All Forum Posts by: David Furnish

Quote from @Alessandro Di Luciano:

@David Furnish Love the Vision! I have myself a long term vision of building out a self sustaining community. Using extremely eco friendly construction and infrastructure. It's a big dream but definitely doable. I haven't done too much research into it to be completely honest but love hearing others visions and would love to follow your journey to making it happen!

Sending Good Vibes,

-ADL

 Hold the vision brother, most won't face the truth that the way things have been going won't last forever. Now is the time to lay foundational work for communities that value health and prosperity long term, for the residents and the Land itself. We owe it to future generations to set them up for success and self sufficient joy.

Quote from @Jacob Hill:

Hey @David Furnish Welcome to BiggerPockets.

its great to hear your success story and i wish you luck in your future investments. 

 Cheers Jacob, and best of luck to you as well.

Quote from @Justin Kemper:

@David Furnish

Congrats on profiting on your first home and realizing the potential on future endeavors. Has the airbnb rental had steady bookings? That is pretty far out from any major city. What do you anticipate being your main investment strategy to build the funds to get to the retreat center. At this time the investors I work with are flipping while interest rates and prices are high. I am sure they will move to fix and hold once rates come down a bit and they are able to cash flow. 

 Thanks Justin!

Surprisingly the Airbnb is quite steady, though certainly peaks in Spring and Summer. There is a large stocked pond on the property, and we are dog friendly, so I think those things alongside the Amish attractions make for something unique. Most of our guests remark about how laid back the environment is as a place to rest, and we certainly embrace the country aesthetic. 

I do think that flips are a big focus right now while the market shifts, and I firmly anticipate further disruptions from now through November, so my main strategy is DIY as much as possible with our existing property while timing shakes out.

For the land buy / retreat proposal, the main goal is a long term return on investment, rather than a short term buy/build/sell. The core group of this land buy is being formed now, and is following in the success of the first community land buy, and will be on a nearby tract (Ozarks region). 

For a good case study on intentionally built communities, see Orania in South Africa, which is absolutely booming. The value is in the community itself, not solely the lots or homes on the land.

Quote from @Nate Williams:

Sounds like a great start to a journey! What do you mean by retreat center and community?

Thanks so much, it's been a journey for sure!

Regarding a community and retreat center, I firmly believe that intentional communities are the path forward, where communities can develop and operate on a longevity model, but begin with a shared value set or vision. Think a neighborhood of not just green, but regenerative homes that all contribute to a larger ecosystem (the land itself). Your neighbors own their lots as shares in an LLC which purchased the land, and operate under a Private Membership Agreement to insure they are a good fit and willing to play their part and contribute to the well being of the community.

My vision is in this vein, with the addition of workshops and retreats (yoga, wellness, ptsd recovery etc) which the community would host. I am a Veteran, so connected to this dream is a means by which Veterans facing homeless can access affordable housing in nature, while working as a team towards a shared project such as cattle or the retreats, or a conference etc.

Basically a Village mindset, with connected hubs in other areas of the country and world in a vetted network of individuals (no commune drug parties etc).

Hi all,

My wife and I are new to the forums and Real Estate investing in general. We had great success with purchasing a new home in 2020 and selling it for a $140k profit in 2022. 

This allowed us to move down to rural Ethridge, TN where we bought a mini farm that had a guest cabin. We have since finished out that building and have operated as a successful Airbnb for the last couple of years. We have been doing this in conjunction with renovating the primary residence, but are now looking towards futute goals and a future move as well, ideally keeping this property as a long term rental.

Centrally, our aim here is to network and develop our skillset, to learn and grow. We are mainly interested in Wholesale, short and long term rentals, as well as potential flip projects in our area which is ripe with potential.

Long term goals are to move into land development for a retreat center and community, and so we hope to grow in that direction.

Thanks so much for reading!

- Jake & Julie

Investment Info:

Single-family residence buy & hold investment.

We purchased a property that had a standing farm house already, so as we moved into it we began renovations on the adjacent Amish cabin.

We finished it out and listed it as an Airbnb to much success, with less than 5k in refinishing costs.

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

We travel frequently and always have enjoyed Airbnb, and so hosting made sense. Yet as cabin is on our home property, we didn't want to rent it out long term, so this deal fit perfectly.

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

We searched exclusively for rural properties with "outbuildings" or guest houses, found the niche in our area(the Amish attraction) and marketed our Airbnb to this end.

How did you finance this deal?

VA Home Loan

How did you add value to the deal?

Refurbished the cabin and land itself to attract Airbnb guests, and provide for them all the resources and information for the local area. We maintain good relations with our Amish neighbors who supply our Airbnb with their local milk, bread, and fresh produce.

What was the outcome?

Many happy Airbnb guests, and some extra monthly income in our pockets with minimum maintenance and upkeep.

Lessons learned? Challenges?

Airbnb can be tricky, there will inevitably be bad guests or issues with the rental – but adding value on the front end and managing the guest stay appropriately makes all the difference.

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

Jan Adams(Benchmark) was our realtor and a close family friend, she is the hardest working woman we have known.