Buying my first AIRBNB property

[Raquel Penas Fernandez]

Hello everyone,

I am new to this forum and I am excited to learn from you all and contribute when I can. I am a real estate broker and just starting my journey with short term vacation rentals. I own three rental properties in different parts of the country but I am new to short term. 

For those seasoned short-term investors, what was the best piece of advice you received when you first started? What's the best software to manage the schedules and cleaning appmts? I think the logistics of it are daunting. 

Any advice would be appreciated.

[Collin Hays]

Any time one ventures into a new business, it can seem daunting. STRs are a business, and by self managing, you are effectively running your own small business. 

Thankfully, the VRBO and Airbnb platforms make the software/booking/marketing side of things pretty straightforward.  You pay for that - 7 to 11 percent of your rents for each booking - but it is in the cost of doing business with these platforms.  

One of the biggest things new investors ignore is risk management, yet it represents, by far, the most significant threat to your financial health if you ignore it.  You have to provide a safe place for guests, and you have to have the dwelling properly insured to cover yourself if an accident or fatality occurs.  An all-encompassing rental agreement does not waive your responsibility or negligence.

Finding a handyman and a housecleaner are small change items.  

Keep reading this forum, ask questions, and PM me any time.  Good luck to you!