STARTING OFF WITH AIRBNB RENTAL? FIRST TIME INVESTOR

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STARTING OFF WITH AIRBNB RENTAL? FIRST TIME INVESTOR

Edgar Hernandez
Miami, FL · Member since 2017 · 5 posts · 4 votes

I was recently listening to the latest podcast episode of BP (#229 Early retirement through short-term rental properties) and it kinda of struck a cord with me. The idea dawned on me that I could possibly rent a condo or apartment in a nice area of Miami (close to the areas where the tourist come for like the beach, downtown, bayside, brickell, wyndwood) and actually rent it out on Airbnb in hopes of making enough money to pay the lease and then some as Zeona mentions she did in the past. Now, I'm not an unrealistic person and I know that not all formulas work the same for everyone, but I figure why not at least ask on BP to see if anyone has done this in the past and can offer some advice?

SO, The idea in short terms is, lease a nice apartment or condo in a central location close to the hot spots of Miami, put the place on Airbnb and POSSIBLY be able to pay for the lease as well as some cash flow. Any suggestions? advice? anything would be greatly appreciated. 

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  • Alexander Zurn
    Lender · PA · Member since 2016 · 214 posts · 140 votes
    9y

    @Edgar Hernandez that was a great podcast. Very informative and educational. I know the part you are talking about and my only reservation is to be careful with the Landlord. Getting into the fine print of a lease, you will either have to be upfront about it with your landlord or perhaps not mention anything, not sure if there is an in between. Zeona mentioned how lucky she got numerous times with her Landlords and discussed the timing of what she did (i.e. how Airbnb was that popular yet). Well as Airbnb has gained popularity so has REI. Just be careful, be clear, and communicate! The place you describe sounds like a prime place for such a strategy.

    Oh - and run the numbers too!

    Good luck

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  • Luc Boiron
    Specialist · Toronto, Ontario · Member since 2016 · 564 posts · 425 votes
    9y

    @Edgar Hernandez It's not worth the risk to do it illegally.

    However, there are many landlords who would actually be ok with you doing this - possibly with a larger security deposit. I recommend you speak to a few landlords who want to get their place rented, and let them know you would like to rent it out on AirBnb. Depending on how tight the rental market is there, you should be able to find someone ok with this.

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  • Carlos Guerrero
    Miami, FL · Member since 2017 · 9 posts · 6 votes
    9y

    I thought of something similar. I'm thinking more like buying a duplex/triplex, my first property investment, and renting out 1-2 units to Airbb while I live in the other. One issue i see with doing it the way you're thinking is that in our market in Miami the gamble is much more risky, with the crazy high rents in those areas you mentioned so you have to make sure that area can be constantly rented out, otherwise you're gonna have to bite that monthly lease payment.

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  • Edgar Hernandez
    OP
    Miami, FL · Member since 2017 · 5 posts · 4 votes
    9y

    I want to thank everyone who has given the attention to this post. Really means a lot that you all spread your knowledge and help guide us "to be" investors in the right direction. I think i'm going to try as some of you mentioned, to be upfront when asking about the AIRBNB idea and perhaps offer some % of the cashflow to where we all benefit. I see I need to do some more research so that's where I will start. If this works out cool! if not I will look for another avenue to get in the game.

    This really helped me open up on BP I will def be tracking my progress on here as it comes. I hope to hear from you all in my future newbie questions! Thanks again ! @Alexander Zurn @Luc Boiron @Carlos Guerrero

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