This month we met at a small bungalow in the Northop Neighborhood of South Minneapolis. It’s an up and coming neighborhood with a hoppin’ commercial corner just a few blocks away from where you can find a pub, pizza place, sushi, coffee, and shopping. The cornerstones of a good weekend!
Kim purchased this investment just a few months ago in Sept of 2017 but already has up and running. Enjoy the video below but here are a few notes:
- Purchase price: $215,000
- 3 bedrooms/ 1 Bathroom
- Monthly cost including utilities: $1400
- Decembers Gross Income after Airbnb fees: $2655 ($75 weeknights / $125 weekends)
- She said it was about $4,000 to furnish the home. These are medium grade furnishes but she believes the next time she does it, she’ll be able to shrink that number better with online deals.
- Look at commercial lending for these kinds of deals from local banks and credit unions.
- Get 2 sets of linens to improve turnover efficiencies.
- Starting out be cheap and awesome to get to Super Host quickly ((10) 5-star reviews). This will improve your placement.
- Key Pads or lockboxes improve efficiency and allow a more flexible check-in and check-out for the guest.
- Add flair to the stay. Find out what brings them to town add something personalized or special for them.
- Display house rules, wi-fi codes, and contact numbers to improve communication and expectations of guests.
- Scrub guests that have no reviews. Ask for references if possible.
Thanks for watching!
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