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The site notes that bathrooms aren't in the nest but on premise and renters can use them. How will you address the fact that while many people may be open to re

The site notes that bathrooms aren't in the nest but on premise and renters can use them. How will you address the fact that while many people may be open to renting out an underused garage because it's somewhat detached from the house, they don't want strangers in their homes (except when renting out whole house)? Are you paying for any/some of the house-owner's renovation costs or how will you encourage them to remodel? Renovations are costly and the potential revenue may not be high enough to entice an owner to redo their garage. Most garages are bare by default. What is the rental price point?

LYeo 11y ago
Small bathrooms will be built separately from the house itself. For example, the first nest’s bathroom has been built in the backyard, and it was quite affordable to do as well. Anything related to the nest will require no entry to the house itself, as we want it to be a completely independent space. When it comes to encouraging the home owner to repurpose their garage, a lot of it will have to do with how our first nest does. If I assume a 50% occupancy rate for our first nest which is open 12 hours a day (fairly conservative in my opinion), that would yield over $120 of revenue per square foot, which would more than pique people’s interest to do something with a garage that’s just collecting dust. I also plan on splitting the costs of the reservation with the home-owner (specific %s have not been figured out yet), and also sharing the revenue with them as well. The cost of renovating a garage is actually not as high as you would think because it’s not a functional living space (for example, the cement floor of a garage can be left as is); I predict the average cost of a renovation would be < $8k. The current price point is at $20-25 hour for the space, which would make it the most affordable, private creative space you can currently find in Los Angeles (that is also inspiring and beautiful as well!).

LYeo 11y ago

Small bathrooms will be built separately from the house itself. For example, the first nest’s bathroom has been built in the backyard, and it was quite affordable to do as well. Anything related to the nest will require no entry to the house itself, as we want it to be a completely independent space. When it comes to encouraging the home owner to repurpose their garage, a lot of it will have to do with how our first nest does. If I assume a 50% occupancy rate for our first nest which is open 12 hours a day (fairly conservative in my opinion), that would yield over $120 of revenue per square foot, which would more than pique people’s interest to do something with a garage that’s just collecting dust. I also plan on splitting the costs of the reservation with the home-owner (specific %s have not been figured out yet), and also sharing the revenue with them as well. The cost of renovating a garage is actually not as high as you would think because it’s not a functional living space (for example, the cement floor of a garage can be left as is); I predict the average cost of a renovation would be < $8k. The current price point is at $20-25 hour for the space, which would make it the most affordable, private creative space you can currently find in Los Angeles (that is also inspiring and beautiful as well!).