My 1st BRRRR ---> Airbnb in Memphis, TN - Critique my Listings
Hi BP friends
I closed on my 2nd STR investment property 2 months ago in Memphis, TN. The property has a main house (3 bed/1bath) and a detached guesthouse (studio/1bath). Guesthouse was listed about a month ago and main house was just listed today.
Check em out and tell me what you think.
Guesthouse--> here
Main house--> here
Here are the numbers...
Sale price = $135,100
Rehab & Repairs = $20k (estimate...still need to do the math)
Furnishing = $15k (estimate...yikes, went a little overboard but it was fun)
ARV = TBD... will do a cash out refi in the fall. Hopefully $180k or above.
Cash flow = $2k/month (estimate... too early to tell how this property will perform considering covid-19)
This was my very first rehab and overall it was a great experience (beginners luck). We used a contractor for 90% of the work and my husband and I did the easy stuff (painting, painting, and more painting). I'll attach some photos of the property pre-rehab.
I could go into way more detail on the financing/rehab/furnishing side of things but I am exhausted from 2 months of painting and furniture assembling. Happy to answer any questions though.
I have both units listed separately as well as a listing that will allow you to book both units...I believe this is referred to as a cluster listing? I anticipate the units will be rented separately majority of the time.
Anyone who has experience managing two listings with separate guests on the same property - can you tell me about your experience? I anticipate parking will be an issue.
Also I have to mention that none of this would've been possible without my rock star agent @Tyler Tapley. There were multiple offers on this property and his expertise was crucial in getting ours accepted - we weren't even the highest bidder. He also helped us navigate difficulties we had securing financing due to covid-19's impact on my husband's job. He really goes above and beyond for his clients.
