Old Brooklyn Airbnb

[Michael Norris]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $64,000
Cash invested: $115,000

Took an all original 100+ year home with zero updates and modernized the kitchen, existing bathroom, and added a finished second story suite. New roof, new windows, new plumbing, finished floors, spray foam second story and tons of little tweaks. We also took down two massive trees that were right up against the house which based on the layout was very difficult to find a tree company who could do it.

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

Wanted to try a new strategy in a different part of town

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

Estate sale put in a bid against several other investors

How did you finance this deal?

Cash money

How did you add value to the deal?

Full renovation from top to bottom and inside out

What was the outcome?

Property reno has recieved numerous compliments, just completed first guest stay January 2024

Lessons learned? Challenges?

No surprises yet

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

We managed or did all the acquisition ourselves, the Airbnb listing is being managed by the fabulous duo of Paul Smetona and his wife Cathy Amari Smetona.