10 Acre Farm - Airbnb

[Kim Warren-Page]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $425,000
Cash invested: $100,000

This is a 6 bedroom, 5 bathroom, 10 acre farm with a barn, pool, hot tub, 1 acre stocked pond, and utility building.

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

Originally purchased this to be our home. However, months after our purchase, my aunt, diagnosed with terminal cancer, moved in and died in our home. After her passing, we needed a change of scenery, but did not want to sell the house. Providentially, I ran into a woman in town who runs Airbnb's. She set it up as a Airbnb and it has been amazing! Here is the link:
https://www.airbnb.com/rooms/46279382?guests=1&adults=1&s=67&unique_share_id=2c502ad8-3b9a-4e4a-9cc4-99402b53b233

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

Our realtor, a friend since middle school, found this deal. We originally purchased it as our primary residence.

How did you finance this deal?

Conventional Loan with 5% down

How did you add value to the deal?

We completely gutted this house! Took down six walls, added a deck, installed hardwood floors throughout, and installed a high-end kitchen... Cost of $100,000

What was the outcome?

We love visiting this property, but especially love the income it is generating for our family of eight. We NEVER dreamed this property would do so well as an Airbnb. It is not in a tourist area, but wow! We are thrilled with the income generated by our farm as a short-term rental.

Lessons learned? Challenges?

Always think outside the box! We would never have thought this property would do so well. Be willing to take a chance!