Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Short-Term & Vacation Rental Discussions
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 4 years ago,

User Stats

85
Posts
62
Votes
Rachel Hughes
  • Investor
  • Idaho Falls, ID
62
Votes |
85
Posts

My 1st BRRRR ---> Airbnb in Memphis, TN - Critique my Listings

Rachel Hughes
  • Investor
  • Idaho Falls, ID
Posted

Hi BP friends

I closed on my 2nd STR investment property 2 months ago in Memphis, TN. The property has a main house (3 bed/1bath) and a detached guesthouse (studio/1bath). Guesthouse was listed about a month ago and main house was just listed today.

Check em out and tell me what you think.

Guesthouse--> here

Main house--> here

Here are the numbers...

Sale price = $135,100

Rehab & Repairs = $20k (estimate...still need to do the math)

Furnishing = $15k (estimate...yikes, went a little overboard but it was fun)

ARV = TBD... will do a cash out refi in the fall. Hopefully $180k or above.

Cash flow = $2k/month (estimate... too early to tell how this property will perform considering covid-19)

This was my very first rehab and overall it was a great experience (beginners luck). We used a contractor for 90% of the work and my husband and I did the easy stuff (painting, painting, and more painting). I'll attach some photos of the property pre-rehab.

I could go into way more detail on the financing/rehab/furnishing side of things but I am exhausted from 2 months of painting and furniture assembling. Happy to answer any questions though. 

I have both units listed separately as well as a listing that will allow you to book both units...I believe this is referred to as a cluster listing? I anticipate the units will be rented separately majority of the time. 

Anyone who has experience managing two listings with separate guests on the same property - can you tell me about your experience? I anticipate parking will be an issue.

 Also I have to mention that none of this would've been possible without my rock star agent @Tyler Tapley. There were multiple offers on this property and his expertise was crucial in getting ours accepted - we weren't even the highest bidder. He also helped us navigate difficulties we had securing financing due to covid-19's impact on my husband's job. He really goes above and beyond for his clients. 

Loading replies...