Airbnb renovation complete!

[Mike Pennington]

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Greenville.

Purchase price: $100,000
Cash invested: $30,000

Basement apartment renovation for Airbnb.
New flooring, cabinets, tops, appliances, furniture & finishes, added washer dryer, new utility service, tile drain, paver sidewalk, and more!
Currently renting out month to month fully furnished.

What made you interested in investing in this type of deal?

I have always loved the Airbnb experience and have hosted in the past. It was time to invest in this space and earn a higher ROI

How did you find this deal and how did you negotiate it?

Existing asset

How did you finance this deal?

Existing asset

How did you add value to the deal?

All new FF&E. Clean look, simple design, and excellent photography.

What was the outcome?

We were about $10,000 over budget due to additional plumbing and tile drain installations but our first guest said "This was by far THE BEST Airbnb I have ever stayed in."

Lessons learned? Challenges?

Check all plumbing valves and make sure everything has a rubber washer and Teflon tape!!

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I self-performed the design and construction management. I now have a construction crew I work with for more deals.