Duplex & Airbnb build in Coeur d Alene, Idaho

[Chad Riley]

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $350,000
Cash invested: $85,000

Remodel of basement on a single family home in downtown Coeur d' Alene to create a duplex that rents as long term and short term through AIRBNB. Great investment and cash flow.

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

Location and potential upsides with finishing basement with separate entrance and making it into a duplex.

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

Found the deal from a sign in front yard from the owner. It was a For sale by owner. Which helped make the deal easier to negotiate and get a fair price.

How did you finance this deal?

Personal cash saved up and invested.

How did you add value to the deal?

I finished and built out the entire basement and made a 2bedroom 2bath apartment with separate entrance.

What was the outcome?

During the construction in basement I was renting the top portion of the home out which is a 3bd / 2ba home through AIRBNB. After completing I rented the basement unit out to a single lady with a 1 year lease and now month to month. I continue to rent the upper unit out through Airbnb and its doing amazing having both year long lease in one unit and short term rentals on the other unit.

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

I worked with a local lender at Willamette Valley Bank to get the loan.