All Forum Posts by: Jake Cohen

 The monthly cashflow numbers I posted was actually cash flow. We ran about 85% occupancy during that period. Hope that explains it better.

@Lisa Sessions the main reason I started looking in Steamboat is because I love going to steamboat. It is a fantastic winter and summer destination and I hope to move there someday. It also is the least expensive of the mountain main towns in Colorado. When I started working the numbers, they worked so I went for it. I didn’t know much about Airbnb at the start but love the strategy now. What made you choose NC?

@Taylor Chiu I think the Zillow estimate is about $810,000 which doesn’t take into account the change in condition of the property. My guess would be it would appraise close to $1 Million now.

@David M. Yes HOAs are huge in Steamboat. However that I why I targeted a small multi family property so I wouldn't have to be involved with HOAs. I now have a duplex and a triplex. In steamboat most HOAs allow short term rentals because probably 50% of all condos are owned by people that don't live there full time. It has been ingrained in the market and I don't see that changing soon. I like the freedom of no HOA so I can make my own decisions on my property.

@Aaron H. Thanks for the invite. The next time I’m in town during a meetup I will definitely stop by.

@Ashley Wolfe as of now I have been finding all projects internally but I could see bringing in outside funding for future projects.

@Aaron H. I’d love to come to the steamboat meetup some time and even talk about my experience with Airbnb’s up there. I have 5 units that I own and manage 2 others. I think the numbers can definitely work but not on every property. I found the multi family properties to be the best value when I purchased.

I manage my own properties from Denver but have a strong cleaning/ 24 hour contact in Steamboat who handles any issues that come up during a stay.

@Rick Imby thanks for the support. It was the busy time of the year so the numbers are definitely good. Going into the mud season so our ADR will be a lot less for the next couple months.

@Tony Karns thanks for checking it out. A lot of work but came together and super happy with it now.

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!!!