First short term rental property investment

[Kiki Tyson]

Investment Info:

Single-family residence buy & hold investment in Davenport.

Purchase price: $960,000
Cash invested: $192,000

Short term rental property, 15 bedrooms 10 minutes from Disney with themed bedrooms and game room.

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

Cash flow

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

Went through a realtor in market that does a lot of short term rental property deals recommended through a friend that recently purchased an investment home in the area.

How did you finance this deal?

Bank lender

How did you add value to the deal?

Did upgrades, painting accent walls in bedrooms and themed custom murals and added a customized game room

What was the outcome?

Able to get in higher rents for short term AirBNB renters

Lessons learned? Challenges?

Biggest lesson learned is I treated this property as if it were my own home and had set the standard. I was lated joining Bigger Pockets, so I didn't understand keeping myself to a stricter budget. It was my first investment property (I own homes but none as investment properties). Now I understand having a system for each property and will remove the emotional attachment to the property. I am currently using a property manager. House went live 2 weeks ago so work in progress.