Author Topic: Your thoughts solicited: basement apartment conversion  (Read 15962 times)

blahblahblah

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Re: Your thoughts solicited: basement apartment conversion
« Reply #50 on: January 12, 2017, 12:47:59 PM »
Nice work!  We AirBnB often and one of the selling points on a location is gear available to borrow, such as snow shoes or a bike to get around town given your proximity to local amenities.  I like that you've included proximity to public transit/mountain shuttle service.  Since you're marketing to skiers (nice work from La Nina this year!) I would either state that those skis are available to use or remove them from the next round of pictures.
« Last Edit: January 12, 2017, 12:53:34 PM by blahblahblah »

waltworks

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Re: Your thoughts solicited: basement apartment conversion
« Reply #51 on: January 12, 2017, 01:53:32 PM »
Great point. Those are some old rando skis from my college days (Work Stinx!) and some really random old rossis from before the days of parabolic (!) Then some of our own personal skate gear we put up there to make it look symmetrical.

So I doubt anyone would want to borrow any of it, but I will make sure to make that clear. I'm not sure I want to get into the business of loaning out gear since I think most people who stay will already have it, but we'll see, I guess. Any thoughts on doing a rental service where we'd pick up bikes/skis/etc from rental shops in town and have them ready to go? Is that something you'd want if you were doing a ski/bike trip? It might be tough for skis given the need to size/fit boots in person, of course.

-W

With This Herring

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Re: Your thoughts solicited: basement apartment conversion
« Reply #52 on: January 12, 2017, 07:17:01 PM »
Note:  I have only been in a few hotels in the last decade, so take my words with a bucket of salt.

Seconding blahblahblah's question:  I can't tell from your ad.  Are the skis in the photos available to be used as part of the room deal?  Are they available for a separate fee?  Are they just to show that one can hang skis?

It would be nice to have a photo of the sofa bed made up for sleepers.

What is up with the bedroom windows being so dark?  Are they in always-dark window wells?  Is it possible to get a photo of them in daylight?

The pale green comforter is too short and small for the bed it covers.  That will get chilly.

You say you can hold six people, but the kitchen only seats four.  That's inviting people to eat messy pizza on the sofa (which they will probably do anyway...).

Are there spare blankets?  Maybe in the armoires?  Also, it's always nice to have a few fleece blankets available for the sofa, and those would fit nicely in the coffee table baskets.

And no, the oven door handle is not enough towel bar space.

Every place I've lived disagrees with you.  ;)   Dish towels either go there or through the fridge door handle.

waltworks

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Re: Your thoughts solicited: basement apartment conversion
« Reply #53 on: January 12, 2017, 07:50:54 PM »
Heard loud and clear on the skis - we wanted to show what you do with that area, rather than advertise a crappy old ski service! I will figure out a solution for that.

Photos were hastily taken at night by idiots (us) who know zero about photography. We have a professional coming next week (too much snow for them to make it today) and will photograph in daylight. There is a decent amount of light that comes in the windows.

There is a linen closet (we need to take a picture) full of blankets, comforters of various sizes, pillows, etc. Agreed that the comforter in the photo looks bad - I think it's the right size, but was pulled up too far on the bed.

Sofa bed made up photo, check.
 
Still thinking on the kitchen table - the space is a little awkward in that IMO it'll be cramped with the table there, but it's a little... empty without it.

I don't stay in hotels either, we tend to just bounce between friends in ski towns and camp/sleep in van... so this is a new thing for us. I really appreciate all the feedback, keep it coming!

-W

blahblahblah

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Re: Your thoughts solicited: basement apartment conversion
« Reply #54 on: January 13, 2017, 08:15:01 AM »
Great point. Those are some old rando skis from my college days (Work Stinx!) and some really random old rossis from before the days of parabolic (!) Then some of our own personal skate gear we put up there to make it look symmetrical.

So I doubt anyone would want to borrow any of it, but I will make sure to make that clear. I'm not sure I want to get into the business of loaning out gear since I think most people who stay will already have it, but we'll see, I guess. Any thoughts on doing a rental service where we'd pick up bikes/skis/etc from rental shops in town and have them ready to go? Is that something you'd want if you were doing a ski/bike trip? It might be tough for skis given the need to size/fit boots in person, of course.

-W

Meh, seems like a lot of work to pick up skis for people, personally if I'm going AirBnB style I'm willing to pick up my own skis/bike.  A list of rental recs in the welcome email could do the trick.

