I was showing one of my rental units and someone came to see it and offered to rent it from me and then Airbnb it out as short term rentals for workers and then once the theme park opens up for families visiting the area. Essentially I would get my rent each month and they would serve as property manager and be responsible for all maintenance calls and requests and keeping it full. Has Anyone done this? What do you think of it?
I’m thinking a “base rent” plus a percentage of revenue?
Not sure how you would keep them honest..
@David Woz there's a name for this and it is becoming increasingly popular in some areas. Wondering if anyone else here has any experience with it.
My lease specifically prohibits this, and states if they Airbnb my property all revenue will be payable to me and they will be evicted.
First, will your insurance allow this? Second, this go-between has no liability or skin in the game. I absolutely would not allow this in a property I own, but I’d like to hear from others that do.
@Anthony Wick good question. Would need to check with insurance company. They have liability in that they sign the lease with me. So essentially they are the responsible tenant from a legal and financial standpoint.
I would get as large of a damage deposit as allowed by state law. Also make sure your city allows AirBnB. More and more cities are passing ordinances preventing this. And MTM lease in case things don’t go as planned.
I would steer very clear from this unless your ready for the wear and tear.
Your going to have transients treating your place like a hotel.
Maybe, as stated above, base rent + % from rental, but that may not even be worth it.
To your success!
Are you OK with having no say or screening for the people using your property?
I have Airbnbed a personal residence before and had no issues with our home being treated poorly. Of course there is always an exception but renting in general has this risk. I would want to increase the rent or get a percentage of the Airbnb income. You may be able to see what's going on by looking on Airbnb yourself as far as availability to your unit and asking price. Seems like a good way to get your unit rented and make a little extra with no extra hassel. If rental applicants are not a problem then just move on to another applicant.