2 Family overlooking the ocean Airbnb/rental mix
Investment Info:
Small multi-family (2-4 units) buy & hold investment in West Haven.
Purchase price: $90,000
Cash invested: $100,000
Bought a 2 family that overlooks the ocean in West Haven. Needs full renovation and going to try and airbnb the second floor while renting out the first floor to have guaranteed income as this will be the first AirBnB I've tried.
What made you interested in investing in this type of deal?
Love my rental properties and have wanted to give airbnb a try for a long time. However, none of my properties have been prime location for such a thing.
How did you find this deal and how did you negotiate it?
Ads that I pay for to try and list homes.
How did you finance this deal?
Hard money 12% interest 3 points
How did you add value to the deal?
Doing new roof, siding, hvac, just about everything
What was the outcome?
Still working on it
Lessons learned? Challenges?
I undervalued some of the work