Small multi-family (2-4 units) buy & hold investment in Grand Rapids.
Purchase price: $180,000
Cash invested: $43,000
We negotiated a four plex listed for $240k down to $180k, ended up putting 20% down and fixed up a bunch of smaller problems, are currently on our last inherited tenant but otherwise have been able to raise rent. We also decided to put the top unit on Airbnb and have made quite a bit more. We hope to maybe turn it into a boutique hotel in the future depending on how the Airbnb market trends.
Awesome success story thus far @Zachary Kruse . As you scale up your airbnb (short term rental) business, look into tools like beyondpricing.com for revenue management and guesty.com for calendar/guest management. These tools will help keep the higher touch required of STR's to a minimum for you. Thanks for sharing your story!
Congrats @Zachary Kruse ! Quick question for you, I thought in GR you could only have an Airbnb for your primary residence. Are you living in one of the units to accomplish this or did I get misinformation?
@Jay Kadlec maybe you didn't see that I'm in Minnesota? If not, you may have been misinformed. At least I haven't heard of that regulation yet but I'm pretty new at this. Sounds like a dumb rule put in place to protect the big hotels though!
Yup I missed that and yes it totally is!
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