Mound Desert Island AirBnB opportunities

[Tsvetomir "C" Nikolov]

Investment Info:

Single-family residence buy & hold investment in Bar Harbor.

Purchase price: $390,000
Cash invested: $105,000

First property ever acquired, currently running it as full house AirBnB.

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

I live on a small island with very high tourist demand during summer and fall season.

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

Found deal from MLS, did my own negotiation using inspection details and time been on market as points of discount.

How did you finance this deal?

Own financing, planing to develop and refinance in near future.

How did you add value to the deal?

Only way to come out a top a deal in this area is short term rentals.

What was the outcome?

Still in beginning of season, and yet have reservations covering 100% of mortgage, waiting on more for income.

Lessons learned? Challenges?

Advertise your rental earlier as possible!

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

I worked with real estate agent to help me surmount any obstacles along the way, planing to have next deals done on my own.