Live for free in a new house // Airbnb hack

[Mathieu Gagnon]

Investment Info:

Single-family residence buy & hold investment in Bromont.

Purchase price: $363,000
Cash invested: $8,500

We co-build our first house/home.
We live there but AirBnb hacked it.
In 12 months we got 43 bookings.
AVG per night price 169$.

Thanks! We were able to pay all the expenses related to the property (mortgage(interest+++principal), cable, electricity, taxes, insurance)
Breakeven + 800$ cashflow (principal paid portion)

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

Reduce my monthly expenses

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

My wife got the idea.
We are close to a ski resort and a zoo

How did you finance this deal?

Since we co-built the house the entrepreneur was willing to give us back a cash back based on the total value.
Total downpayment 8 500$!

How did you add value to the deal?

The house is modern and brand new.
We allow big groups to come over. 15+ at the beginning and reduce to 10 people.

What was the outcome?

We lived here for free for an entire year.
We needed to be out 115 nights.
We have friends and family that hosted us when we were booked.
Family and friends were very happy to see us on weekends.

Lessons learned? Challenges?

After a year... you get tired of quitting your lovely house every weekend.
It gave us the chance to travel a lot though.

Since it's your house you might be a little bit attached.
Buy new towels, bedsheets, etc. and switch sets each time.
If you want to hire someone for the cleaning go for it. We preferred to do it ourselves to get more money and be assured that it was really really clean

We are stopping for a while due to a new baby.

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

Airbnb