Investment Info:
Single-family residence buy & hold investment.
Purchase price: $120,000
Cash invested: $3,500
Sale price: $233,000
This was my first property that I bought. I used it as a long term rental the first year and it was cashflowing $400 a month(until the tenant moved out of state). I decided to turn it into an Airbnb for the next year. It did great making around $2500 in cashflow a month. It was a hard decision to make but after reviewing comps I realized it had a lot of equity and sold it making $148000. I am planning on using that money to start flipping and scaling my portfolio.
What made you interested in investing in this type of deal?
I knew it was a great deal ina great location and I got it using seller finance. (This house bought me 4 more houses)
How did you find this deal and how did you negotiate it?
Found it on mls and called the listing agent (which ended up being the owner)
How did you finance this deal?
Cash that I saved from bartending.
How did you add value to the deal?
I remodeled the bathroom and painted and did the floors and turned it into an Airbnb.
What was the outcome?
It cashflowed great on Airbnb but ultimately sold it in 2 years making me $148000
Lessons learned? Challenges?
Oh man so many lessons. How to deal with tenants and how to run an Airbnb business but a lot more lessons learned.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I’ve found my mentor through this deal and that was the best outcome of this whole thing.
