My Golden Opportunity

[Stephanie Sullivan]

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $365,000
Cash invested: $80,000

I am currently living on the first floor and Airbnb'ing the 2nd floor. This place needed a lot of work initially - new windows, roof, mechanicals for starters. I did a gut rehab of the kitchen and bath on the first floor and a 3/4 rehab of the kitchen and bath on the second floor. The place is now worth $500K and I'm debating whether or not I want to move out and Airbnb the 1st floor or do a traditional rental on the first floor. Great cash flow here, I'm living "mortgage free."

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

I had always wanted to buy a 2-flat, live in one unit and rent the other. I did the research and crunched the numbers and felt that I should take the risk with an Airbnb. Now, I wouldn't hesitate to recommend this option to others because it's allowed me to save money and look toward new opportunities.

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

I'm a real estate agent! And a darn good negotiator. For context, the place was initially listed for $400K and I negotiated a $20K credit to address some immediate needs.

How did you finance this deal?

I went with conventional financing and put 20% down since I'd be living in one of the units.