I never have a chance to write about our second short term rental project until now. There is so much to touch on this particular deal so for today I will just focus on the Airbnb aspect.
For those of you that just read my blog the 1st time, Jenny and I started doing short term rental, or Airbnb 3 year ago, from our extra bedroom in the home and we absolutely love it. The people who come to stay are so nice and we treat them like friend. At the end of the month, when you look at the income statement, we realize that the extra income from our bedroom just paid for more than half of our mortgage. We now then we stumble upon something cool we need to pay attention too.
Fast forward now, we are on our 2nd STR Project. You can read about our 1st one hereÂ
We stumble upon this house on the MLS and the house is in a super poor shape in an almost tear down condition. However, the house has all the plus that we have been looking for after some hard lesson learned on the 1st project. We decided to purchase this house and renovating it
I forgot to take the before pictures, just know that it’s just a house you want to run away from, but we take it on!!!
I will write about the construction side of this project on a separate post, but long story short, we ran into termite issue that cost a lot of money to fix. The house is also in a city permit and we have to get all the required permit for construction as well.
We focus on a niche in Airbnb called “Unique Home” And the key word to success for this niche is “Installgramable” If your guest doesn’t drop their jaw after checking in or, doesn’t want to take pictures of the place, then you failed at your job
Luckily, My…contractor is very skilled in designing cool placed and she started to pull the crew to work…
clean up the Attic and getting ready for plumbing
Repairing the foundation (block and beam)
New Framing. due to termite, we end up having to replaced most frame of the house.
Demo day…
Home Made Barn Door
having fun at work
Testing the shower pan before the inspector arrived
Paint on, Light up
No wonder some area in the house have bad sheet rock work..jk
AC In. ready for inspection
Paint on, Light Up
We decided to name this place the Hidden Attic …because it truly is….a hidden attic. Very complicated indeed… You cannot see it nor know about it from the outside. What is better than go home after a long day at work or travel and…crawl into an attic with a comfy bed, clean bathroom, and chill out with Netflix or just simply read a book?
That’s what we wanted to provide for my guests! An affordable spot for traveler all over the world to check in, re-charge, get their laundry cleaned, help them have an awesome nigh rest and ready for the next day!
Welcome to the Hidden Attic!Â
Next Blog I will talk about the real estate side of the project. I was able to BRRR this out and get my capital back thanks to my awesome lender. as well as more detail on the construction part. Stay tuned….
