Rental Property Investor · Denver, CO · Member since 2017 · 200 posts · 126 votes
The details:
Total of 7 beds, 4 baths divided into 3 units in Steamboat Springs, CO
Purchased off MLS for $695,000, 25% down.
Approximate remodel & Setup Cost: $200,000
Total Cost of project upfront: $373,750
Traditional Mortgage acquired. Current payment: $3450/ mo. Currently working on a refinance to pull the money back out for remodel.
Launched on Airbnb in late November 2018.
Revenue for 12/18-3/19: Approx. $80,000
Total Profit after all costs 12/18-3/19: Approx. $30,000
Ended up having some unexpected repairs needed after starting up. Should have been closer to $40,000 but unexpected water heater replacement in 2 units and a flooding issue cost approximately $9,000.
Goal for 2019 Revenue of: $150,000
Profit: $60,000
Superhost status Maintained.
I'm happy to answer any questions about the renovation and what we are doing now! Would love to help others get up and running. Airbnb is a great business!!!
Rental Property Investor · Steamboat Springs, CO · Member since 2017 · 255 posts · 154 votes
7y
Really nice job! Keep us posted with how the numbers work out. I run the local real estate meetup in Steamboat, and "do AirBNB's work here?" is far and away the most common question I get asked.
Are you using a PM in town, or self-managing from Denver?
Lender · Central Florida Markets · Member since 2017 · 137 posts · 135 votes
7y
@Jake Cohen congrats, I too spent about 6 months setting up a 6 family along the beaches of the Gulf Of Mexico . I got 2 units up in Dec, converted 2 to1 and put it online in Feb and am just finishing up the 5th unit by next week . My cleaning person lives in the 6th unit for now , so it worked out perfectly . With just 4 the units up I am doing $12k a month , adding the 5th I should be doing close to $15k a month , considering my avg price per unit was about $85k each ROI is doing nicely .. Now that I am almost wrapped up and have my systems and processes in place I am looking at acquiring more places.