All Forum Posts by: Michael Tancini

Quote from @Matt W.:

Gotta watch out, 1 mile from the river can include some great areas and some not so great, but Church and 3rd is fine. Any off market deal in town is a possible advantage, as things are still selling fast.  I lived downtown back in the day, and my and all my friends' houses were very "quirky" like all the floors are uneven, no windows and doors shut properly, etc. Obviously for an Airbnb you'd like to provide a better product, but some people think old wavy floors are part of the charm. 

I agree here. Thanks for the feedback. Good news is the house has never flooded in the over 100 yrs it’s been standing. The area does start to get a little rough if you go a little past 3rd and church though for sure. The downstairs floors are new but the upstairs hardwoods are original. On 1 hand they are kind of cool, but they definitely could be covered for a much better product for an Air BnB. 

Quote from @Blake Novotney:

Quote from @Michael Tancini:

That would be awesome! Thank you! Actually this home is literally a few doors down from your friends. Thanks for the response. So What I am getting from your answer is, you would take the upside over the potential risk of the property? 

 I would 100%. Something you could possibly do would be have a home inspection done for ~$500, and that way they will be able to tell you anything that might need addressing now and in the future for peace of mind. I am also happy to share my inspector contact who does all of my historic inspections downtown :)

That would be awesome! Thank you so much. Sorry for the delay with the reply. 

That would be awesome! Thank you! Actually this home is literally a few doors down from your friends. Thanks for the response. So What I am getting from your answer is, you would take the upside over the potential risk of the property? 

My question for everyone. I have an opportunity to buy my Wife’s parents home in Wilmington NC, fully Furnished, and would be a turn key Air BnB. Would you jump on it? 

Info:

It’s in the historic district (Built in 1903 I believe). Less than 1 mile walk to river walk, shops, downtown Wilmington. It’s fully Furnished. Decent condition. Great area. Minimal Yard maintenance. 

Negatives: 

Previous owner cemented all the windows shut to conserve energy. 

Older more “Fragile” home. Older infrastructure. Potentially greater amount of upkeep. More expensive maintenance. Less energy efficient. Restrictive historic district rules for modifications to home.  

I almost feel it might turn into a money pit, but this would be my first home rental move. Not sure if my concerns are legit or if I am just nervous as it’s a new move for me! 

Would you all do it and take a chance on turning it immediately into an AirBnb?