Building an AIRBNB concept on vacant land

[Shannon Vistisen]

Good Afternoon,

My husband and I have been looking to purchase a property as a STR in a specific area that has become popular in the last couple of years. We are getting priced out left and right. So we thought we could purchase land and build what we want.

Does anyone have experience in this route for STR? Any recently with the cost of building supplies up due to the bottleneck situation?

Did you take the route of purchasing the land in cash or getting a loan for it? I'm just now researching what the process entails and am looking for some IRL experience from anyone on here.

Thank you for any advice you may be able to lend.

[Dan Slaughter]

This is what I'm doing. I purchased a vacant lot and am currently under construction for a 5BR 3500 sq/ft STR. Takes a lot of patience and capital for down payments on the lot and construction loan. Process is taking way longer than I anticipated. However, I'll be able to cash-out refi almost (if not all) my capital when I get into the long term loan.

I purchased the land via loan and then started the process for finding an architect and builder.  Didn't start construction until about 15 months after I closed on the land.  Happy to answer any questions for you for what I've experienced.