If you read my Flipping Sabbatical post, it comes as no surprise to you that I’m laying down my hammer for a while and delving into the world of vacation rentals. I’m always up for a new challenge and adventure– especially in real estate investing. And for where I’m at in life right now, the Airbnb trend seemed to be the perfect fit. In my area, there are certain pockets of the community that make ideal Airbnb locations. I knew I was going to be competing against long term rental investors and first time home buyers. I ended up looking at a lot of houses and making several offers. The first two offers I made didn’t win, but the 3rd time was the charm!
This cozy cottage was love at first sight! It’s a small 2 bedroom home, but the location is AMAZING. It’s located in the downtown historic area, 5 blocks from the square/coffee shops/restaurants/boutiques/etc. It’s also located 5 miles from the lake. The outside is cute as a button but could use a little curb appeal. Eventually, I’ll get to some landscaping, but it’s not at the top of my list right now.
These photos were the MLS listing photos when the previous owner still occupied the property. Clearly, the interior is not my style. All the dark red will be immediately disappearing and replaced with a light soothing gray. The carpet is pretty new, so I won’t rip it up– for now. I’ll leave it until it’s no longer in good shape. Underneath the carpet are the original hardwoods. I can’t wait until I get to expose those!
The kitchen is a tiny little thing! It’ll be the first thing on the list to update! The cabinets are staying and will get a fresh coat of paint. Unfortunately, due to the age of the home, there isn’t a dishwasher. Eventually I’ll install one for my Airbnb guests, but I need the property to cash flow for a bit first. The tile floors are pretty new, and even though I don’t necessarily love them, they’ll work.
The original laminate countertops are going to stay for a while, and I’m going to work my design to make them look less dated. Again, eventually I’ll probably update them, but they’re fine for right now. I think once the cabinets and walls get fresh paint, this space will really seem brighter!
The living room is pretty small, so I’m going to have to get creative in my furniture placement to make it seem bigger and more functional.
This cottage has 2 bedrooms– with a makeshift 3rd bedroom. I’ll be maximizing the space by having a queen bed in one bedroom, two twin beds in the 2nd bedroom, and a convertible sofa in the makeshift 3rd.
There is only one small bathroom. Down the road, there’s a potential to make an area in the laundry room a half bathroom. That project will need to wait until the property is cash flowing though. For now, the bathroom has some updates and get fresh accessories to make it seem bright & cheery!
My goal is to do a fast turnaround after I close. So even though I don’t love the paint color in the bedrooms, I’m leaving it for now. So all I’ll have to do is just set up and stage the furniture in the bedrooms.
The “addition room” is enormous. It’s currently serving only as a large laundry room. I’ll stage it to serve as a makeshift 3rd bedroom and laundry room. Eventually, I’ll add a half bathroom to the other end of the room.
The only pretty significant drawback to the property is that the parking is extremely limited. It can only fit 2 (small) cars. There is no street parking as the house is located on an alley. I guess that’s part of the perils of downtown living.
I’m so excited about this new adventure! In many ways it’s way scarier than sinking cash into buying a flip. I know that’s a guaranteed fast profit. This method will take more patience and out of pocket costs, but I’m hopeful this is an endeavor that will pay off and get me closer to my Florida house.
I thought everyone had heard of Airbnb, but I’ve spoken to so many people lately that haven’t heard of it! (what???) If you haven’t heard of it, it’s essentially a vacation rental. For the traveler, it’s cheaper than a hotel, and for the owner, it’s more lucrative than long term rentals.
Have you tried Airbnb? If you haven’t, consider perusing the Airbnb website to see what adorable places are available wherever you’re traveling, and I have a link to get you $40 off your reservation (no matter where you stay!). Click here to get $40 (affiliate link)!
I’ll be sharing pictures & booking information very soon!