I built a ‘tiny house’ Airbnb hotel and sold it for $7 million. Here’s why I decided to walk away when I did.
The Birth of a Micro-Resort
In 2021, Isaac French purchased a five-acre parcel of land in Waco, Texas, for $138,000. He had a vision to create a village of Nordic-inspired cabins in the heart of Texas. In nine and a half months, he designed and built a seven-unit micro-resort with an immersive natural setting, which cost $2.5 million to build.
Rise to Success
The micro-resort, named Live Oak Lake, launched in January 2022. A travel influencer who marketed the resort on Instagram helped them go viral and generate a huge number of bookings. The resort became a goldmine, bringing in $860,000 in bookings in its first 12 months.
Selling the Property
After running the property for a year, Isaac considered selling Live Oak Lake. He kept in mind that if someone came with the right price and terms, he would consider selling. He eventually sold the property for $7 million in October 2023.
The Uniqueness of the Property
Isaac believes that the uniqueness and novelty of the property, the audience they built, and the quality of the hospitality they offered helped them sell for that price. He emphasizes the importance of having good attorneys and a great broker, as well as having a clear vision for the property.
A Lesson Learned
Isaac learned the importance of having a broker who specialized in outdoor hospitality and good attorneys. He also learned that having a clear vision for the property and trusting others to manage the selling process were crucial.
Selling the Property Alleviated Stress
Selling Live Oak Lake has alleviated Isaac’s stress. He has now started consulting with other micro-resort developers and is funding his lifestyle through this venture.