Airbnb BRRRR- Cleveland, Ohio

[Dan Mitchen]

Investment Info:

Single-family residence buy & hold investment in Cleveland.

Purchase price: $48,000
Cash invested: $1,050

Just purchased this SFH 10 minutes from downtown Cleveland. Purchased for $48k, will put around $30k into the rehab, and should appraise at refi for around $160k. I'm using private money who's funding the PP and rehab at 100% at 2pts and 7%. Instead of using this as a standard rental, this will be used as an Airbnb to 2x+ monthly cashflow. Deal was found driving for dollars.

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

All-in for 49% of the ARV. Cleveland is a great market for Airbnb, so I drove for dollars in my area I;m looking to acquire more property.

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

Driving for dollars, skip traced, cold called the owner, and then negotiated the deal directly with the seller.

How did you finance this deal?

Private money.

How did you add value to the deal?

Buying distressed and rehabbing.

What was the outcome?

Rehab is in progress and will be ready in around 30 days.

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

I'm a licensed agent myself.