Getting started with Airbnb

20 Replies

Hello all,

I am getting started with STR and would like few recommendations on BP episodes that I should listen to. And any other helpful resources to quickly look up. I have experience with LTR so looking for guidance on where to start with. Thanks all in advance!

@Chanakya J.

Hi Chanakya. I got most of my helpful STR setup info from a podcast called "Get paid for your pad" and by reading a book of the same name. I haven't listened in a while, but a lot of the episodes I listened to in 2019 helped me think through decor, pricing, amenities, listing setup, etc. Good luck!

Originally posted by @Patricia Taveras :

@Chanakya J.

Hi Chanakya. I got most of my helpful STR setup info from a podcast called "Get paid for your pad" and by reading a book of the same name. I haven't listened in a while, but a lot of the episodes I listened to in 2019 helped me think through decor, pricing, amenities, listing setup, etc. Good luck!

Thanks a lot for your response. Will be checking out.

 

@Chanakya J. I just went through the process and got my *** kicked. Got on the one yard line and found out I couldn’t get a license because of county rules. Give a call to the local government before starting everything and it could save you a 5-15k loss. There being airbnbs in the area isn’t enough either (it’s what gave us the idea).

@Christopher Bell : Thanks a lot for such a great advice. I learned tons of lessons in LTR and one of that is to do extensive DD before getting in. Learnt my lessons hard way. Hope you find a successful one in your next attempt.

@Chanakya J.

Focus on your guest’s experience. The success is the details. Think about the stuff you would like to have on your hotel room when you travel.

Add a list of concierge recommendations for the area. Decorate the place to create instagram, snapchat moments for your guest. Be responsive. Airbnb really sets you up for success if you are committed to do the work.

@Chanakya J. Very important that you hook up with your cities local str groups to learn the local ins and outs. Search in meetup.org for various titles of str groups. They exist!

Ie does your city or county have str restrictions or license requirements ir other issues.

Problems start or are avoided by the location of yiur str house, ie closeness ti neighborhoods and parking etc and etc that is very locale based.

Also, please buy such that at worst you can cover the debt with std ltr rent!

Originally posted by @Hernando Quintero :

@Chanakya J.

Focus on your guest’s experience. The success is the details. Think about the stuff you would like to have on your hotel room when you travel.

Add a list of concierge recommendations for the area. Decorate the place to create instagram, snapchat moments for your guest. Be responsive. Airbnb really sets you up for success if you are committed to do the work.

Thanks for your suggestions. I am in learning stage and will definitely keep in mind when i get to the lilsting of my first STR stage.

 

Originally posted by @Curt Smith :

@Chanakya J. Very important that you hook up with your cities local str groups to learn the local ins and outs. Search in meetup.org for various titles of str groups. They exist!

Ie does your city or county have str restrictions or license requirements ir other issues.

Problems start or are avoided by the location of yiur str house, ie closeness ti neighborhoods and parking etc and etc that is very locale based.

Also, please buy such that at worst you can cover the debt with std ltr rent!

 Great advice. Checking it out right away!

Originally posted by @Christopher L Koza :

@Chanakya J.

^all great suggestions. As far as YouTube goes, Michael Elefante is extremely transparent without an ego.

 Thanks, So much of great content out there. Thanks for this recommendation. 

@Chanakya J. if you are used to LTR, then entering the STR is completely different, some good and some bad. It is very time intensive. I can go months without talking to long term tenants, but the STR require daily commination in some cases. People will criticize the smallest things, so be careful how you furnish the property and make sure it is spotless. Bad reviews will directly affect your rental rate. Bad is anything under 5 star, which means you need to be perfect.

It can be very profitable and rewarding, but factor your time into the costs. You will gross much more rent, but your expenses are also higher due to furnishings, utilities, cleaning and supplies. 

Picking the right market is also critical. Some vacation markets have established vacation rental history, while other areas are owner occupied communities that are being invaded by STR. Watch out for zoning changes in those areas.

The @Avery Carl episodes are great and she has a book that I have not read, but I will assume is good too. https://store.biggerpockets.co...

Generally speaking BP doesn't have a ton of STR content. This sub section forum has some good tips, but there are entire podcasts, books and Youtube videos dedicated to the topic.