Closing Costs $10,155
Seller Credit $7,750
Pre-Launch Costs $8,220
Legal Costs $4,906
When we acquired the property, the sellers have already begun and completed much of the gut renovation. The quality wasn’t great and they didn’t do much work on the third floor, but it still allowed us to get a head start..
We have renovated the third floor, added linen closets on the 1st and 2nd common areas (for housekeeping purposes), added washer and dryer hook ups in the basement. We’ve also focused on a lot on the presentation. With this property, we’ve experimented with accent walls to make the rooms a bit more unique and welcoming.
This also made them pop quite a bit on the Airbnb listings page.
We closed on the property on February 24, 2020 and got to work right away. The progress was slowed considerably due to the COVID-19, but we were still able to get everything done and launched within 2 months. We went live on April 24th.
If you’re looking to launch your own short-term rental properties or want to be involved in larger syndications that we organize, reach out and let’s set up a chat.