WISH THESE NEWBIES LUCK!!

[Angie Jones]

Investment Info:

Single-family residence other investment.

Purchase price: $20,000
Cash invested: $30,000

11/3/21 putting the final touches to AIRBNB this cabin. 100% EQUITY! We are sticking our toes in to try for an equity loan for a 7 door multifamily in a city nearby.

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

Family member has 2 Airbnb's, we had recently bought this bank foreclosure for $20,000 as a fishing cabin for hubs. Son, Ty Ottaberry, has been on Bigger Pockets for a cpl of years and is doing well in his endeavors, so we decided to dip in.

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

Bank foreclosure , not much negotiating with it.

How did you finance this deal?

cash.

How did you add value to the deal?

Extensive rehab inside and out.

What was the outcome?

Finding we could Airbnb for fishing tournaments. And make income from that.

Lessons learned? Challenges?

Rehabbing is expensive, especially when hubs has expensive taste.

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

none yet.