How long for your Airbnb venture do you...

Question

I inherited my stepdad home unfortunately because of his passing...I have always wanted to do the Airbnb venture and thus unfortunately gave me the opportunity. I like the idea of short/mid term rentals more then the long term...one big reason is not having to move all of his stuff...or at least being able to take my time. My question is how long do you personally wait to see how your Airbnb venture is going to go until strongly contemplating long term? I'm not as booked as I would like to be, and according to others they are going through similar circumstances...Do you expect immediate profits larger then your yearly mortgage and other expenses or do you give yourself a year or 2 like other business ventures? Thank you

Allison Craft · Answer

I'm sorry for your loss. It's great that you're looking to turn this situation into a positive venture with Airbnb.I think there is a lot to unpack here to answer your question. If the house is paid off, that takes away a lot of pressure. But sounds like you have old furniture in the house? STR are very competitive today and investing in a well-designed home is key to your success. Generally, I would recommend giving your Airbnb at least 6 months to build some credibility. It will give you the time to adjust your pricing strategy during different seasons and give you time to gather reviews which impacts your booking rates. You also need to consider the effort and time required to manage a short-term rental compared to a long term. Best of luck to you, I hope you find success in whatever strategy you go with!