@Mike Brecko - I do not. If I wanted my unit to be an Airbnb then I'd do it myself. Airbnb's seem to accelerate wear and tear because of the constant change of people.
@Mike Brecko - I do not. If I wanted my unit to be an Airbnb then I'd do it myself. Airbnb's seem to accelerate wear and tear because of the constant change of people.
If it wasn't for additional risk/liability, I wouldn't have a problem with it. I don't agree that it adds wear and tear as many airbnb guests don't actually spend that much time at a property. We operate airbnb (3 spaces) at our home and it's a lot of laundry and cleaning for the turnovers but we haven't noticed the kind of "wear and tear" that some tenants seem to do.
I agree with the others. If I wanted to do a short term rental, I'd do it myself. Too many people in and out and a great way to tick off the neighbours.
@ Mike Brecko assuming STRs are allowed by zoning, you can eliminate the concerns of others who replied. You should ask this question in Solo 401k or self directed IRA forum. STR and STVRs are considered a business and as such RE investors looking for a passive RE investment can t manage a business within their retirement plan. Thus, they use Master lease or triple net lease or some lease thereof to achieve 10-12 % return based on property value.
Have a tenant sign a commercial lease on your property. It may even be triple net, where leasee pays taxes and insurance and interior maintenance. Require you be listed as additional insured on insurance policy.
There is less wear and tear on a STR or STVR than in a LTR.They are cleaned after each stay.. Clientele is controlled to some extent depending on type of property you own. Property is only rented 60-70% of time.. Ability and experience of leasee will be number 1 factor in success. Cleanliness and reviews are important to gain bookings.
Make sure tenant has had success running a STR business.
@Mike Brecko I don’t necessarily agree 100% with the “wear and tear” on air BnB properties. I manage an air BnB and I believe the wear and tear happens greatly in a traditional rental property more so an Air BnB. My air BnB is deep cleaned and made pretty 3 to 4 times a week. Is a single family rental property deep cleaned and made pretty 3-4 times a week? No way.