550 miles from our primary, we networked and renovated a 3 BR/2 BA house in a mostly owner-occupied neighborhood. The kitchen was remodeled, new appliances, granite, knocked out part of LR wall for open-concept kitchen/LR, tore up carpeting throughout to reveal hardwood floors, installed LVP in 1) kitchen and 2) den-turned 4th BR, upgraded toilets, painted entire house including pine planks and paneling, and crown molding, installed sliders to backyard. This was done in several months.
In December, we signed 3 LTR leases for 4 female college students (including our owner-occupying daughter) for Aug 2018. Short walk to football stadium and ECU campus.
Furnished with basics, and leveraged our Super-host status to rent out 2 BRs for immediate income, with two 3 month guests currently.
Allows us to hop around from the Northeast to the south, while providing housing to visiting scholars, educational consultants, visiting nurses, visiting parents, etc.
All suggestions, comments and questions welcomed!
I'd swap out the hardware on the kitchen cabinet fronts. To me they look dated, and conflict with your upgrades. Little hard to offer additional thoughts without more pictures, details, numbers, etc.
Thanks @John D. I kept the originals in keeping with the original custom cabinets and part nostalgia but good point.
@Nancy Bachety CONGRATS!
Hi, just found your thread. How are you managing your airbnb from such a distance? Do you have property manager or a team? I've literally thought of doing the same thing, but I'm maybe 2.5 hrs away. Both my brother-in-laws live in Greenville and one is airbnb-ing his old primary residence and doing pretty well.
@Edward Barnes We've networked and have a small team we could call on. We also like to travel and 'visit' the places we airbnb. Tomorrow, we'll be heading to Greenville, St Augustine and Naples. It would be different somewhat, if we didn't want to or plan on physically being onsite, but it could be done with a network. Meetups, REIS, neighbors, PM, etc.
What is holding you back?
Thanks for the response. My wife is holding me back ;). That and I've checked the zoning ordinances for Greenville and it made me kind of leery. Did you get any pushback from the city at all? I don't have any issue being down there as long as it's not every weekend or something crazy. We're probably down there 4-5 times a year as-is just for family functions. But I'm sure, as you know, real estate down there's pretty affordable and seems like it should have good appreciation as well.
Like I said my brother-in-law runs one and has a pretty good cleaner. I would probably just use them. He actually own the restaurant, Basil's, and his wife runs, Tapped. I'm not sure if you're familiar, but I'm sure he's got contacts with maintenance people.
@Edward Barnes Understood:)
We've been wanting to try Basil's and Tapped sounds like a fun idea too - my husband will love it! (Assuming it's a beer place:)
No pushback from the city but you are one step ahead of me. I would do it again this way in a heartbeat, knowing it can be easily transitioned into an annual, if necessary.
Yes, affordable and we forced appreciation immediately too.
As far as your wife, if she see's success with this model from family, and runs the numbers, and you show her numbers on annuals, if necessary, it could work. Otherwise, perhaps she is just too nervous to invest in RE.
Good luck, and I'll tell your brother hello if we see him tomorrow night for dinner!
Great job @Nancy Bachety ! Looks terrific.
Thanks for the encouragement. Do say hi. And Tapped is a bottle shop with a bar and tables, and light apps. So if your husband's a beer drinker, he'll appreciate it.
Would you mind sharing numbers? Give me something to shoot for.
Sure @Edward Barnes . I’ll connect with you.
Wow looks so much brighter! Love the subway tile. Is the plan to keep it as an Airbnb after your daughter graduates, or are you going to keep it as a LTR?
Do you have any advice for others who are trying to do Airbnb from a distance?
@Jenessa NeSmith thanks. The subway tile was based on a tip from @Diane Manders at a local REi meetup who showed us how she used them for her awesome flip on Long Island. Home Depot and we got them on sale at 7 am, on our way down to do it ourselves. We’re using it again now at another local Airbnb.
Yes, tips for hosting from a distance: assuming you’ve done the math, copy and paste a message to area hosts telling them you want to meet and network. Follow up, meet, network and stay in touch. Lastly, jump in. Gather names, phone numbers and build your team. Most importantly, bring value to them whether it is simply being kind, offering praise and being sincere.
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