Successful Airbnb Owners, what made you successful?

[Tommy Lee]

Hi all,

Looking to buy a condo to rent out as an Airbnb. For investors whose condo are generating positive cash flow after covering mortgage, operating expenses and resulting in surplus income each month.

1) What do you think contributed to your success?
2) How many Airbnb properities do you own? 

Looking to give Airbnb a try. I love the hospitality industry and this would be my passion

Would love your thoughts and insight

[Myka Artis]

Hello Tommy!

This is a great question. I've been hosting since December 2016, and I think what made me successful was the ability to adapt. Airbnb has changed over the years. The days of throwing together a bunch of Facebook Marketplace beds and cheap Wayfair furniture are over. So, the ability to adapt to these changes and find a niche is what has kept me in the game. I now do the STR/MTR mix to keep my places full and significantly increase cash flow. I currently own four STRs/MTRs, manage three, and arbitrage over 400 timeshares.

My thoughts and insights are to write down your goals first and decide if you're going to invest in a vacation rental market or suburban/metro market. This will determine how you view STR laws, the type of property you will buy, and your target audience. With that being said, you will need to be cautious when considering condos. My first STR investment was a condo, and the HOA shut me down; however, I was in a metro/suburban market.