Taylor Mill, KY · Member since 2017 · 47 posts · 16 votes
My wife and I are new to Louisville and own a house in Deer Park, a block away from Bardstown Rd, right off of Eastern Parkway. We are currently renovating with plans to Airbnb. We are in the middle of deciding if it is worth paying $2000+ for contractors to finish the job quickly and have it ready for potential fall and winter rental, or should we do the work ourselves much slower, save the money, and have it ready for the spring.
What are your thoughts? Can 4-5 months of Airbnb in the fall/winter potentially make up for the contractor costs, or does the Airbnb market slow down enough that we should do the work ourselves?
Investor · Floyds Knobs, IN · Member since 2015 · 144 posts · 59 votes
7y
Depends on the work being contracted. The saying "time is money" is true. You can't just look at the cost of contractors. You have to consider what your time is worth plus how much extra you are paying for insurance, taxes, utilities, etc while the property isn't providing income to offset these costs.