All Forum Posts by: Daniel Bourdeau

 You can find the Airbnb link and all the pictures here. 

I recently finished documenting my build and design process for the Geodome I launched last year on AirBnb and wanted to share with the host community - I tried to build one of the most luxury Geodomes on the market, and it wasn't easy!

I couldn't find any quality guides on how to put it all together before I started, so I decided to make this so the next person trying wouldn't also underestimate by 100% :)

Building a geodome as an Airbnb rental can be a fantastic investment, boosting property value and attracting adventurous guests. Its also harder and more expensive than you probably would guess, unless you can do a lot of the work yourself. The total cost for my 27' luxury geodome was around $88,800 (excluding land) and consists of the following step and costs:

1. Zoning considerations
2. Geodome structure and accessories - $8,500
3. Site preparation - $3,000
4. Backfilling - $600
5. Foundation - $3,000
6. Decking material - $12,000
7. Decking labor - $8,000
8. Geodome construction labor - $4,200
9. Flooring - $5,000
10. Electrical wiring and labor - $5,000
11. Interior wood divider - $2,500
12. Hot tub - $13,000
13. Furnishings - $10,000
14. Miscellaneous costs and outdoor shower - $4,000

The total costs for a geodome will range from a bare min of $25k to a max of $100k, depending on size, amenities and other factors like labor and material costs.

Financing options include all cash, incorporating into a new house construction loan, SBA loans, or private money. A well-constructed geodome can rent for $150-$200+/night. I build mine alongside a cabin, so I was able to wrap the cost into the construction loan which converted into a 30 year mortgage. 

I'd love to answer any questions or help in any way if anyone else is interested in building something similar!

I recently moved to Chicago 4 months ago and have an Airbnb that I run under my primary unit - wanted to chime in on a strategy no one has mentioned yet

I agree that the ideal way to invest in AirBnB in Chicago is to buy a Multi-family, and rent out the unit you 'live' in. Since Chicago has about 50% occupancy anyways on average, you will have no problem finding opportunities to live in and use your airbnb to satisfy primary requirements. The other units in the MFH should be your unit to live in while your 'primary' is rented, and others that you Medium Term Rent out. This is a strategy for the risk tolerant, although I think the risk is low when you can just Medium-Term rent the Airbnb if the city clamps down.

If you don't have enough cash for a MFH (or are less risk tolerant), the second best route in my opinion is the 'in-law' unit SFH. These are plenty of houses in Chicago that have a furnished 'garden level' basement and often have a separate entrance. These properties are super easy to satisfy the primary residence requirement, since it isn't even technically 2 units. You can acquire these properties significantly cheaper - as low as 5% down on a conventional mortgage.

For investors that are not willing to move to Chicago or live in the building/unit, looking right outside the city limits allows you to operate legally. Places like Oak Park and Evanston are STR friendly at the moment, and others are unregulated (Skokie).

You can spend anywhere from a few thousand to $20k+. Depends on how you want to position it in your market

My next step is a cashout refinance. The house appraised at $590k in June 2021, so I was able to unlock virtually the entire sum I put it in to use on house hack #2. I'm hoping the combination of those mountain houses will allow me to expedite my investments over 5 years.

The Lazy Bear Lodge | Golden, Colorado

Mountain House AirBnB

This is my first RE investment. I've always loved mountain properties, so I jumped at the opportunity at the start of COVID-19 to buy a house in a more secluded location. I figured, if there's a pandemic...being as far from people as possible would be ideal.

I found the house on Zillow, and offered list price (432,000) in April 2020. There was another offer, so I then bid $1,000 over theirs, and was accepted. I later discovered some issued (roof, furnace) and negotiated 9,000 back on the closing to compensate. The seller need to move in short order and it seemed they were asking too much for a 1 year increase (+30k).

I only put 5% down (roughly $30k with closing costs), buying as a primary residence using mainly stock units I receive at my job outside my normal salary and pulling a 12k loan from my 401k. The primary residence loan (2.99%, $411k, 30 year) has a 1 year residency requirement, which worked perfectly for me.

I coordinated the renovation of the house almost top to bottom, with big ticket items being the roof, floors on 2k sqft, furnishing, concrete entrance way, appliances, and more. I learned to be handy and installed tons of things. My wife helped locate contractors through friends of friends, which helped avoid the large contract company overhead.

Next, I wrote out the business plan for the unit after researching extensively the local market, and launched at the 1 year mark of my residency requirement on the loan

After launching last week, I've booked out the next 2 months pretty quickly at an ADR of $315, which includes some direct bookings to coworkers for a discount. I should be on track for gross revenue of $85-95k with costs of $35k as I self manage remotely.

I did most of the renovations in about 4 months, hiring people that could mainly only work weekends outside their main job. I should have had contractors do the cabinet renovation, because that was a back breaking project to strip, sand, and refinish 45 cabinet doors. I got quoted $7k for it and decided to just do it myself.

I recommend building a local network of trusted cleaners, repair people, and neighbors to help look over your property. This is probably easiest via the house hack as you actually live in their community for a while. I would recommend being open about your plans and listening to their concerns, and you will build their trust.