Evan from Denver, CO

[Evan Miller]

Hello!

My name is Evan Miller, and I'm pretty new to everything real estate but excited to get started learning!  I learned about BiggerPockets while listening to "The Book on Investing in Real Estate with No (and Low) Money Down", by Brandon Turner on audio book.

I am originally from Denver, and moved back here about a year ago.  At the end of least year I bought the condo in which I am currently living and have been renting out my extra room for six months now.  That is all the experience I have in this business, but throughout the process of buying my condo I found myself thoroughly enjoying it and realized I am completely fascinated by real estate, especially in Denver.

I currently am most drawn to buying and holding real estate, although I'm open to pretty much any method that ends up working for me.  Ultimately I would like to be able to make a business with real estate that can replace a normal job.

As I continue to do my own studying, I'm excited to learn from all of you who are willing to share with me what you know!

[James Carlson]

@Chris Lopez -- This always depends on the specific place and the furnishings. (Totally outdated furniture can kill even the nicest spaces.) I did a little creeping through my MLS access and found Evan's place. I know this building. Newer build. Spacious. Underground parking spot. And in a prime spot for Airbnb in Denver. It's half a block to Steuben's and Ace and Park & Co. I have a friend who owned the same style unit and was Airbnbing the whole unit a few years ago. He was as full as he wanted to be.

If I were Evan, I'd live in the smaller front room and rent out the master suite with the double vanity and jetted tub, make sure there's a nice flat-screen in there with good cable offerings and maybe a little coffee area so that they don't have to come out if they don't want to. I'd also consider offering the underground parking spot. That would make this place very appealing. 

My thought would be to start around $60-$70 to undercut the immediately nearby competition. Once he has some reviews -- which pushes him up the Airbnb search rankings -- then you start to increase your rental rate. I think once he started rolling, he could conservatively get $90 a night during the high seasons. (And I bet more, especially for big events like the Great American Beer Fest.) From maybe mid-April to late October, I'd push for 80% occupancy. With creative calendaring, he could probably get 30 nights a month during peak summer (July-August). Come November, in my experience, demand takes a nosedive, so starting in mid-September, I'd post the room on Craigslist for a 3-6 month lease starting in November and try to get a traveling nurse/business person in there for the slow months. 

This is all depending on how he decks it out. Get some nice furnishings, deck it out. Make it a cool little city retreat. Offer the parking spot. Have a coffee area and a good big flat-screen. And get nice photos.