Lender · Claremont, CA · Member since 2020 · 34 posts · 19 votes
Im going to buy my first Airbnb (had one with a partner a few years ago but it didnt do to well so we sold it after 2 years, was a breakeven deal pretty much) So trying to do some more research and due diligence this time to hopefully get some good cash flow! Heres what i found so far
Airdna.co to research the market and profitability
Research the competition in the area and see how you can niche your property (super family oriented, man cave, she shed, luxury, for entertaining, etc)
Contact other local airbnb hosts to network and make contacts for service providers and get tips
Look for at least a 3x return (try to get at least 3xs the mortgage payment monthly )
Any other tips you have to add or thoughts on this??
Contractor/Investor/Consultant · San Diego / Phoenix · Member since 2021 · 12k+ posts · 15k+ votes
4y
1) Don't use AirDna for your data, do your own research if you want real numbers. 2) When doing your decorating and furnishings, go to Antique Stores, Thrift Stores and Goodwill as much as possible. I hear about people spending $30k to outfit a place, when the number could be $3k.