Investor · Diamond Bar, CA · Member since 2013 · 60 posts · 28 votes
I have a 4-Unit building in downtown Riverside, CA. I inherited all 4 tenants and everything has been great for the last year. One just moved out and I’m renovating, and I’m beginning to think AirBnb is a good idea for that one unit, but here are my concerns
1- Do I have to advise the other 3 tenants that it will be a Airbnb ? Should I?
2- Am I to expect some horror stories from the residences bickering?
If anyone has any experience with this and could share their stories, failures or successes, I’d greatly appreciate it.
Rental Property Investor · Red Bank, NJ · Member since 2017 · 1k+ posts · 1k+ votes
7y
I briefly toyed with this idea when renovating a 4 unit. Bottom line for me was that I would not do that to my tenants.
I expect my tenants to adhere to the lease and conduct themselves in a neighborly way. To introduce a non vetted, temporary stranger into their space who would not be subjected to that would undermine what I have created.
Why Airbnb? Unless it is right in downtown I somewhat doubt that you would have a booked unit most nights
@Aaron Kinney It is just under 1/2 a mile to downtown. I thought the same thing but then i realized how many AirBnb places around me are doing great business.
Rental Property Investor · Red Bank, NJ · Member since 2017 · 1k+ posts · 1k+ votes
7y
I briefly toyed with this idea when renovating a 4 unit. Bottom line for me was that I would not do that to my tenants.
I expect my tenants to adhere to the lease and conduct themselves in a neighborly way. To introduce a non vetted, temporary stranger into their space who would not be subjected to that would undermine what I have created.
Rental Property Investor · Salem, OR · Member since 2017 · 696 posts · 660 votes
7y
@Brandon Rodriguez We are painting a unit to do this very thing in a 6 unit building we have (on a creek with a deck and only 5 minute walk to downtown Salem.) We will probably tell the other renters just so they know to expect different people and tell them that their cooperation in making that a viable business will work to keep their rent increases lower....hint hint..
Turbotville, PA · Member since 2018 · 30 posts · 4 votes
7y
I had an AirBNB listing for a short while. The constant downtime, the amount of hands on work needed to keep your "guests" happy. They aren't tenants, and require so much more forethought in regards to zoning, taxation, and guest satisfaction. The concept is great, but it gets drowned in red tape. If the numbers work out in your favour, sure go for it. But keep in mind that like any other hotel, you will have significant dry spells where no income will be coming in for your maintained and paid for unit. So long as you are covered legally, why not try it for two months to gauge the demand?
Investor · Riverside, CA · Member since 2016 · 129 posts · 67 votes
7y
@Brandon Rodriguez If you're still on University in the downtown area, that's fairly close to the city center, community hospital, etc.. I believe that's still the 01 zip code. If you cross the bridge into Rubidoux (09), that's a different matter entirely. I'm not a short-term rental expert so I can't give an opinion as to whether or not those areas will be successful in that realm, only if I think it's a decent area. Downtown is really changing and there's a ton of investment in the are with mixed-use developments and hotels, restaurants, etc..
Rental Property Investor · Salem, OR · Member since 2017 · 696 posts · 660 votes
7y
@Brandon Rodriguez Ahaha..yeah, when people ask if I am the football player "sure, just not the good one you are thinking of..haha"
AirBNB/STR can be great or awful, so much depends on the property, the operator etc. You do WANT to have something unique or different (location, decor etc) and it is more hands on, but systems work well. GET A GOOD CLEANER THAT YOU TRUST!!!