I know you get the ski point now but one last comment, for someone who is just doing a fun vacation with friends/family they will have no idea that those are an old style and even if intended for decor would probably try to use them due to accessibility.

waltworks

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Re: Your thoughts solicited: basement apartment conversion
« Reply #55 on: January 13, 2017, 11:25:51 AM »
Thanks for the feedback - I agree, probably not worth the hassle. Most of the real high roller rich ski tourists will not be staying in our baasement, methinks.

For reference, for those folks who are less familiar with skiing - to use any of the skis (even if you wanted to) you'd need appropriate boots *and* the ability to adjust the bindings to fit them. I'm thinking anyone with that amount of knowledge is not likely to be grabbing random 20+ year old skis to borrow. But who knows, weirder things have happened.

We have a tentative booking for the ENTIRE 2 months of the "good" part of ski season now - fellow is coming by to look at the place in an hour or two. I guess full kitchens are at least somewhat desireable for ski industry folks and medium-term stay people. That would be awesome (we're offering a 30% monthly discount but it would mean no turnover or vacancy for that whole period). Crossing my fingers...

-W

waltworks

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Re: Your thoughts solicited: basement apartment conversion
« Reply #56 on: January 13, 2017, 12:39:21 PM »
Ha! My wife didn't turn the heat on before the fellow showed up. Not a good impression.

Rookie mistakes...

-W

Novik

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Re: Your thoughts solicited: basement apartment conversion
« Reply #57 on: January 13, 2017, 01:25:26 PM »

Still thinking on the kitchen table - the space is a little awkward in that IMO it'll be cramped with the table there, but it's a little... empty without it.

I'm the acknowledged worst at visualizing spaces (even ones I live in) so take this with a pile of salt, but maybe a table against the wall with 3-4 chairs around it, and a couple more in a closet if guests want to pull the table out from the wall?

Dicey

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Re: Your thoughts solicited: basement apartment conversion
« Reply #58 on: January 14, 2017, 12:27:12 AM »

Hi Walt, I'm going to try to answer some of your questions this way and then I'll do another post with some other thoughts.
 
Oops, deleted too much. Will discuss table in follow-up post.

-There is now a coat rack (with 6 large dual hooks) that I think should be sufficient for even fairly large groups. I could be wrong about that, so maybe a coat tree/rack in the corner would be good. Great! Be sure not to use anything that can tip over.

-The coffee table has to be limited in size (and mobile) because the couch is also a bed. So guests will need to move the coffee table to deploy it. I'm not sure how big/heavy I am willing to go (this one is on wheels) for that reason. Ah, wondered about the wheels. Agreed, mobility and stowability (under the tv, presumably) is important.

-We considered area rugs but decided that the extra cleaning effort would not be worth it. Will reconsider that, it might make the space look nicer. The floor is not horribly cold but it can't hurt for comfort either. I was thinking about noise, too.

...Do you think luggage racks are a good idea, or do you thing bigger dressers/tables would work better? Or both? Love the hotel-type luggage racks, but they are expensive and easy to steal. My preference is sturdy wooden benches, wide enough not to tip over easily. I own three, bought them all used and love their versatility.

-Bathroom now has a large towel shelf/bar and 4 large burly towel hooks. We may also add another towel bar. Think in sixes. More on this later. I'd still install a wider shelf on the wall above the toilet to hold more towels and renter's stuff. They'll love you for it.

-The vanity was a scrounged item. We don't have the rest (side) of the backsplash so we just caulked that area heavily and are crossing our fingers that people don't make too much of a mess. Yay on the scrounging! In that case, you handled it perfectly. Should damage occur, you can look for something decorative, such as a strip of some super expensive, coordinating backsplash tile that you get for almost free somewhere since it's such a small amount.

-Dish towel hanging, got it. I did not think about that. On second thought, maybe on the dishwasher side makes more sense, I was thinking of aesthetics, but the DW side may be more functional. WTH, I totally agree with you, but I some folks think it's perfectly okay to drape a wet dishtowel over the door below the sink so it can "dry". Other people put a dry one there for convenience while they're working at the sink and it becomes wet over a period of time. Still others think that's a good place for a metal bar that slips over the top of the door. None of these options is good for that lovely wood. Half the battle is to out think the thoughtless renters.

-We have a binder ready and a pretty extensive welcome email prepared as well with lots of "local" knowledge about stuff to do/places to eat/etc. Excellent. Remember to update it as places come and go or new favorites evolve. Stuff changes quickly and lots of tourist-oriented info is slow to update. Plus people like to feel like locals, so help 'em out, it's easy.

