I Turned an Apartment in Florida’s West Palm Beach Into a Chic, Money-making Airbnb — Here’s How

Developing passive income streams is all the rage for young DINKs (double income, no kids) like me and my partner. That’s why, following the financial success of my freelance travel writing profession and his super-niche social advertising agency, we were trying to find methods to diversify our investment portfolio.

Every finance expert sings the applauds of buying realty, so we were eager to get our feet wet. Fair caution: as effective as our preliminary venture has actually been, there’s absolutely nothing passive about this earnings, at least not throughout the setup stage.

We tapped Ryan Poole, a fellow member of 1909– a co-working area and innovative neighborhood my hubby co-founded in our home city of West Palm Beach– to help with our search. Poole founded RealTrade, an innovative online realty market that brings together agents, buyers, and sellers on one social platform.
We spent nearly a year looking for the perfect property, feeling torn on numerous alternatives till we lastly found The One: an (undoubtedly overpriced) “penthouse” apartment of the only building in downtown West Palm Beach that permits monthly leasings. (Most have a minimum of three- or perhaps six-month leasings.) Also, I state “penthouse” gently– each of the apartment or condos on the leading floor of the complex are referred to as penthouse systems.
Lounge chairs around the pool at a Palm Beach Airbnb
Integrated in 2001, the structure isn’t as old as most of the rentable options in our historical city, and I might immediately see the apartment’s capacity: There was abundant natural light thanks to the big windows– all of which ignore the sparkling blue pool and health club below– and, most importantly, the complex is connected by means of private breezeway to The Square, among the leading dining, shopping, and home entertainment locations in West Palm Beach. Both residents and visitors alike head to The Square for enjoyable any day or night of the week– there’s always something going on, but it’s likewise a nice neighborhood to simply stroll and take in the sun.
Upon closing, our very first order of business was clearing out the apartment or condo. The sellers demanded selling it furnished, most likely due to the fact that they didn’t wish to be bothered clearing the apartment of its old, mismatched furnishings (which unexplainably consisted of– I am not exaggerating– three sofas and 2 armchairs stuffed into the living-room). We sold or donated most of the furnishings, keeping simply one bed room set and bringing over some of our own pieces.

From there, we hired a professional to do some upgrades. We painted the entire location, hung new lighting components and ceiling fans, changed all the old white home appliances with new stainless-steel pieces, and installed mirrored closet doors and glass shower doors to replace the frumpy drapes. We also employed a father-son duo from Jupiter Cabinet Refacing to change simply the doors and hardware of the old, peeling cabinets in the bathrooms and kitchen area. This one modification supplied a significant cosmetic facelift however was a fraction of the expense of a full cabinet reno.
The apartment or condo itself is (now) fantastic, however– as they say– real estate is all about location, area, area. And the area could not be much better. While The Square, the Brightline, Clematis Street, and the Intracoastal Waterway are a couple of minutes on foot, the beach is about a mile and a half. You can drive to Worth Avenue (and numerous other gems of Palm Beach) in about 4 minutes and the Palm Beach International Airport in six. The Kravis Center, with its Broadway programs and year-round roster of performances, is at your doorstep.

After the upgrades came the most fundamental part: theming, decoration, and luxe amenities to brighten the dated space into a contemporary, desirable destination for seasoned lifestyle tourists like us. We understood it needed to have strong Wi-Fi, comfortable work spaces, and an ambiance reflective of the tropical, sunny disposition of West Palm Beach.
I had a vision in my head (and existing furniture to work around), however throughout this process, I relied greatly on the competence of Mackenzie Rifkin, an interior designer then on Modsy, an amazing online style platform that has, sadly, given that shuttered. (The closest equivalent service is Havenly, however I didn’t have best of luck when I tried on another current task.).

The two-bedroom, two-bath apartment or condo has a split floor plan; on one side, there’s a primary bed room with an en suite bathroom and double closets, and on the other, there’s a bedroom with a corridor laundry closet and restroom. The second restroom isn’t en suite, but the whole side has a door that can be closed for personal privacy. To take advantage of the 2nd bed room space, we furnished it with a trundle bed, standing desk, and meditation cushions– it works as a home office however also transitions completely into a comfortable bedroom for two.

Leaning into the “penthouse” status and abundance of palm trees visible from every window, we transformed the previously dull area into The Palm Penthouse, the sort of fresh, enjoyable pad we would enjoy to remain in ourselves, where every information tells a story. The decoration nods discreetly to the history of Palm Beach, with vintage-inspired art throughout, while likewise commemorating the cutting-edge modernity of our flourishing city. The bookshelves are stocked with locally written books (consisting of an expert’s guide to the Palm Beaches) and my Book of the Month hand-me-downs; the majority of the art is from our own journeys; the wallpaper was installed with the help of the beautiful local Chelsea Lane & Co
. The Palm Penthouse has uncommon perks like two desks with displays (ideal for a digital nomad couple like us, both working from home), a printer, wise TVs in every room, four different ways to make coffee, and even an Xbox Series X. We understand what a difference the fundamentals make to the general experience during a month-long stay, so at our location, we wanted to guarantee guests have holiday rental high-ends like spices in the cooking area, dish soap, trash can, and paper towels. From individual experience, we discovered these minor expenses to hosts make a big distinction for visitors.

The roi has currently blown us away, but the best part has actually been the glowing luxury evaluations from guests who value the space we crafted simply as much as we do.

Did I discuss I accomplished all of this over 12 days, up against the difficult due date of our departure for a summertime invested exploring my just-graduated cousin around on her really first journey to Europe? Not to proclaim my own horn, but … proclaim toot.

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