All Forum Posts by: Brook Rieman

Thanks!

It depends on the season, special events etc but usually $150-199/night is what we bring in, Airbnb charges the guest fees on top of that.

Yes, we self manage all of our Airbnb's.

Thanks so much! It was a really special project for us. 

@Steve Morris the 57k includes the rehab and purchase price. We did a lot of the work ourselves.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $24,000
Cash invested: $57,000

Contributors:
Corey Rieman

We purchased this abandoned church in 2012 and initially used the one-room space as a photography studio. In 2017 we renovated the space to add indoor plumbing with a bathroom and kitchen as a studio style apartment which we rent on Airbnb. It has been extremely popular and has been featured in publications such as Condé Nast Traveler and Indianapolis Monthly. It was an outside-of-the-box idea for investment property but it has been great for us.

What made you interested in investing in this type of deal?

We didn’t start out thinking of running a vacation rental but when my photography studio was empty in the evenings, I started renting nights on Airbnb. That started the ball rolling and eventually after renovating the rental became more profitable than the photo biz.

How did you find this deal and how did you negotiate it?

The place was for sale for a very long time. I don’t think people could see the potential in such an odd, wide open space. We threw out a VERY lowball offer. They had originally been asking 79k but we got it for 24K cash.

How did you finance this deal?

Cash.

How did you add value to the deal?

See renovations in the description.

What was the outcome?

Good monthly cash flow and we live that we are preserving a historic landmark of the county.

Lessons learned? Challenges?

Think outside of the box!

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $120,000
Sale price: $190,000

Rehabbed main house plus plus tiny home on same property. We were initially planning to buy and hold as LTR but COVID led to a pivot. Worked out!

What made you interested in investing in this type of deal?

We have been wanting to start flipping after doing several buy and hold deals. All of our other properties have been rehabbed and Airbnb’d or rehabbed to long term rental.

How did you find this deal and how did you negotiate it?

It was on MLS for less than 8 hrs when we made an offer. As soon as we saw this deal we knew it was good one. Up-and-coming area, lots of improvement potential.

How did you finance this deal?

Bank commercial loan.

What was the outcome?

After reno and holding costs, we net 27k on the deal.

Lessons learned? Challenges?

The biggest issue we could kit overcome on this property was parking. When we tried to rent it, that was the biggest complaint of renters. We ended up selling to an owner-occupier who was excited to have the tiny house rented to someone else, paying more than half her mortgage.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Corey Rieman (my husband) was our selling agent.