Flipped into a future Airbnb

[Adam Boyd]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $162,000
Cash invested: $60,000

Rustic Cabin sitting next to picturesque creek but right in the middle of town. My wife and I are almost to the end of the renovation. We are looking forward to getting it listed on Airbnb. #goosecreekchalet on Instagram.

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

Started with Airbnb's about 3 years ago. Enjoy the benefits of owning them.

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

On the MLS and I negotiated the price.

How did you finance this deal?

HELOC. I went through a local bank. We secured $152k and paid $10k cash to close. They had a program that gave us 3 months interest free.

How did you add value to the deal?

Doing most of the required work to get the building ready for Airbnb.

What was the outcome?

Its almost ready to hit the market.

Lessons learned? Challenges?

Its hard to do everything yourself on weekends. I will probably be hiring out more of specific types of the renovation on the next unit.

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

I am a realtor.