Thu, 31 May 2018
Before Tim Hubbard purchased and renovated his small multifamily property in Memphis, Tennessee, the long-term rents ranged from $350/month for the studios to $700/month for the two-bedroom unit. After the renovations, complete with furnishings and Airbnb-ready locks and amenities, Tim began earning revenue of $2,500/month—PER UNIT! How did he do it? What made this particular property perfect for the short-term rental market? Is the Airbnb model right for you?
Tim Hubbard began his career in the hospitality industry before making the transition to real estate. He is passionate about travel, and the Airbnb model allows Tim to visit dozens of countries around the world—while providing the opportunity for others to do the same. Tim serves as the Director of Operations for Midtown Stays, a vacation rental company with properties in both Memphis and Sacramento, California.
Tim sits down with me to explain how he got involved in the worlds of real estate and Airbnb. He describes his experience purchasing and renovating an 8-unit in Memphis for short-term rental, discussing how much he invested in the property, what it took to make the apartments Airbnb-ready, and how he financed the deal through a local bank. Listen in for Tim’s insight around managing Airbnb properties remotely and learn what factors to consider in choosing vacation rental property!
Tim’s experience with Airbnb
Tim’s background in real estate
Tim’s 8-unit property in Memphis
How Tim financed the venture
Tim’s backup plan should new regulations restrict Airbnb
The extent of the renovations on Tim’s property
How much Tim invested in the property
The revenue from rent before and after
How Tim made the units Airbnb-ready
How Tim manages the units
How Tim can market the units on multiple sites
What’s next for Tim
Tim’s insight around considerations for short-term rentals
Connect with Tim
Tim’s Before & After Photos
Free eBook: The Secret to Raising Money to Buy Your First Apartment Building