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Updated almost 6 years ago on . Most recent reply
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New Multifamily AirBNB Renovation Complete!
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!!!