House Hack Switched to Full Airbnb in Oklahoma City

[Blake Billings]

Investment Info:

Single-family residence buy & hold investment in Oklahoma City.

Purchase price: $242,000
Cash invested: $13,000

Purchased the house to live in it initially and try Airbnb. The house had an add on master suite with a private entrance. We blocked it off from the rest of our house and rented it as a single room with no kitchen access. We were very impressed with income. After 1 year we moved to a duplex (to househack again). Currently operates as a single Aribnb

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

Beautiful home, nice neighborhood, with potential for house hack

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

MLS

How did you finance this deal?

Conventional loan with 5% down. Seller covered all closing cost

What was the outcome?

Worked well as a house hack, now as a 4 Bedroom airbnb it is performing very strong, although we are in the early stages.

Lessons learned? Challenges?

2 major lessons
1. When it was a single room airbnb guest expectations were much lower. When we turned it into a full house we learned quickly we needed to step up the cleanliness, instructions, pictures, etc.
2. Would highly. recommend a garage apartment, MIL suite, etc. as a soft intro to Airbnb. Revenue was strong and minimal headache.

[Alyssa Dyer]

Dude, I had such a similar experience. I was renting for a year while I finished a rehab and was traveling a lot. I decided to rent our my extra room to make some money and be sure I had someone at the house as much as possible when I was traveling. Since my experience was so good I decided to turn another property into an airbnb. It's still been a great experience, but what you're saying about expectations for renting just the room being lower is spot on.