1911 train car as Airbnb

[David Matthew Parker]

Investment Info:

Other buy & hold investment in Bloomington.

Cash invested: $21,000

I am restoring a 1911 sleeper car as a short-term rental (Airbnb/Vrbo) on property along Route 66 in Central Illinois.

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

I want to make a profit, while preserving historic structures.

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

I found it on Facebook. The car was free, but moving it 50 miles cost around $15,000.

How did you finance this deal?

Refinanced my house, sold some items in my possession, took out a loan, started a GoFundMe.

How did you add value to the deal?

I moved the car to property along Route 66. I am currently restoring it.

What was the outcome?

The car is still being restored.

Lessons learned? Challenges?

Too many to list. I could write a book about the challenges with moving this car. But the main lessons were don't give up, be creative, and tap into relationships you've built.

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

Illinois National Bank
Dawn Peters (Alignment Home Group - Keller Williams)