AirBnB General Advice

11 Replies

Does anyone have any useful information regarding AirBnB properties that they would like to share here?

@Matt Finneseth Your question is pretty broad. Are you interested in details about doing short term rentals in your area? Or about Airbnb as a short term rental platform? Finding market data, etc..

-Check out Airdna.co for market reports on using Airbnb.

-Local Regulations can make or break a short term rental business, and regulations are changing across the nation, so be sure to know the rules where you invest. Then once you invest, stay involved on potential changes so you don't get caught off guard.

If you can provide a little more detail in what you are curious about, happy to provide further insight.

@Andrew Kerr Thanks! I'm not looking for any information in particular, just general information that people know about AirBnB rentals and how they compare and contrast from your average rental property.

I think they have an app you can log onto and book places.

That’s a broad question but if you want good Airbnb information check out the Zeona McIntyre episode on the Bigger Pockets podcast. Also check out these podcasts below.

Live Let Thrive
Get Paid For Your Paid
Shampoo & Booze
Vacation Rental Success
Holiday Let Success
Hosting Your Home

All the Airbnb information you need right there.

I just started airbnb-ing one of my rooms in my condo. It’s been great for me thus far! In November, I’ve netted about 450 bucks...and that’s just for one room. I live in a nice area in Chicago close to a University and about 15 minutes away from downtown Chicago. Public transportation is also all around me. So, with that being said, I think location, nearby attractions, and public transportation is key in determining a good airbnb business.

@Matt Finneseth - I live in Denver about 5 blocks from the largest park and 1.5 to 2 miles from downtown. 

I started AirBnbing my place in mid-July and I have had probably 10-15 vacant nights in 4 months. It can be extremely lucrative. In the summer months, I was making $1,500 a month and that's in a shared apartment. Now, it is slowing down and I'm down to ~$1,000 per month. I'm expecting that to dip to ~$800 throughout the months of January through March. 

If I were to rent this bedroom out normally, I could probably get between $700-$900 for it. So in the summer months I'm making double and even in the winter months, I will be making comparable prices. 

It is a little bit more work. I do a hefty amount of sheet and towel cleaning, but if you don't want to clean sheets and towels, then you can always hire the cleaning out.  

I would definitely talk to some other AirBnbers in your area. I know very little about Fargo, ND and as to whether there are attractions there where people need sleeping accommodations. 

Originally posted by @Craig Curelop :

@Matt Finneseth - I live in Denver about 5 blocks from the largest park and 1.5 to 2 miles from downtown. 

I started AirBnbing my place in mid-July and I have had probably 10-15 vacant nights in 4 months. It can be extremely lucrative. In the summer months, I was making $1,500 a month and that's in a shared apartment. Now, it is slowing down and I'm down to ~$1,000 per month. I'm expecting that to dip to ~$800 throughout the months of January through March. 

If I were to rent this bedroom out normally, I could probably get between $700-$900 for it. So in the summer months I'm making double and even in the winter months, I will be making comparable prices. 

It is a little bit more work. I do a hefty amount of sheet and towel cleaning, but if you don't want to clean sheets and towels, then you can always hire the cleaning out.  

I would definitely talk to some other AirBnbers in your area. I know very little about Fargo, ND and as to whether there are attractions there where people need sleeping accommodations. 

 That's awesome! It is likely that it would only work in one of the downtown areas as there isn't much else to do and there isn't much public transportation accessible. More likely would be a worthwhile investment for Minneapolis, though, with all the attractions and infrastructure. 

@Andrew Kerr makes a great point on local regulations. I know the greater Minneapolis St.Paul area has seen some regulations introduced. They are now requiring a license to do AirBnB out of St. Paul and I believe Minneapolis just introduced a licensing requirement as well. I have heard that Denver has cracked down a bit on AirBnB's from listening to the most recent BP podcast. On the show, Craig mentions that you can do short-term AirBnB rentals out of property that you occupy, but for property that you own and do not occupy, there was a minimum rental period i.e. minimum rental length of 1 month. Don't quote me on the duration as I am not sure how long they require it to be. (BP podcast/episode 252, "House Hacking (Your First Deal) & Life Hacking with Craig Curelop).

I've got a buddy that does AirBnB out of his Minneapolis triplex and I can tell you it's been lucrative for him. One caveat to that is the amount of work you have to put into it. There can be a lot of cleaning involved and it takes work to be doing setup and takedown.

We rented out a room in our house to aid in a debt snowball and it was a great experience. Our city only allows short term rentals in occupied homes (i.e. you can rent a spare room but not buy a house specifically to use as a short term rental).

This seems like a “duh” comment, but I’d also say to have solid “house rules”. Airbnb has a great mediation program if you have a problem guest but you have to have the rule you are trying to enforce in writing.

I recently worked with a guy that rents through Airbnb and VRBO on his properties, but caters to companies/businesses that need longer term housing (1-3 months). This would cut down on a lot of the preparation work that goes into a “weekend guest” type of short term rental.

Good luck!

Originally posted by @Nicholas Johnson :

@Andrew Kerr makes a great point on local regulations. I know the greater Minneapolis St.Paul area has seen some regulations introduced. They are now requiring a license to do AirBnB out of St. Paul and I believe Minneapolis just introduced a licensing requirement as well. I have heard that Denver has cracked down a bit on AirBnB's from listening to the most recent BP podcast. On the show, Craig mentions that you can do short-term AirBnB rentals out of property that you occupy, but for property that you own and do not occupy, there was a minimum rental period i.e. minimum rental length of 1 month. Don't quote me on the duration as I am not sure how long they require it to be. (BP podcast/episode 252, "House Hacking (Your First Deal) & Life Hacking with Craig Curelop).

I've got a buddy that does AirBnB out of his Minneapolis triplex and I can tell you it's been lucrative for him. One caveat to that is the amount of work you have to put into it. There can be a lot of cleaning involved and it takes work to be doing setup and takedown.

 Thanks for the info! Crazy that local governments try to impede on what you can and can't do with your own property. The more I've learned about properly located AirBnBs, the more it has piqued my interest. I'm not sure if I would want to do one myself given the amount of effort involved in keeping it functioning, but it is good to know about at least.

Edit: Do you know how much it would cut into bottom lines to outsource the maintenance, such as hiring maids to come in every so often and tidy things up and such?

Hi @Matt Finneseth as a general rule of thumb you can make the equivalent of one month of rent normal rent in 10 days with Airbnb. But it really depends on the market. You can and may people expect a cleaning fee so interview a few cleaners in your area and see what they charge and just include it in your listing or if you see other listing like yours charging more up your price and pocket the difference. Listen to Ben Leybovich's article on luxury house hacking. There are many ways to leverage Airbnb even in unexpected ways and markets https://www.biggerpockets.com/renewsblog/luxury-house-hacking/

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