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Posted by Heather Foss on December 3, 2017
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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:

Key numbers:

  • 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.

Take Aways:

  • 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!

For more information about our next meeting, follow us on Meetup.com!