|Letting go was bittersweet.|
I Did It...I am no longer an Airbnb Host.
Earlier this month I closed on the sale of my Airbnb. The decision to sell was tougher than I anticipated, and it's a bittersweet goodbye.
I learned an important investing lesson with this home:
The price paid for an investment is more important than any other factor.
Anatomy of a Home Sale
I purchased the house a couple years after moving to Florida, in 2014. Tampa Bay was at the tail end of recovery from the housing crash of 2008/2009. By 2014, investment groups were buying up houses all over the area and converting them to rental properties. Deals were getting harder and harder to find. I spotted a 2 bedroom, 1 bath home that was in foreclosure and listed at $44,900.
|Out with the old...|
|In with the new.|
When I was shopping for a house, I was looking for a personal residence, and I enjoy projects. This house was certainly begging for some love. We called this our home for nearly four years, and in that time we put in a new kitchen, two new bathrooms, and made improvements in every room. When we decided to buy a brand new house, I figured I would test Airbnb before renting the house long term. Best. Decision. Ever.
By the Numbers
I didn't keep a good record of what I spent working on the home while I was living there. There was a ton of sweat equity as the only parts I hired out were the bathrooms and the kitchen countertop. In summary, I got a place to live for four years, followed by four years of solid Airbnb income. Including the profit from the sale with the Airbnb income, my annual ROI was massive!
Wow! Really nice! You are an inspiration in wealth accumulation. Building bit by bit.ReplyDelete
Thank you. Little by little, one goes far!Delete