2 Family overlooking the ocean Airbnb/rental mix

[Jason Arcuri]

Investment Info:

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

Purchase price: $90,000
Cash invested: $100,000

Bought a 2 family that overlooks the ocean in West Haven. Needs full renovation and going to try and airbnb the second floor while renting out the first floor to have guaranteed income as this will be the first AirBnB I've tried.

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

Love my rental properties and have wanted to give airbnb a try for a long time. However, none of my properties have been prime location for such a thing.

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

Ads that I pay for to try and list homes.

How did you finance this deal?

Hard money 12% interest 3 points

How did you add value to the deal?

Doing new roof, siding, hvac, just about everything

What was the outcome?

Still working on it

Lessons learned? Challenges?

I undervalued some of the work

[Steven Foster Wilson]

@Jason Arcuri dude thats awesome! Great job and keep up the work!

[Evelyn Badia]

Best of luck and with Airbnb you can be anywhere and rent. It doesn't have to be a prime "tourist" area. I have one Airbnb in Brooklyn and one in Puerto Rico (not by the beach, residential area). Brooklyn grosses 6 figures a year (2 listings one home) and Puerto Rico is double what it will be an LTR.

Remember you'll have to furnish the Airbnb and it's hands-on unless you hire a PM.

When you say undervalued do you mean it cost you more?

[Andres Bernal]

Hey Jason,

I own 10 units in west haven. Let me know if you want any input or info.

Have a great day! 

[Jason Arcuri]

Thank you everyone!

So there was a big change in plans on this one, unfortunately.
I absolutely loved this building and knew it would make a killing.  However, I'm now purchasing a big big business and needed to free up capital.  So we had cleaned it out a decent amount and put it up for sale.  We have an accepted purchase price and turned it around for a decent profit.  
I'll keep you posted on that scenario with another post about the business when we get closer to the finish line.