All Forum Posts by: Adam Tafel

Got lucky with this one! Purchased in 2015 with an FHA loan, moved in for the first few years. I was having quite a bit of success running Airbnb properties for others, decided to move out and put the house to work. I had a family book right away for the entire summer, they paid $3500/mo. I couldn't believe it! I moved into a smaller apartment and started saving for my next purchase.

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

Again, this house was dumb luck. Found it on the MLS with my agent, it was the third home I'd ever been shown. I remember saying to my agent, "I've just started looking, I feel like I'm being impulsive". Great lesson in trusting my gut instinct.

What was the outcome?

Great cash-flowing vacation rental. Expenses are roughly $1500/mo, with an average of $2900/mo in gross income. The neighborhood has appreciated quite a bit since 2015, currently valued around $192,000. Currently sitting with $90,000 in equity, I'll hold this house until it quits performing.

Lessons learned? Challenges?

Airbnb is all about hospitality. This property isn't the biggest, nicest, or best located choice in town. Going the extra mile for the guest goes a long way. I've installed extra handrails for older guests, built cribs for young families, bought video games for kids, things like that. Dealing with conflict from a place of compassion and helpfulness rather than getting defensive, that is number one! I still get some bad reviews from time to time, you can't please everyone all the time.

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

My realtor was Adam Duckwall with BRIX Realty, and Charles Dailey from iLoan. I'd highly recommend using either of them for a purchase or sale.

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Adam Tafel has started 24 posts and replied 371 times.

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