Thanks Diane! You're welcome, Walt. It is a good exercise. It's hard to feel useful when you've been in bed sick for the better part of the week. Also, I'm running out of steam, so follow up post, well, to follow...

-W

MayDay

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Re: Your thoughts solicited: basement apartment conversion
« Reply #59 on: January 14, 2017, 01:20:18 PM »
I'd stash a freestanding drying rack in a closet, and leave a note by the front door coat rack that they can get out a rack if they have lots of wet gear to dry.

6 coat hooks is fine for coats, but if a family of wet kids comes back after a day of skiing, they need to drape pants, mittens, hats, etc somewhere.


Dicey

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Re: Your thoughts solicited: basement apartment conversion
« Reply #60 on: January 14, 2017, 02:05:15 PM »
I'd stash a freestanding drying rack in a closet, and leave a note by the front door coat rack that they can get out a rack if they have lots of wet gear to dry.

6 coat hooks is fine for coats, but if a family of wet kids comes back after a day of skiing, they need to drape pants, mittens, hats, etc somewhere.
Oh, the drying rack is a great idea! I'd look for something I could install in the shower so the dripping water stays off the floor. A very securely wall mounted rack is less likely to disappear. Let's see what Ikea has...nope, nothing I like on their website. Hmmm, a little google-fu reveals this lovely, sturdy, dare I say stylish thing:

http://www.hayneedle.com/product/greenway-indooroutdoor-stainless-steel-expandable-drying-rack.cfm



waltworks

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Re: Your thoughts solicited: basement apartment conversion
« Reply #61 on: January 14, 2017, 09:29:20 PM »
We ended up getting a couple of swing-out drying rack/towel holders (ugh, from... Ikea):
http://www.ikea.com/us/en/catalog/products/60047896/

And we also bit the bullet and got a small Ikea table to go with (seats 4 or 6 if you're friendly). It's rectangular so can be pushed over to the wall to make space (or stowed in the mechanical room). More space to leave crap! Another flat-pack Chinese particle board wonder! Hurray!

There is more art up. We are working on taking a cool panorama of the Wasatch Crest to hang, but today was super foggy and it didn't work out. Had a nice ski to get to a good vantage point, though!

Pro photos to happen next week. Thanks to everyone for the feedback.

-W

waltworks

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Re: Your thoughts solicited: basement apartment conversion
« Reply #62 on: January 29, 2017, 05:01:32 PM »
The followup that nobody will read, probably!

We have hosted 4 sets of guests now (booked solid since mid-January) and are booked for 21 out of 28 days in February. Assuming no last-minute cancellations or crazy disasters, we'll end up making about $4500 for that ~40 day period - or quite a bit more if someone books the 3 day or 4 day gaps in February. Strategizing about pricing/minimum stays is funky!

Not bad! We'll be able to charge more as we get reviews/time on AirBnB, but this first week or so was also the Sundance film festival which boosted prices for the end of January by 50-100% across the board in town for rentals.

Overall I'd guess we'll do about this well during the ski season or a little better once we're all reviewed up, and probably a little worse in the summer. No idea if we'll get anything during the offseason/mud season, but we like to leave town then anyway.

So conservatively, I'm guessing we'll net $2k/month or so after expenses (replacing linens and other small stuff, extra utility costs, etc). Given that we spend about $4k/month overall that's a pretty nice side gig (no way do I consider it passive, though - I definitely wouldn't be comfortable renting it out when I'm not around). Given our index fund investments, I guess the apartment makes us FI sort of overnight, though I have no particular plans to quit working.

We've got our cleaning system down to the point that (with 2 adults working and 2 small children glued to the forbidden television) we can turn things over in about 45 minutes. Guests have generally not needed too much hand holding and they have all been really cool and interesting people (actor in Patty Cake$, some cinematographers, skiers from Texas, and parents of world championship ski jumping competitors from Norway... cool!) 

Thanks to everyone for all the comments and feedback. Unless there are any specific questions, this will probably be my last post on the apartment. If anyone is interested in more numbers, you can resurrect this in a year!

-W
« Last Edit: January 29, 2017, 09:11:02 PM by waltworks »

CowboyAndIndian

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Re: Your thoughts solicited: basement apartment conversion
« Reply #63 on: January 29, 2017, 06:45:19 PM »
The followup that nobody will read, probably!

I'm reading :-)

Awesome progress.

