159. We Spent Nearly as Much Renovating It as We Paid For It - The Full Financial Breakdown of Our Maine Airbnb with Mike Watts
What if an investment could be both financially irrational… and deeply worth it? In this episode, Mike Watts returns to Plenty for part two of our behind-the-scenes Airbnb series, where we pull back the curtain on the actual numbers behind our Maine short-term rental project. And yes — technically, we’re currently underwater on it. But this conversation isn’t just about profit margins or renovation budgets. It’s about the bigger picture of building freedom-based wealth, creating long-term assets, and making financial decisions that align with your values, your family, and the life you actually want to live. Mike shares exactly what we paid for the property, how much we spent on renovations, what surprised us most during the process, and the lessons we’ve already learned that we’ll absolutely apply differently next time. This episode is part real estate breakdown, part wealth philosophy, and part honest conversation about what it actually looks like to build something long-term — even when the math doesn’t immediately “make sense.” Whether you’re curious about investing in real estate, building multiple income streams, or simply thinking differently about money and freedom, this conversation will expand the way you think about wealth. “It’s impossible to separate financial decisions from emotions.” - Kate Northrup “Real estate allows this kind of fun thing where you can create equity, leverage it, and build again.” - Mike Watts 🎤 Let’s Dive into the Good Stuff on Plenty 🎤 00:00 Airbnb renovation sticker shock 02:22 Why we started an Airbnb business 05:59 Real estate investing + Airbnb metrics 11:08 Why money decisions are emotional 14:13 Property analysis + resale potential 21:20 Estimating Airbnb revenue with AirDNA 27:22 Renovation chaos + unexpected repairs 31:00 Full Airbnb financial breakdown 51:11 Airbnb ethics, taxes + community impact 59:52 Final reflections + future plans Links and Resources: Kate's Instagram Mike's Instagram Katenorthrup.com AirDNA BNBCalc Airbnb listing for our property Mel Dorman IG The Real Estate Investor Goddess Handbook The Big Money Decision Matrix ✨ What If You Trusted Yourself With Money Decisions? The free Big Money Decision Matrix is the exact framework Kate uses for major financial decisions — from investments to business moves to buying property. Because second-guessing is expensive. And hesitation compounds fast. Inside, you’ll explore: 🔹 How to regulate your body before making money decisions 🔹 The difference between desire and proving something 🔹 How to get clear on the real numbers 🔹 Whether your wealth systems can actually sustain the win This is body first, bank account second. And it’s designed to help you become the kind of person who can say: “I don’t make bad decisions.” Not from arrogance. From self-trust. 👉 Download The Big Money Decision Matrix and use it on a decision you’ve been circling. ✨ Related Episode: How We Launched Our First Airbnb for Tax Savings, Passive Income & Long-Term Wealth (157)