Updated almost 3 years ago on . Most recent reply
Airbnb in Packwood, WA
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $310,000
Cash invested: $20,000
This is a property I bought in Packwood, WA. Packwood was Voted "Best Mountain Town" in the United States in 2022. I use this as an AIRBNB and it allows me to cover the mortgage on this home and it pays the mortgage on my current home with a little extra cash each month. This town is great for AIRBNB's because we have White Pass the Ski Resort in the winter and Mount Rainier for hiking in the summer so it's always busy!
What made you interested in investing in this type of deal?
I have been wanting to get an Airbnb for quite some time and I knew other people who had them in this area and who were doing really well with them.
How did you find this deal and how did you negotiate it?
I'm a licensed realtor so I found it on the NWMLS.
How did you finance this deal?
I did a 1031 Exchange to purchase it.
How did you add value to the deal?
I waived my commission to net the seller more money!
What was the outcome?
We have a thriving Airbnb in Packwood, WA
Lessons learned? Challenges?
When getting an AIRBNB in a town where you don't live it's important to find a great property manager who is going to handle everything for you since you can't be there.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Yes, myself!