Keep us updated, whenever you can.
« Last Edit: January 29, 2017, 06:47:12 PM by CowboyAndIndian »

waltworks

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Re: Your thoughts solicited: basement apartment conversion
« Reply #64 on: January 29, 2017, 07:48:23 PM »
I'm sure we could make you a heck of a deal if your DH wants a bike!

Ha, or even if he just wants to come say hi and do a bunch of neat riding. I think my favorite thing about the whole basement setup so far is that we've met such neat people.

-W

sammybiker

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Re: Your thoughts solicited: basement apartment conversion
« Reply #65 on: January 29, 2017, 10:47:38 PM »
Cool update Walt, glad to hear it's working out so well.

Dicey

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Re: Your thoughts solicited: basement apartment conversion
« Reply #66 on: January 29, 2017, 11:04:41 PM »
Whaddya mean "that no one will read?" C'mon, give us a little credit here <wink>.

How about posting a link to the listing so we can see the final photos?

Glad the report from the first few bookings was positive!

LiveLean

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Re: Your thoughts solicited: basement apartment conversion
« Reply #67 on: January 30, 2017, 08:59:53 AM »
Having grown up in Virginia, the one thing I miss living in Florida is not having a basement. (I moved here at 28.)

There's no better bang-for-your-buck than finishing off a basement, both from a home improvement and a home sanity standpoint (i.e. a place for the kids to have all of their crap or a place for parent, usually dad, to escape.)

So whether you're going to convert this to an apartment or not, why not finish the basement off? Sounds like you have some underlying construction issues, but I'm always amazed how many of my friends/relatives up north have been in their homes for years and have never finished off their basements because they're packed with crap that, had it not been purchased, would have more than financed finishing off the basement.

Ensign1999

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Re: Your thoughts solicited: basement apartment conversion
« Reply #68 on: January 30, 2017, 10:02:54 AM »
Love that it is working out so well!  Congrats...now we will have to keep it in mind as a great place to stay when we head West next time.

Dicey

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Re: Your thoughts solicited: basement apartment conversion
« Reply #69 on: April 08, 2017, 05:29:01 PM »
Hey, Walt. I'm jonesing for an update. How about an it's-almost-the-end-of-the-ski-season recap, pretty please?

waltworks

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Re: Your thoughts solicited: basement apartment conversion
« Reply #70 on: April 09, 2017, 04:38:13 PM »
I'm on vacation trying to avoid mud season so don't have all the numbers in hand but the rough results so far are:

-On the market/available for a little less than 3 months so far (I think we officially launched on Jan 19th or something like that)

-$8.5k in gross rents

~$500 in spending on various things. Most of that is large durable things (air mattress, space heater) we didn't think of and guests asked for, there's also some money going into buying cleaning supplies and various consumables. I think replacing linens/towels will be a significant ongoing expense, they seem to get trashed pretty fast.

-Utilities are costing an extra $50/mo or so. That is basically electricity for the heat pump. I don't think there will be any meaningful extra utility costs in the summer.

-About 2 man-hours of work per turnover of the apartment. Otherwise management has been very easy.

-No (touch wood) bad guests so far.

We have 3 or 4 reservations for a total of maybe 3 weeks booked for the spring/summer (of the 6 months out that AirBnB goes) so we have yet to see how the summer works out. I am guessing it will be slower (no big surprise).

I mean, basically, so far so good. We've had several guests request to stay again next year and great reviews. Good stuff overall, so far I'm happy with both the decision to build it and the decision to try the short term rental thing.

-W
« Last Edit: April 09, 2017, 04:52:18 PM by waltworks »

Megma

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Re: Your thoughts solicited: basement apartment conversion
« Reply #71 on: April 09, 2017, 08:55:54 PM »
Great to read the updates! Glad it's going well!

Dicey

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Re: Your thoughts solicited: basement apartment conversion
« Reply #72 on: April 09, 2017, 11:04:32 PM »
Do you have a Costco nearby?    I got a set of fluffy white towels there last year on special for 6 for $18.   I think the regular price is $21/set.   They seem to be holding up well.
Ha! I was thinking the same thing, lhamo. I'll add that lately, towels just aren't made to last. Every time I buy towels now I break out the sewing machine and zig-zag over all the seams. It makes a huge difference in the longevity of the towels. Unless a guest swipes one, but that's a cost of doing business, I guess.

