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Wow, that’s an impressive number. I’d like to see how that all goes. You should come to the BiggerPockets meetup we’re having at Barleys in the old city Nov 30th at 630 pm, it would be cool to have a guy that does Airbnb there to tell us how that game goes. Hope you can make it.
@Michael Ryion is our neighbor. We actually passed on one of the properties he currently owns and was kind enough to share his gross earnings with the world. Hello Michael! We’re ready for another winter on that nasty road lol
For us that don't use Air BNB, can you explain why your payout is so much less than your earnings?
Another piece of great info would be what would those houses rent out for if you had a yearly lease instead of daily/weekly etc.
Also, how much work do you put in, or does Air BNB do all the management. I know you can gross more by using Air BNB, but how much more can you NET and how much more of your time is involved. How about wear and tear on the property vs. a long term tenant. I guess I should ask if you have rented those properties on a yearly basis, so you have experience to answer the above questions. As a yearly lease guy, using Air BNB to increase gross revenue is interesting, but I wonder if the additional work is worth the real NET gain. Would love your thoughts.
@Tony SanFilippo Tony PM me I’ll send you my number and answer all of those questions in depth. It’s too much to type on this 3” screen lol
@michael....do you manage the Smokey mountain rentals yourself or do you use a property manager. I love Gatlinburg/pigeon forge. Have thought about purchasing a cabin there myself but didn’t know how profitable it would be using a property manager. I live in Louisville. Next time I vacation there I will look you up.
@Kevin Allen You need to talk you @averycarl she’s the queen of the mountain and can teach you everything in one phone call. But if you’re not willing to manage it yourself you won’t make any money. Local PMs charge 40%. Managing is easy Avery can teach you. You can manage it from Aruba if you have a cell phone. I have bought 5 from her and I often gross 3%, so I married her.
Search for her name and send her a message or PM me.
@Michael Ryion when you post a gross earnings, it's misleading the viewer. Can you share some of the following so we can get an idea of what your actual earnings are? How do your earnings compare to a long-term rental where the tenant pays for utilities and landscaping?
What were the additional costs of furnishing these units with everything your guests would need?
Are you paying for a manager? If self managed, how much time do you spend on it each month and what is your time worth?
What are the property taxes? Do you pay hotel/lodging or any other short-term rental tax?
How much did AirBnB charge during this time period?
Are there any other marketing costs like newspaper, web sites, etc?
What are the utility expenses (electric, gas, water, sewer, trash)?
Do you provide TV, Phone, or Internet?
What are your insurance costs?
Do you have to maintain landscaping?
What were your maintenance costs for the past year, to include replacing broken furniture, dishes, etc?
Do you provide toilet paper, soaps, coffee, welcome baskets?
I would love to see you present the whole picture so we can get a better idea of how your market works for vacation rentals vs. long-term.
I like to net 1% with a 15% down payment mortgage. Pretty easy to do.
Self managing these things is not for everyone. I enjoy it.
Give me a call happy to run you through my entire system.
Lucas, I've managed 70 vacation rentals so I'm not asking for your numbers for my sake. I'm saying it's irresponsible to post your gross without disclosing all the associated expenses because it gives viewers a false sense of success.
@Nathan G. I agree. I was quite surprised when I saw this headline. Especially from one of my neighbors.
@Michael Ryion congratulations man! I love hearing Airbnb success stories. Keep it up man!
@Garrott Nalle look at this.
I hate "success stories" like this. Zero context. Basically a look at me post to get some likes. Go to Facebook for that. This is a place people want to learn.
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