Investment Info:
Single-family residence buy & hold investment.
Purchase price: $200,000
Cash invested: $21,000
I bought this property with the help of my dad my freshman year of college and it opened the door to begin real estate investing journey. While going to school I rented one bedroom out which helped pay for various expenses and as money allowed I was able to remodel and update the home. I lived in the property up until my my family began to grow and we fulfilled my dream of turning it into a long term rental.
What made you interested in investing in this type of deal?
Too good to pass up
How did you find this deal and how did you negotiate it?
I was looking for homes near the college to keep me close to my family.
How did you finance this deal?
Conventional
How did you add value to the deal?
Completely remodeling the home inside and out.
What was the outcome?
A great cash flow, income producing property.
Lessons learned? Challenges?
The main lesson I learned through this process was I attempted to turn the home into a full short term rental and was unsuccessful because I had not done proper research. I found out after our short term rental was not successful that I had failed to look how saturated our market was with short term rentals. I also found that in order to have a successful STR in our market you needed something to make your property stand out, game room, hot tub, creek, lake etc.
