My first AIR B&B purchase

[Kevin Chisholm]

Investment Info:

Single-family residence other investment in Otis.

Purchase price: $240,000
Cash invested: $60,000

Lake house with 140 ft of lake frontage on an over sized lot and the end of a private drive.

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

Im looking to get a property in each category ( or at least a few) and then see which one works out best for my needs before I choose which type of property I will focus my investing on.

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

Found off MLS. Been negotiating directly with their realtor.

How did you finance this deal?

Hard money lender

How did you add value to the deal?

The whole home needs to be re-insulated and then redesigned for a more attractive exterior look and a better flowing interior which will suit AIR B&B customers well.

What was the outcome?

Ill let you know

Lessons learned? Challenges?

That the lake house docent seem to be effected in this crazy market. Its the first property I felt comfortable under bidding and it looks like they will be excepting the offer after a little more fine tuning.

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

No, this realtor lied directly to our face. We used the Pod cast bigger pockets suggestion and always get out of the car when we see a neighbor lurking by...if you drive slow enough, 1 always pops out and is dying to talk to you...we get all our inside info from the neighbors. Realtor never knew so we kept correcting her on her "facts" which were just blatant lies...