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Updated over 5 years ago,
First Investment - Airbnb
Investment Info:
Single-family residence buy & hold investment in Nashville.
My first investment was a buy & hold in East Nashville which is currently run as an Airbnb.
What made you interested in investing in this type of deal?
Was interested in the idea of making some semi-passive income in addition to my day job. Starting an Airbnb was really all I had heard of at the time. It was only after my first real estate purchase that I discovered Bigger Pockets & joined my local Real Estate Investor groups & have begun educating myself further in this REI world. Very excited to see what's to come in my REI journey.
How did you find this deal and how did you negotiate it?
Honestly, I didn't know enough about real estate investing at the time & didn't know the first thing about finding a good "deal" so I found this property traditionally, with a real estate agent.
How did you finance this deal?
Traditional Bank Loan
What was the outcome?
I was living out of state for the first year it was on Airbnb & using a local management company to run it for me. I moved back to the area and quickly realized I could save money by managing it myself. After firing the management company, not only did I save on management costs, but my Airbnb profit more than doubled! Now, in year 2, I'm making a steady cashflow each and every month. Yay!
Lessons learned? Challenges?
The biggest lesson I learned was honestly how little I knew about real estate investing before I purchased my first property. Had I known what I know now, I would have invested my money differently/used different strategies to find a deal/possibly tried house-hacking or a live-in-flip for my first deal.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Kelly Kormos was my realtor and helped me find the perfect house to create my Airbnb. She was the biggest help (as I was out of state shopping for this deal). I would highly recommend her to anyone & everyone in Nashville!
