First time deal advice

[Julie Dunlap]

Hey guys! I’ve been a long time lurker/listener but haven’t jumped into the game until now. I think I’ve found an interesting deal. This home has been on the market for 14 months with 3 brokerages (mine included). It’s a 5 bedroom, 5.5 bath, plus an office and loft. Every room has its own full bath and the master bedroom is gigantic. When we first listed the house I thought it’d make the perfect Airbnb. I personally househack my own place 2 blocks away and I make $75 per room per night in the winter/spring and $35 in the summer. Using these numbers I’m thinking that this new place could be a good opportunity too. It’s recently gone up for a private auction and the owner is telling everyone to bring their best offers. Comps in the area are anywhere between $700k-1.5m but this house has been chasing the market down because it was priced way too high at first. I know he’s only had 1 family even close to interested and they didn’t make anything formal. The only downsides to this that I’m really seeing are the resale value of the house (since it’s near a main road) and my own funding situation. I’m planning on building a small portfolio of homes over the next 10 years so I’m not incredibly concerned about reselling it rn. My own financial situation is stable but commissions based, and I have 2 years of Airbnb income proof that come out to about $15k per room per year. Right now I’m leaning on the idea of hard money to get my foot in the door and begging/borrowing for the rest from my grandma. I also should mention that both my grandma and I have active real estate licenses. Any thoughts or recommendations for a newbie?