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Updated over 2 years ago,

User Stats

48
Posts
57
Votes
Jen Narragon
  • Real Estate Agent
  • San Luis Obispo, CA
57
Votes |
48
Posts

How a one bedroom unit is cash flowing Over $6k per month

Jen Narragon
  • Real Estate Agent
  • San Luis Obispo, CA
Posted

Cash flowing and it feels so good!!  My husband and I bought this 1890's folk Victorian nearly one year ago in the heart of downtown San Luis Obispo, California.  We started renting this unit as an airbandb in December  of 2021 and have been consistently booked solid.  We began during the slow season when all of my fellow bandb'ers warned me to prepare for crickets because it was likely not going to get many bookings.  Fortunately, they were wrong.  We've been anything but slow.  Each month our income has grown and this month, as we head into the busier season, we're on track to hitting over $6k.  So far we've remained at 100% five star reviews with nothing but super positive feedback.  In the photos you'll see that we're in design phase one.  It was a "let's get the home depot blinds and get it furnished and rented as quickly as possible" type of launch.  I'm about to enter design phase two where I'll upgrade the entire unit with some new furnishings and custom window treatments to bump us up to more of a high end, luxury, boutique hotel type of design.

With a background in hospitality, I was very aware of just how much attention to detail has an impact on your bottom line. There's really a simple secret sauce to being consistently booked and receiving  100% five star reviews.  People want an experience and they're bored with the basic ***** hotel vibes.  The sentiments from all of my guests has been the same: they love that the unit is different and quirky, they love the attention to detail, they love the experience I've created for them (extra amenities like robes, teas, a bath bar, fresh flowers, etc).  Some people may think that spending a little extra money on amenities is wasteful but it's actually a small investment that has a massive impact.  

We took a completely different design route on our other units because we're renting them as short term rentals and figured that was going to be a different type of client (more on those listings to come).  

I had no idea what a game changer multi-unit investing would be until we started this business nearly one year ago.  I would encourage you to consider multi-unit investing because it is the avenue to total financial freedom and it's quite rewarding.  Surround yourself with pro's who are doing what you want to be doing when it comes to real estate investing and expanding your portfolio.  It can seem overwhelming to get started but when you have a team of people who have already carved the path, stick them in your back pocket like your Swiss army knife and lean in to their support. It's not rocket science and it can be done, just one step at a time!

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