Also want to add that we bought two of the new "Ballpark Franks"* bath sheets that Costco now carries. Completely not impressed. They feel slimy and not as absorbent as normal towels. Meh. Double Meh. It's a gimmick. And no, I don't use fabric softener.  Stick to the white Hotel Style Towels.

BTW, last year we were shopping at Costco in Palm Desert. We watched as a guy filled a flatbed cart full of these towels. He said they're better and less expensive than what he gets from his hotel supplier. We asked a Costco staffer and she said it happens all the time. Fortunately, we had already placed the ones we wanted in our cart, lol.

*Remember the old BallPark Franks jingle: "They plump when you cook 'em"? Yeah, supposedly these towels expand when you wash them. Have I said "Meh" enough?

Walt: Thanks for the update, man. Sorry to interrupt your vacation.

waltworks

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Re: Your thoughts solicited: basement apartment conversion
« Reply #73 on: April 10, 2017, 09:01:51 AM »
To be fair, all of the linens we have now are (very lightly used) scrounged items. As such they may be more prone to falling apart than newer stuff. I'll keep the Costco (yes, we have lots of them nearby, it's Utah!) idea in mind.

My wife claims it's women's wedding rings tearing up the towels.

-W

mmwannabe

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Re: Your thoughts solicited: basement apartment conversion
« Reply #74 on: April 12, 2017, 08:19:41 PM »
I'm bumping this necro-thread to solicit some additional advice.

Things have not gone particularly well with this project. The county seems to be unable to provide accurate information on code requirements and permitting, so we still have no permits (a month after we intended to start work). That's bad. What's even worse is that the costs seem to be piling up to infinity - what was originally going to be a $50k or so job has already ballooned to $80k - and that's *before* any of the usual surprises/problems that always happen in construction projects OR furnishings/appliances! I'm sort of anticipating that the project will end up costing $100k...or more.

So as a followup - would anyone still do this? I'm thinking of pulling the plug on the whole idea.

-W

Double check your county's code.  My county, in CO, requires a shared kitchen.  If you put an oven in the basement, you actually have to sign paperwork that say's you won't rent the basement out.  I've still finished mine, with a kitchenette, but must indicate a "shared" kitchen when I rent it out.

SmokeySnow

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Re: Your thoughts solicited: basement apartment conversion
« Reply #75 on: April 30, 2017, 08:42:34 PM »
A little late here, but great job Waltworks. Congrats on achieving super host status as well👍👍 I also live in a ski town (South Lake Tahoe) that is popular in both winter & summer, and rent one side of my small duplex out on Airbnb. It wasn't my original plan when I purchased the property, but it has been working out quite well as allowed me to make improvements to the property I wouldn't have otherwise been able to & also be able to afford my next property.
May I suggest a few small tweaks to your place, that won't end up costing too much? People love great bedding when they travel, and just a small upgrade to new/current bedding, pillows, bedskirts, etc, with a few quick photos will boost the appeal of your listing immensely. Additionally, you may consider some vintage ski type decor for your walls to give people that 'ski town' feel that they are probably hoping for when they visit your town. I was able to find plenty stuff (think old skis, snowshoes, ice skates) for my rental as well as two that I helped overhaul through a combination of thrift stores,  garage and estate sales, and habitat for humanity store.
Hope you are enjoying the Airbnb-ing!
My listing: https://www.airbnb.com/rooms/3888381
Two that I am "additional host" for:
https://www.airbnb.com/rooms/1079231
https://www.airbnb.com/rooms/654832
 

farfromfire

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Re: Your thoughts solicited: basement apartment conversion
« Reply #76 on: November 24, 2017, 03:20:10 AM »
Great job Walt works! Sorry-not-sorry for reviving this thread after the recent mention in a newer one, you did a great job. Only nitpick I have as an airbnber is the seemingly low ceilings (or high floors(?), since it is underground). Congrats on the Super host, and I really like the short-term cancelation policy, not enough listings have that.

waltworks

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Re: Your thoughts solicited: basement apartment conversion
« Reply #77 on: November 24, 2017, 04:41:10 PM »
Great job Walt works! Sorry-not-sorry for reviving this thread after the recent mention in a newer one, you did a great job. Only nitpick I have as an airbnber is the seemingly low ceilings (or high floors(?), since it is underground). Congrats on the Super host, and I really like the short-term cancelation policy, not enough listings have that.

They are standard ~9' ceilings. Does it really look like they're low in the photos?

