Making $25,000/Year Cash Flow by Buying the Worst Rental on the Best Block
Summary
This article discusses an investor who bought a run-down property in a desirable area and turned it into a successful short-term rental. Hosts can learn from the story about the importance of location, embracing renovation projects, and leveraging marketing skills for STR success.
Key Insights
- •The property was purchased sight unseen over FaceTime due to the favorable price and location, highlighting the importance of quickly assessing deals.
- •The investor used their marketing background to create a short-term rental with a focus on providing exceptional experiences for guests.
- •The investor's initial long-term rental in Chicago generated $800/month in cash flow, demonstrating the potential of a well-located property.
Action Items
- ✓Consider investing in a property in a desirable location, even if it requires renovations.Effort: mediumImpact: high
- ✓Use your existing skills, such as marketing, to differentiate your listing and create a better guest experience to boost occupancy and revenue.Effort: lowImpact: medium
Tools & Resources
- →Steadily: The article mentions Steadily, the landlord insurance company.
- →The Real Estate Rookie Podcast: The article mentions The Real Estate Rookie Podcast.
- →New Western: The article mentions New Western, a company specializing in wholesaling properties.
Common Mistakes
- ⚠Overestimating renovation costs can lead to financial challenges.
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Curated by Learn STR by GoStudioM