Renting a loft and covering expenses using Airbnb???

[Austin Seth]

So this is probably a worn out question, however I am new here so I am going to ask anyways.

I am looking into renting a loft in Galveston TX as a weekend getaway. However, my current financial situation does not quite allow me to do so. The thought was to airbnb it out when I am not using it. Right off the bat, I know there are some problems with this. First and most obviously, I do not own the property. 

In a city like Galveston TX, how likely are you to find a landlord that will work with you and allow you to do what I am proposing? Secondly, what is the best way to pitch the idea to them? Something has to be written into the rental agreement I would assume. The idea of sub-renting it out through airbnb or something similar would be strictly to cover cost. If I could make it cashflow, that would be great however back to my original statement, I am just looking for a way to afford a getaway spot for several days a week. 

Thanks for any and all feedback!

Austin

[Conner Olsen]

@Austin Seth This is called rental arbitrage! It is possible to find landlords willing to rent their property like this. Here are some ways to make it more enticing to them: 

1. Offer a % of total profit

2. Get a longer lease, may be 2-3 years

3. Pay above market rent

It is definitely a good business strategy for creating cashflow quickly, however you need to check with your city to see what their STR laws are because you could get stuck with a long lease and no renters if you do it wrong.