Most people think buying their STR is the hard part. They are wrong
Renovating, Furnishing & Preparing to list the property is the hardest part
I'll show you how we manage 15+ STR renovations at the same time across the US all while doing it remotely
Let’s dive in:
Underwriting Stage
When we are underwriting an STR we make notes of all the renovations/amenities we want to add to the property. This allows us to know approximately what we'll spend during the renovation/furnishing stage after we acquire the property.
Budget
We go through our list of renovations & label each item as essential or nice to have. Based on the budget for the property, we’ll take care of all essentials plus as many of the nice to have’s as possible if budget allows.
Timing
Once we’ve passed DD & appraisal stage, we begin interviewing contractors in the city where the property is. We source from realtors, other investors, google, & FB groups. We’ll get bids from as many as possible and figure out timelines for completion.
Payments
We never want to have a contractor steal money so we keep our system simple: we pay every Friday based on the previous 7 days worth of work. Pictures of every single project are required in order to get paid. This protects us and makes sure things are getting done.
Backups
If a project is experiencing issues, we’ll sometimes have our agent run by and give us a video tour of the progress and a general sense for how the remodel is going.
Last Mile
We'll hire a local stager to make sure the furniture is all in the right spot along with decor, throw pillows, etc. After this, it’s time for professional photos and building the listing!
Every day you spend renovating is another day of carrying costs and lost booking revenue. Stay organized, hold contractors accountable, & execute your vision!
