Second home purchase turned me into a Real Estate Investor!
Investment Info:
Single-family residence buy & hold investment.
Single Family home on a lake. Started as a second home and decided to look into real estate investing and have been Airbnb-ing the property ever since. I'm truly interested in long term rentals and growing the multifamily route and now I'm obsessed.
What made you interested in investing in this type of deal?
Cash Flow and ultimately financial freedom.
How did you find this deal and how did you negotiate it?
Found it on Zillow. Met my realtor, who was also an investor in this area and now looking for more!
How did you finance this deal?
As a second home (and truly new into real estate so did not even know enough to look into this outside of the box), I was able to purchase this with 10% down, financed with my Mortgage Broker.
How did you add value to the deal?
Was able to purchase this home on the water (my goal) and it was the least expensive home on the lake (motivated seller). Added a boathouse for water access and increased the value. Minor touch up to the property (paint, countertops and fans/lighting).
What was the outcome?
Put it on Airbnb and I was shocked. Immediately booked up! Great reviews so far, I'm beyond excited to continue investing.