* This property was a live Airbnb at the time of purchase. This meant that it was largely ready to go with much of the furniture already in place.
* We felt that we’ll be able to improve performance through a mix of private bedroom and full house rentals.
* The property is close to a major university, as well as downtown, with a strong economy and rental markets.
Closing Costs $3,821
Renovations $7,007
Furnishing $14,878
Pre-Launch Costs $3,904
Since this property was an active Airbnb, it was kept in a pretty good condition. In fact, this was a big reason that we were attracted to this - in that we knew that we’d be able to improve it even further without needing extensive renovations.
Most of the work we’ve done was focused on painting the property, as well as dealing with a few issues behind the scenes (water seeping into the basement and so on).
All in all, we spent about $7,000 on renovations upfront and $12,000 on a large repair to be paid off through the incoming revenues.
This property was probably the fastest turnaround we’ve ever done. From the day that we flew in to coordinate repairs and furnishing to the launch day was about 10 days.
Generally speaking, if renovations are limited and furniture is ordered in advance, the entire setup process can - in fact - be quite quick, as this demonstrates.
If you’re looking to launch your own short-term rental properties or want to be involved in larger syndications that we organize, reach out and let’s set up a chat.
