Lakehouse Airbnb- Guests pay for something I wanted

[Dan Mitchen]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $72,000
Cash invested: $7,200

I came across an off-market property 300 yards from a lake. I've always had a goal of owning a property on a lake, and the fact that there's no cell service or internet in this location made it perfect for a vacation getaway! So I thought "How can I get someone to pay for something that I want". We now Airbnb it and go down to enjoy it whenever we'd like.

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

I always wanted a house on or near the lake.

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

I found it off-market through Facebook and gave them they're asking price because I wanted it!

How did you finance this deal?

Conventional financing with 10% down.

How did you add value to the deal?

Turned it into an Airbnb where my guests pay for something I can use anytime.

What was the outcome?

See above.

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

A great mortgage lender!