$123,764.47 Windfall from a FAILED Investment

As I scrolled through Redfin, searching for our next short-term rental investment, I couldn't help but feel a rush of excitement. Finding a diamond in the rough is always thrilling, but as any experienced real estate investor knows, it's much more likely to happen off the open market.

Through my years in the military, I learned the importance of defining my environment before making a move. This principle has served me well in my investing career, as I've been able to identify challenges and opportunities in various markets.

However, my most recent sale wasn't as successful as I had hoped. The property, located in the historic district of Old Colorado City, was functionally obsolete and in a floodplain. Despite these challenges, I couldn't resist the opportunity to take on a new project.

After investing $106,406.10 in the property, I decided to turn it into a short-term rental. It was a challenging journey, but by March 2019, I had achieved Airbnb Plus status and was seeing a steady increase in occupancy. But then came COVID-19, devastating my business and plunging occupancy rates.

Despite the setbacks, I persevered and eventually sold the property for a profit of $123,764.47. Although the experience was far from easy, it taught me valuable lessons and reinforced the importance of being adaptable in the ever-changing world of real estate investing.

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