Investor · Jonesboro, AR · Member since 2015 · 241 posts · 132 votes
I have a one bedroom duplex that I’m considering doing Airbnb, however it will cost me about $1,000 to get it ready. Is there a way to determine if there’s a market for it in my area, prior to making that investment?
Investor · Memphis, TN · Member since 2017 · 25 posts · 17 votes
8y
Hi Perry. You’ve received great advice on viability for sure. I can tell you my experience from Memphis echos what others have said, that your gross income can range 2 to 2.5 what you can attain from a long term renter. There is a cost of your time though, as it is more involved than a traditional renter.
I’ve found fantastic info on YouTube, especially on Richard Fertig’s channel, which is now called Short Term Rental University.
Great luck with your listing. Follow Richards great advice on best practices and you will always set yourself apart from the competition. Cheers and good luck! Reach out with any questions you may have.
Investor · Jonesboro, AR · Member since 2015 · 241 posts · 132 votes
8y
@Chris McHaney thanks for the insight, I’m not familiar with the YouTube channel that you mentioned, but I’ll check it out. If your ever in our area give me a shout. Thanks again!
Investor · Jonesboro, AR · Member since 2015 · 241 posts · 132 votes
8y
Update: it took us 2 months to get the duplex ready for Airbnb, mostly due to two large projects goin on at the same time. We spent closer to $1,400 vs the $1,000 we had anticipated. We got started around the second week in March and only made around $430, but April has been the money maker with scheduled stays totaling around $1,400! We will probably exceed that as we’re still early in the month. May is starting to fill up as well, so we anticipate a great return. I have enjoyed being a host and have met some great people. We have lost a pillow and blanket, but that’s the worst that has happened. You can file a claim, but I didn’t find it worth the hassle as the guests sister took it. Overall we are elated and thank everyone for the help.