Hello Fellow BP members!
My husband and I spent some time this weekend looking at potential airbnb properties in Hudson NY. We've done a fair bit of research on costs and expected income and have made some local connections with RE agents, banks, and even fellow airbnb hosts who shared their experiences with us.
My biggest question is how to properly analize one of these spaces. A lot of traditional analytical templates, p&l sheets I found online don't really factor in some of the unique nuances of short term rentals like this. I just want to make sure before we pull the trigger, that we are 100% comfortable with the numbers, and I can't say that right now. I found one site (learnairbnb.com) which does have a tool like I've been looking for, but it's geared towards a tenant looking to rent their space on airbnb....weird.
Does anyone have experience analyzing a property like this(doesn't need to be in Hudson), and if so, are there any tools you have found that would be helpful?
I've actually been working on a web project to create an airbnb investment analysis tool. I'm looking for some beta users during the development phase. The tool looks at average nightly, weekly and monthly income, competition and local laws etc to determine the optimal locations and price points.. I'm happy to chat.
Hi - late to respond to this, but you can try checking out AirDNA for specific analytics for your geographic area http://www.airdna.co/city/us/new-york/hudson
I now own a couple vacation rental businesses, so it's almost become a weird hobby to suss out the vacation rental viability pretty much everywhere I go. Feel free to PM me for specifics.
This tool is pretty simple, but it might help out if you're at the point where you've already projected your gross income: