New Multifamily AirBNB Renovation Complete!

[Jake Cohen]

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!!!

[Aaron H.]

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?