved throughout the process. Working the deal, managing the inspector, title company, underwriters, loan company, etc. Essentially acting as the RE agent.

What was the outcome?

Our short term rental started slow at the start of 2021, but it has been booming in the Summer. We have been booked almost every weekend since May and every day in July.

Lessons learned? Challenges?

Find good people, they make your life easier. I like to control the project, so delegating and let other people be good at what they do will save time, energy, and resources.

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

All based out of Abilene, TX
Inspection - David Biggs - Biggs Inspections
Lending - Lisa Boyce - City Bank
Title Company - Heidi Heslep - Big Country Title