All Forum Posts by: Jan Fensterer

Thanks Robert, not sure I would do this again, but here we are.

;)

This is the fully remodeled cabin https://www.airbnb.com/hosting/listings/editor/7821412849164...

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $118,000
Cash invested: $125,000

This was the most extensive remodel we have completed. It is currently an AirBNB in New Mexico that sits on 5, flat acres. I would not say it has been profitable yet. BUT, we did a cost segrigation on the property that was put in service February of 2023 & will be taking an 80% loss upfront. Those funds will later be used this year to purchase a single family home. We do know there will be a recapture of that money whenwe sell this property. BUT, it is a great way to make your money work.

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

We have friends in the area and were just very impressed with the land. If we had the option to do it again. Not sure we would. Our biggest obstical was COVID and lack of workers. In the end the cabin came out amazing.

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

I am a Realtor, found it on the MLS

How did you finance this deal?

Heloc

How did you add value to the deal?

We totally remodeled the entire cabin

Lessons learned? Challenges?

Too many to answer- Everything was a challenge- In the end, it came out beautiful

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

Myself and a Realtor in Ramah

Levi PM me

Hello-

We purchased a great rental, for cash from our 2.7% Heloc. The property was underpriced by about $35k. Looking to the next year, we are anticipating a major market correction- I can get the home into a new 15 year loan- pay around $5k for the mortgage- lock it for 4.65%.

I LOVE the low interest rate currently & pay almost $1k towards principal every month- BUT, a correction in the market, has to happen, and interest rates will rise- Thoughts?

BTW- Rent is $2400 per Mo- $485 in interest, I pay $240 for all utilities, $850 per year for insurance- rented 100% to traveling nurses.

Owe $195K- Would get it to $130K on an investment loan

We are selling some vacant land, will have $50k to put down on a 15 year loan- Thoughts? Thanks :)

I've been reading this thread and taking info in- So, at the end of the day- I believe in the "current Corona issue" Air BNB is the way to go.

Why?

1- Hosts have "skin in the game"

2- They will always clean better @ Top rated properties

3- Space, Space, Space

4- Breakfast at any hotel is a "NO GO"

5- We have 1,450 sq ft, 3 bed- awesome yard

Big benefits- Thanks for your input. :)

Thanks everyone-

As I thought- I can not beat the HELOC rate- You can't turn away from free money + mpre money to pay down the HELOC faster- Appreciate all of the input :)

What I am asking, is; Do you think in the next 3, 6, 9 months- People would be more comfortable/safe in a high level Airbnb- vs larger hotel- Because of low (people contact) on property- vs hotel? 

I currently have a 3 bedroom, 2 bath 1,450 sq ft- 2 car garage + RV hook up- with secluded backyard & Chief kitchen in ABQ- looking @ $125 per night 

$110 per night

$55 cleaning

$51 service fee

$54 occupancy tax

$270 per night

High end bedding- 2 car garage + RV hook up- Stellar, grass backyard, with grill, patio cover, grass and games....

thoughts?

Just purchased a pristine home in ABQ- Lock n Leave- Looking for an executive renter, AirBNB, or people renting, until home get's built.- Less staff, 24-48 hour turn around- Super clean- Thoughts on these, moving forward?

I was thinking that exactly-

Thanks for confirmation (too much talking in my own head) :)