Our first AirBNB in Overland Park, KS

[Mindy Coulter]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $265,000
Cash invested: $50,000

We wanted to try the AirBNB market. We purchased this 3/2 house within walking distance to downtown Overland Park. After purchasing we painted the interior, did some ceiling work and added a mini split in the upstairs dormer. We've been officially on AirBNB for a little less than 2 months now. Each month we are seeing our cash flow increase as we adjust nightly rates to be competitive with the market. So far this has been a great investment for us.

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

We've been focusing on increasing cashflow. Through research we found we can invest easily in SFH and turn them in STR. This is our first AirBNB and we've been pleasantly surprised at how well it's performing.

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

I found it on the MLS during the spring market when houses were getting several offers. This one had the perfect location and the price was right.

How did you finance this deal?

Conventional financing

How did you add value to the deal?

Fresh paint, ceiling repair and mini split in the dormer.

Lessons learned? Challenges?

We are still learning! We started offering the house for rent at a lower price to get bookings. Now we've increased it slowly over the last two months. A couple popular weekends I missed and didn't increase the rent like I should to meet demand. We won't make that mistake next year.

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

I am licensed so I was able to find, negotiate and close the deal.