Renovation mistakes (Part 1) #shorts #airbnb #realestate #realestatetips #realestateinvesting

Name: Renovation mistakes (Part 1) #shorts #airbnb #realestate #realestatetips #realestateinvesting
Uploaded: 2023-03-25T19:45:01+00:00
Duration: 51 s
Channel: Tim Hubbard
Description: Short YouTube video (shorts) by Tim Hubbard giving renovation advice for short-term rental investors. Main counsel: be careful removing bedrooms — do…

25 Mar 2023 · 1 min

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Short YouTube video (shorts) by Tim Hubbard giving renovation advice for short-term rental investors. Main counsel: be careful removing bedrooms — do market research first because bedroom count can strongly affect nightly rates. Example given: 4-bedroom units renting for $500/night vs 5-bedroom for $750/night; use tools like PriceLabs or AirDNA to compare local rates by bedroom count.

Chapters

Renovations that I think personally are a waste of money or that you got to be really careful with if you're investing in short term rentals. The first one removing a bedroom to add more space to your unit. Now, there's a caveat here. If you're removing the fifth bedroom of a four bedroom home and there's no real difference in the rental rate between a four and a five bedroom home, then it's not going to be that big a deal. But let's say the four bedroom homes in your area are renting for $500 a night and the five bedroom homes are renting for $750 a night. Well, then you definitely don't want to remove that bedroom. Right. And that's information that you can find easily on price labs or on air DNA. If you break down units in your neighborhood by bedroom or size.