This is beautiful, historic home built in 1903 in Battle Lake, . This is a 4 bed, 2 bath home sitting on a corner lot with a detached 2 car garage. This property is listed with airbnb, Vrbo and has a direct website so we are utilizing it as a short term rental- www.thehouseonlake.com. This home is listed on AirBNB, VRBO, and directly at www.thehouseonlake.com. It was developed with our kids in mind for amazing summer memories for many families and friends.

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

Well I'm from the small town of Battle Lake which is where this home sits. I remember walking by this house all the time as a kid as it sits not he corner of the Main Street that heads to the beaches. I plan on buying my family's resort int he next 5 years so I wanted to get my foot in the door and back into the community but purchasing a place in town. Plus I have a serious soft spot for holder homes.

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

I had an alert on my KW app and so when this hit the market, I jumped on it with a local real estate agent. During this market, it was still on the seller's side so I offered asking price with an inspection. Inspection came back as you'd guess for a 1904 home. Appraisal came back just about exactly what they were asking.

How did you finance this deal?

Second home conventional loan. 10% down. Used our own savings for the updates and furnishing

How did you add value to the deal?

We flipped the property in two weeks (I didn't sleep for two weeks) and got 75% of my ultimate renovations to the home. We gave the entire home fresh paint, cleaned up floors and ripped up carpet (it has the original hardwood), and added new carpet to the living room and a runner to the stairs. We fixed a couple damaged windows, and painted the cabinets with new hardware through the entire home. The goal in the next year is new bathrooms, new kitchen cabinets and counter and an updated HVAC

What was the outcome?

Everyone was impressed in what we did in two weeks. We brought the home back to life and we are waiting to hear back about the added value number.

Lessons learned? Challenges?

Two weeks - never ever do that to yourself - The bathrooms aren't in bad shape- just need updates. So we couldn't get to that just yet. I also learned the hardware that a STR is expensive to furnish if you don't organize your creative thoughts ahead of time. We also learned through out this winter that every time they changed anything with HVAC they left the old versions, and we have old school heating which we would like to update by next winter.