My Parents Moved In Behind Us!
Since Mr. Jo and I have two young children and two full-time jobs, we really appreciate the help of our parents with watching the children and cooking meals, etc. In order to secure 24/7 help, we successfully convinced my parents to move into our neighborhood. When this single-story low-maintenance home (aka no pool) directly behind ours went on the market, we made the hard sell for my parents to buy it. Shockingly, they agreed and the rest is history!
Why Airbnb?
Since the real estate market in Plano, Texas continues to grow, we initially thought about holding onto the old property and leasing it out for long-term rentals. However, our real estate agent convinced us that the cash flow wouldn’t be worth it, and it would make more sense to sell. So, we began renovating. Halfway through the renovation, my bestie, Zenab, whom I met through anesthesiology residency and also on the path to financial freedom, introduced us to the Doctors Unbound podcast. David Draghinas, a local anesthesiologist and short-term rental podcaster, spoke as a guest about his positive experience renting out homes in the DFW suburbs.
That same night, we walked across the alley to my parents’ house and brought up the idea of converting my childhood home into an Airbnb. My parents are both entrepreneurs and have always encouraged us to use money to make money, so they got excited about the idea too. Immediately, we changed the direction of the renovation and started making low-maintenance improvements to the home.
We ripped out all of the carpet, added high-quality waterproof vinyl floors, redid all of the bathrooms with new tile and stain-resistant grout, and much more. Looking back I wish I had taken pictures right before the renovation but, oh well!
T Minus 8 Days
In one week, our photographer, whom we found through the awesome app, Thumbtack, will be coming to photograph the house. He promised us a turnaround time of 24 hours, so the plan is to list the home on November 3, 2019. Stay tuned for more updates on our Airbnb Journey!