-W

farfromfire

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Re: Your thoughts solicited: basement apartment conversion
« Reply #78 on: November 25, 2017, 01:54:00 AM »
Great job Walt works! Sorry-not-sorry for reviving this thread after the recent mention in a newer one, you did a great job. Only nitpick I have as an airbnber is the seemingly low ceilings (or high floors(?), since it is underground). Congrats on the Super host, and I really like the short-term cancelation policy, not enough listings have that.

They are standard ~9' ceilings. Does it really look like they're low in the photos?

-W
One photo that gave me that feeling was #7, because of the short distance between the ceiling and the top of the door. But I guess those are taller (8') doors? Same with the door that has very little clearance from the lowered ceiling in that area.
The rest are the living room photos, which I suspect is because the choice of camera lens accentuates the perspective difference. Not a camera guy though.

adamcollin

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Re: Your thoughts solicited: basement apartment conversion
« Reply #79 on: November 27, 2017, 01:03:41 AM »
Do share the pictures.

waltworks

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Re: Your thoughts solicited: basement apartment conversion
« Reply #80 on: January 14, 2018, 02:23:38 PM »
1 year update!

We ended up netting about $15k (before taxes). Not as good as I'd hoped, mostly because:

-Summer was totally dead. Other folks who work in hospitality locally told me things were slow everywhere here, so maybe that was a one-time thing - but I was surprised that we really got no guests at all from about May though October, even at $65/night.

-The central rockies (UT and CO, as well as AZ and NM) are going through the worst snow year in about 40 years. Thanks to manmade snow, the resorts here did manage to open - but a week late, and with very limited terrain. We got no skier bookings until the end of December/holidays, and the first 2 weeks of January were empty as well. Unfortunately the bad snow will probably affect bookings for next year as well as this winter.

So while we accumulated a ton of positive reviews (and met some extremely fun and cool people) I think we may finish out the ski season and then rent long term. Even at a slightly below-market $1250/mo, we'd end up making around the same amount of money - with no cleaning and booking work/stress.

-W

calimom

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Re: Your thoughts solicited: basement apartment conversion
« Reply #81 on: January 14, 2018, 06:15:11 PM »
Do you market to the Sundance film festival visitors? (I think I have your location correct)

Sounds like it did ok overall. One advantage I'd see of having an Airbnb suite is the potential to have family and friends stay there when  visiting. Not for everyone though!

waltworks

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Re: Your thoughts solicited: basement apartment conversion
« Reply #82 on: January 14, 2018, 07:29:36 PM »
Do you market to the Sundance film festival visitors? (I think I have your location correct)

Sounds like it did ok overall. One advantage I'd see of having an Airbnb suite is the potential to have family and friends stay there when  visiting. Not for everyone though!

Yes, we were booked for all of Sundance (and will be again this year) at ~$200/night or more. That's great, but it's only 2 weeks out of the year.

The reality is that the nightly rental option needed to be *way* ahead of just renting long term to be worthwhile. It's basically even. IMO there's not much reason to keep putting time/effort into nightly rentals at this stage.

I agree that it's nice to have space for guests, but the house is ~4200 square feet, so that's never been an issue anyway. We can easily accommodate another family of 4-6 people without even using the apartment. I guess if we wanted to host a family reunion/big family ski trip it would be great, but I don't know if that's ever in the cards.

-W

Dicey

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Re: Your thoughts solicited: basement apartment conversion
« Reply #83 on: January 14, 2018, 08:48:46 PM »
Thanks for the update, Walt. Sounds like you have the best of both worlds. Renting long term for now. When the snowpack improves, you'll always have the option of switching back. And forth. Or not. Sweet to have options.

waltworks

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Re: Your thoughts solicited: basement apartment conversion
« Reply #84 on: January 14, 2018, 09:29:57 PM »
Oh, yes, I'm certainly happy we did it.

I think the lesson (for me) is that hands-on hosting/hospitality is something you need to pay yourself really well for, if you're going to go the nightly rental route. My wife really wanted to do nightly rentals and try it, and we'll keep it up for a bit longer (ski season could turn around, you never know).

If you add it up over a full year it's probably pushing 100 hours of total work that we put in. 100 hours to make $15k is pretty good! But as a long term rental I'd be shocked if I had to spend more than, say, 20 hours in a year (we sold the last of our SFH rental properties this year, but I have 15 years of landlording experience). And, um, 20 hours is a lot less than 100. Plus there's no need to stress out about going on vacation and having someone book the place randomly when you're out of town.

TL;DR - AirBNB is cool. It can be more work than it's worth.

-W