All Forum Posts by: Corey Hanson

Thank you Melissa, this is great feedback. I appreciate you taking the time to answer my question.

you're right about the medium term rental, but that is the best phrase I've heard to describe my situation.   I am a pro member so I do have the tools.  I guess I was just looking for an agreement that was for 6 weeks.  I am trying to offer a home for rent while clients are in between transactions.  I currently have someone who is purchasing a home and selling theirs.  They take possession of their new home at the end of July but are closing on their current home on the 10th of June.  So I am trying to find an agreement that is more geared towards 30-90 days or a set term without having to prorate portions of the months.  

I'm curious if anyone in Oregon is offering medium term rentals and if they have a lease agreement for this type of rental in Oregon, or does anyone have an attorney they would recommend to draft this type of agreement.  

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $300,000
Cash invested: $15,000

First home converted to rental

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

I knew I wanted to stop renting and start building equity.

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

I bought this as my primary residence and over time used the equity as leverage to purchase more properties.

How did you finance this deal?

FHA loan

How did you add value to the deal?

updated the home and lived in it and rented rooms out initially.

What was the outcome?

Held for many years. Recently refinanced and purchased 3 properties in Ohio and Missouri with the cash out refi. Bought a new primary residence and am renting out this home. cash flows $500 a month with new mortgage and my other properties are cashflowing an additional $2000 monthly.

Lessons learned? Challenges?

I have learned that it is important to run your investment properties like a business. Set expectations for renters.

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

I have done this on my own after initial purchase.