6 unit building turned Airbnb success

[Heidi Braunhardt]

Investment Info:

Large multi-family (5+ units) buy & hold investment in Fort Lauderdale.

Purchase price: $582,500
Cash invested: $125,000

I purchased a 6 unit building in my neighborhood and spent 5 months on the renovations. I then set each unit up as an Airbnb, and now it’s a successful full-time short term rental.

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

I was ready to take the next step, as I already had a few other rental properties, and one of them was a very successful Airbnb.

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

I am a Realtor, so I found it the day it went on the market. I knew it was a great deal, so I offered full price immediately, and went under contract that day.

How did you finance this deal?

Commercial loan 30% down.

How did you add value to the deal?

I remodeled each unit, along with the exterior, adding about $125,000 to the building.

What was the outcome?

Full-time very successful Airbnb business.

Lessons learned? Challenges?

If I could go back, I would make a few changes. Probably spend less money in certain areas and more money in others.

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

I was able to find the property as I am a Realtor. I did not love the commercial lender I used.

[Heidi Braunhardt]

@Minh Nguyen Hi Minh! Thanks for your message!  I purchased my first property in 2012, and I had searched for about 9 months before I found the right home.  At that time, I purchased a townhome that I could live in and also rent out a room or two to save money.  

My next 2 purchases I kind of fell into, being a Realtor I was able to find them quickly, and one even off market.  

Then, this last purchase (the 6 unit building) took me almost a full year to find!  I was anxious to purchase something for that entire year, but I knew I had wait for the right opportunity, and I am so glad I did!

It's great that you are in Fort Lauderdale, and if you are ever interested in meeting up to chat more about my investment experience or just real estate in general, it would be my pleasure!