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.