Our first Airbnb rental finally live

Our first Airbnb rental finally live

Real Estate Agent · Seattle, WA · Member since 2016 · 41 posts · 30 votes

My wife and I bought a property as our vacation home/airbnb rental in Verlot WA. We are very grateful to having Michael Haas from Compass as our agent. We learned a lot from him regarding the STR zoning and selections. He is patient, professional and always looking out for your best interest. Finally, he helped us land our first STR property.

After 2 months of hard work, we finally shaped it up the way we like. It's a definitely an overwhelming process - picking the right furnitures, decorating the space, stuffing the house, etc. It's more than copying another house of ours - more demanding in every single detail. We are thrilled to finally complete it and have it in a great shape. And the house is now live on airbnb. Check it out: https://airbnb.com/h/bensoncreek!

A bit more info about the house: The house sits on a 10-acre private land with the Benson Creek running through the property. Located in Verlot, WA, it is about 1.5 hours away from Seattle and only few minutes away from many popular hiking trails in the area, such as Lake 22 and Heather Lake. We found it an excellent spot to unwind, relax and recharge!

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Michael HaasBusiness Member
Real Estate Agent · Redmond, 🌧️ Seattle Investor-Agent | 🤑 Helped 400+ Clients Invest in Real Estate | 🏘️ Owns 23 WA Rentals & Airbnbs | 🏗️ Built 5 DADU's | 📈 You Can Do It Too · Member since 2016 · 724 posts · 3k+ votes
5y

Thanks @Eric Huang, and congratulations again on such a beautiful property! Can't wait to watch as those 10 acres develop into multiple STR revenue streams for you and your family.

@Jeffrey Auckland yes, this was a competitive one. We beat out 30 competing offers to put it under contract. I've found $100,000 escalations are common in Cabins and Airbnb properties nowadays, and have even seen some riverfront Cabins escalate $200,000 or more above list price. The important thing is that the value is there (it was, this one appraised at value) and the Airbnb financials are good (the projected ROI on this property is well above average).

HouseHack Seattle | Michael Haas & Team572 Reviews
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  • Brynn R.Pro Member
    Rental Property Investor · Rancho Palos Verdes, CA · Member since 2020 · 25 posts · 15 votes
    5y

    @Eric Huang looks so beautiful, good luck! So exciting

  • Specialist · Seattle, WA · Member since 2017 · 12 posts · 10 votes
    5y

    Hey Eric, congrats on the house! We camp up in Verlot at least once a year and love it up there. My friends and I have been looking to do the same thing as you, have a nice vacation spot but also airbnb it out too.

    I couldn't help but look up the property up on Redfin because I was curious on what properties are going for up there. I can see paid a hefty price over list. Can you add come color to that? Must have been pretty competitive to get the winning bid..

  • Real Estate Agent · Seattle, WA · Member since 2016 · 41 posts · 30 votes
    5y

    Hi Jeffrey, yes, it was very competitive. There were multiple over-asking-price offers. We matched the highest bid. We got a mortgage on to be our second home while airbnbing it out. We see a great potential of the land, which justified the purchase at least on paper:) 

  • Rental Property Investor · Calumet, MI · Member since 2018 · 8 posts · 8 votes
    5y

    @Eric Huang Looks good, but mispelled Sauna!

  • Real Estate Agent · Seattle, WA · Member since 2016 · 41 posts · 30 votes
    5y
    Originally posted by @Tyler Johnson:

    @Eric Huang Looks good, but mispelled Sauna!

    Thank you Tyler! corrected it.  

  • Rental Property Investor · Seattle · Member since 2019 · 50 posts · 21 votes
    5y

    @Eric Huang congrats! Are you guys looking to self manage? Currently I've been looking in the NC area with regards to STRs and have a boat load of resources with regards to managing STRs remotely so more than happy to provide them if you need any

  • Rental Property Investor · Austin, TX · Member since 2013 · 87 posts · 31 votes
    5y

    Congrats @Eric Huang! I think the large acreage will be a great investment! Hopefully you plan to add more properties to add to the income. Have you heard of Kai Andrew? He's a big fan of the "land hack" method of generating wealth in real estate. Check out his youtube channel if you're interested.

    Sounds like Michael was a great asset during your search. Considering we're investors from out of state, I am going to reach out to him. Thanks for the referral!

  • Bruce WoodruffPro Member
    Contractor/Investor/Consultant · San Diego / Phoenix · Member since 2021 · 12k+ posts · 15k+ votes
    5y

    Looks great! Good luck!

    We have a son in Everett WA and  go to visit...how far away are you?

  • Michael HaasBusiness Member
    Real Estate Agent · Redmond, 🌧️ Seattle Investor-Agent | 🤑 Helped 400+ Clients Invest in Real Estate | 🏘️ Owns 23 WA Rentals & Airbnbs | 🏗️ Built 5 DADU's | 📈 You Can Do It Too · Member since 2016 · 724 posts · 3k+ votes
    5y

    Thanks @Eric Huang, and congratulations again on such a beautiful property! Can't wait to watch as those 10 acres develop into multiple STR revenue streams for you and your family.

    @Jeffrey Auckland yes, this was a competitive one. We beat out 30 competing offers to put it under contract. I've found $100,000 escalations are common in Cabins and Airbnb properties nowadays, and have even seen some riverfront Cabins escalate $200,000 or more above list price. The important thing is that the value is there (it was, this one appraised at value) and the Airbnb financials are good (the projected ROI on this property is well above average).

    HouseHack Seattle | Michael Haas & Team572 Reviews
  • Real Estate Agent · Seattle, WA · Member since 2016 · 41 posts · 30 votes
    5y
    Originally posted by @Bruce Woodruff:

    Looks great! Good luck!

    We have a son in Everett WA and  go to visit...how far away are you?

    It's about 40-50 mins drive from Everett. Time will come by fast when you drive on the Mountain Loop Highway as the view is gorgeous once you enter Granite Falls:)

  • Real Estate Agent · Seattle, WA · Member since 2016 · 41 posts · 30 votes
    5y
    Originally posted by @Michael Haas:

    Thanks @Eric Huang, and congratulations again on such a beautiful property! Can't wait to watch as those 10 acres develop into multiple STR revenue streams for you and your family.

    @Jeffrey Auckland yes, this was a competitive one. We beat out 30 competing offers to put it under contract. I've found $100,000 escalations are common in Cabins and Airbnb properties nowadays, and have even seen some riverfront Cabins escalate $200,000 or more above list price. The important thing is that the value is there (it was, this one appraised at value) and the Airbnb financials are good (the projected ROI on this property is well above average).

    Hey @Michael Haas, Thank you and look forward to working with you again for future investment opportunities.

  • Homeowner · Everett, WA · Member since 2017 · 8 posts · 10 votes
    4y

    I just checked the property out on AirBnb, very nice!

  • Rental Property Investor · Maryland / Virginia / Caribbean · Member since 2018 · 53 posts · 43 votes
    4y

    Hi Eric

    I looks like you are off to a rocky start with respect to occupancy and Airbnb rank placement.  Contact me and I would be happy to help (no charge)

  • Rental Property Investor · Shoreline, WA · Member since 2016 · 42 posts · 8 votes
    3y

    Hi Eric. It’s been a year. How has your demand and occupancy been? ADR? Are you turning yourself or did you find solid cleaners out there? Would love to hear your feedback now that you have been operating out there for awhile now. We are looking to purchase out in Granite area and curious if you’ve found the investment worth it :-)

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