First Home Purchase - STR in the Ozarks
Investment Info:
Single-family residence buy & hold investment in Garfield.
Purchase price: $144,000
Cash invested: $4,000
First purchase - STR (Airbnb). 100% occupancy, 12 months/year.
What made you interested in investing in this type of deal?
I've always been a massive fan of A-frame cabins; it's hard to be the aesthetic and clean lines. I also understood that Northwest Arkansas had some major opportunities in the STR game and found a way to capitalize on it!
How did you find this deal and how did you negotiate it?
Major newbie, so I relied on Zillow at the time. My realtor hated it and "didn't see the vision". I did, so I found a new realtor with a more similar mindset.
How did you finance this deal?
FHA. Refinanced into Conventional pre-Covid to take advantage of no PMI and huge decrease in interest rate.
How did you add value to the deal?
Complete renovation while living in the property. My wife and I did all the work out of pocket, room by room.
What was the outcome?
Listed on Airbnb hoping to pay our mortgage and make a little money. Blown away by the response of guests, bookings flooded in within a week. Such a cool feeling!
Lessons learned? Challenges?
The first deal is always the hardest. Just go for it, don't fall into the trap of paralysis by analysis!
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
N/A
Most Popular Reply
@Joshua Hittinger that is incredible and yes the first deal is always the hardest. You did it!