Steve is a busy business consultant who moved to Atlanta from New York City in late summer 2015.
His immediate plan was to purchase a 2 bedroom condo in a high-rise building in either Midtown Atlanta or Buckhead. He was already thinking ahead and had plans to place the extra bedroom on Airbnb so he could hopefully pay his mortgage with the income he received, allowing him the ability to live mortgage-free.
After showing him several properties around the city, we were able to negotiate a great deal on a 2 bedroom unit in the heart of Midtown on the 19th floor.
It featured a spacious roommate floor plan, hardwood floors, floor-to-ceiling windows, granite counter tops, stainless steel appliances, and amazing views of the city.
Purchase price: $264,900
His Monthly mortgage: $1,300
Within 30 days of closing on his new place, Steve had totally furnished, decorated, and equipped his new home in preparation for his first Airbnb guest.
As a busy consultant, he was normally traveling out of town every week, so he decided to trust us with marketing and managing his property while he was away.
With a monthly mortgage of $1,300, his initial goal was to make $1,500 a month from Airbnb. His plan was to immediately get his Airbnb rental up and running, so he could start making money from it, even before his first mortgage payment was due.
“As a sales consultant, I always do my research,” Steve says of his hunt for the ideal property manager. He was particularly impressed with the work we had done in helping him with purchasing his home and after researching different property management companies; he realized that hardly anyone specialized in Airbnb rentals like our company.
“I could tell you guys knew the marketing aspect of the business inside and out. And since I was looking for a company that could handle all the aspects of managing my home while I stayed totally hands-off, it was a no-brainer to work with Lifestyle Management. They provided me a one-stop shop for my investment property”.
In July of last year, we officially launched Steve’s profile on Airbnb with an average rate between $100 – $150 per night. With a property in Midtown, there are many weeks during the year when all available hotel rooms in the area are totally booked due the many trade shows, conferences, and events that come to town. Night’s like these called for us to raise his nightly rate closer to the $150 a night range due to the increased demand.
|Time with Lifestyle Mgmt||Nights Booked||Average Nightly Rate||Rental Income|
|12 Months||approx. 13/ month||$100-$150||$27,756|
Steve’s condo began turning a profit almost immediately. On his first month with us, we had his bedroom booked 18 out of the 31 days in the month. His monthly income that month was $2,430. After 12 months of managing his spare bedroom for him while he traveled, his average earnings are over $2,300 a month, with his place only being occupied by a guest 12-15 days a month.
Our knowledge and keen eye for a sound investment property obviously helped his Airbnb rental become a huge success, but he says he could never have executed his plan without the hard work of the Lifestyle Management team.
Steve is so pleased with the success of his Airbnb rental that his new goal is to take all the money he’s saving from living mortgage free and invest it into a second investment home next year so he can do the same thing all over again.
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