Rental Property Investor · Columbia, SC · Member since 2017 · 10 posts · 1 vote
Hi all! I recently purchased a multifamily property in an established neighborhood in Columbia, SC. I have a (good) tenant in one side, and I am in the process of sprucing up the vacant side to make it a little nicer (new paint, modernizing fixtures, minor repairs, etc). I was planning to live in it for a while, but was interested in using Airbnb (or others?) to short term rent it out once I move on, rather than move a new tenant in. Can anyone give feedback on this strategy, including upsides, downsides, pricing, vacancy rates? Thank you!!
Investor · Columbia, SC · Member since 2016 · 675 posts · 320 votes
8y
@Shakhlan Garane my opinion is that the rates you would garner would not leave you with much profit for Airbnb. Even if you do all the cleaning yourself, you should consider what your time is worth. Columbia hotels have reasonable rates and don't sell out enough to push business to alternative lodging.
Investor · National · Member since 2017 · 123 posts · 101 votes
8y
Run a report on eliotandme.com to see an average of what your property can generate for revenue. Before you go in this direction ensure that it’s worth it financially. You also have to factor in the other costs of operating a property, cleaners, linen, terry, property upkeep, higher utility bills, impact on neighbors, check local laws to ensure it’s allowed and what stipulations are in place if any, spend some time on Airbnb and I would even recommend staying at a few to see what the local competition brings to the table. Columbia also has a pretty strong economy and mid scale hospitality market which will probably undercut your pricing so understanding how to be different and add the perceived value which will allow you to charge more. There’s also another site called airdna that gives you more of a detailed report if you are still looking to move forward. STR can be great money but it’s not easy work until you get your system in place. I’m more than happy to be a resource as I’m familiar with your market. Good luck and happy hosting!
Rental Property Investor · Columbia, SC · Member since 2017 · 10 posts · 1 vote
8y
@Account Closed thank you for the input--I wasn't aware of that site! I agree that it does seem really labor intensive, and may not be worth the extra effort and cost. I will spend some time on analyzing this as a possibility. Thank you again!
Investor · Columbia, SC · Member since 2016 · 675 posts · 320 votes
8y
@Shakhlan Garane my opinion is that the rates you would garner would not leave you with much profit for Airbnb. Even if you do all the cleaning yourself, you should consider what your time is worth. Columbia hotels have reasonable rates and don't sell out enough to push business to alternative lodging.
Rental Property Investor · Columbia, SC · Member since 2017 · 10 posts · 1 vote
8y
@Andrew R. Lucas thank you for the information—definitely makes sense. Plus, my place is close, but isn’t located smack dab downtown or within walking distance to any “hot” areas. Thanks again!