Airbnb rental home purchase from a 1031 exchange

[Cheryl Russell]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $200,000
Cash invested: $200,000

Airbnb in western NC mountains

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

Wanted to have a vacation home that paid for itself

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

MLS and negotiated with buyers to have it sold fully furnished

How did you finance this deal?

1031 exchange

How did you add value to the deal?

By turning it into an airbnb rental and managing it myself

What was the outcome?

We increased our income 3x by using the money on an airbnb instead of leaving it in farmland

Lessons learned? Challenges?

Learned to manage a vacation rental

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

Paige Jones of Cherokee Realty, Robbinsville NC