Airbnb-Kentucky Lake and very close to Murray State

[Adam Boyd]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $86,000
Cash invested: $25,000

This is a 2 bedroom 1 bath home located close to Kentucky lake. It is also 30 minutes away from Murray State University.

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

My wife needed a place to stay for work.

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

Found it on the MLS and used a local realtor.

How did you finance this deal?

Did a cash out refi on our personal residence.

How did you add value to the deal?

Replaced the kitchen and jacked up the floors to create a more even floor. Repainted and built some focal walls.

What was the outcome?

We currently have it rented out on Airbnb. It cash flows nicely.

Lessons learned? Challenges?

Since this is 3 hours away. It has been hard finding contractors that don't overcharge.

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

Yes a Realtor in the area.