"The Mountaineer" STR in Meridian, ID
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $605,000
Cash invested: $70,000
First STR purchase using the 10% down second home loan product. Got the deal locked at 3.1% and the property is currently listed on Airbnb an VRBO. If you are in the area please check out the link below!
https://www.airbnb.com/rooms/543310966069065927?guests=1&adults=1&s=67&unique_share_id=71241470-4250-41fe-9e82-1eb9e86f4b87
What made you interested in investing in this type of deal?
Long term wealth through appreciation and cashflow through STR. Also the ability to leverage great financing and use the 10% down second home loan product.
How did you find this deal and how did you negotiate it?
Found the Deal through my Agent in Meridian.
How did you finance this deal?
Financed it conventionally with 10% down using the 2nd home loan product. Got locked in at 3.1% too!
How did you add value to the deal?
Took the property that was dated, dirty, spent about 25k updating, theming and stocking it to host guests on Airbnb.
What was the outcome?
Outcome is a great unique product, and with great guest reviews and calendar booking up fast!
Lessons learned? Challenges?
sleep in the property first before listing it. Even though the theme was awesome we missed a few little things that we could have taken care of on the front end. This will be apart of my process standing up Airbnb's moving forward.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
yes great agents and lenders that I have worked with before. I'd recommend them both.
