Bye bye Airbnb

[Angie Castro]

Investment Info:

Single-family residence buy & hold investment in Salisbury.

Purchase price: $120,000
Cash invested: $35,000

After running this as an airbnb for over a year I have learned so much. I know how to make an airbnb profitable and what it needs plus the actual costs of running one! Now, I'm sad to part my airbnb. I currently have two houses being built for sale and we need the money from our property. This year so far I have 2 flips and 3 lots. I'm currently looking for opportunities to increase my reserves and move into bigger things. I have a plan to buy 1 rental property for every 5 builds that we do.

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

I got interested in building after doing the re-zoning deal. Understanding land has been the most valuable piece of information that I have learned in Real Estate. Once I learned the codes and what I could build and where then it was time to build.

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

Foreclosure auctions and wholesalers.

How did you finance this deal?

Cash

How did you add value to the deal?

Building on it

What was the outcome?

Two lots being built currently and selling my airbnb so I can build on the other one.

Lessons learned? Challenges?

Learning how to get a variance for one of the lots was a learning experience but we were able to adapt and get it done.

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

I'm a realtor