Airbnb In A Town of 3000?
Investment Info:
Single-family residence buy & hold investment in Madelia.
Purchase price: $6,000
Cash invested: $6,000
I bought this house to attempt an Airbnb in our small town. I'm going to throw about $70,000 into the project through a fix-up loan through a local lender and then refinance after completion. Sort of a BRRRR scenario. The house is a 3/2 with decent square footage and an awesome sized lot.
What made you interested in investing in this type of deal?
You can't beat that purchase price.
How did you find this deal and how did you negotiate it?
This house is three houses away from my own and has been a complete eye-sore for years. The owner lived in a different place and house was rotting. She told me she had a lien on the house and back taxes. We agreed I'd pay those off and I'd take the house off her hands. She was incredibility excited that I offered to buy it from her and remove that stress from her life. I'm looking forward to cleaning up a tough looking property and seeing if an Airbnb can work in a town of 3000.
How did you finance this deal?
Straight Cash Homey
