SFH Airbnb Available Half the Month
I'm a cargo pilot and travel at least half the month. I'm thinking about buying a house and STR with a manager while I'm flying. Planning ~$800,000 range, pool, No HOA, 4-5 bedrooms with the master off limits to guests. Chandler and Gilbert area preferred. Any thoughts? I need a good real estate accountant as well if anyone has a recommendation.
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#1 Short-Term & Vacation Rental Discussions Contributor
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Hey @Ben Spaeth. That could work OK. Seeing as you are traveling a lot, it might be harder to manage it yourself as you might be in the air when you need to check in.
By using a PM, you will lose most if not more of your profitability, but that might be OK as it will cut down on your mortgage costs.
Get a CPA who is an actual investor and not someone who just took some classes. They can be anywhere so you are not limited to AZ.
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@Michael Baum nailed it. No other replies needed
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#4 Short-Term & Vacation Rental Discussions Contributor
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You'll also have someone in your house when you are not there for half a month.
Story #1: The water supply line to a fridge/icemaker had a slow leak. It leaked for about 10 days before I found it. The place was unoccupied. Had to replace the floor.
Story #2: Some tenants were leaving that day and called and said that there was no water to take a shower. I told them to look outside and tell me what you see. They saw a bunch of utility trucks and a back hoe up the street. City was repairing a water leak. They left. They left the water on in the upstairs sink. The sink overflowed. My wife went in the next day and the downstairs ceiling was on the floor and it was raining inside. Had to replace the ceiling.
Is your travel predictable and known well in advance? Or would you not know until the week or two before and be counting on last minute bookings?
Hi Ben!
I would love to chat with you on the phone about your options! My twin sister lives in Chandler and travels for 6 months of the year and locks her master bedroom up as well and rents out the place while she is gone. She self manages with the help of a cleaner and landscaper or you can get a property manager. I know a few short term rental property managers you could interview to tell you about their fees and also potential profits.
I also have a client who bought a 5 bedroom home near downtown Gilbert last year and house hacks all the bedrooms. There is a sight called roomies.com that you can find roommates to fill it or also a facebook page for traveling nurses coming for 1-3 month stays.
My husband and I went to Europe for 2 months this summer and did the same thing with our house in Scottsdale.
I think it is just super important to look at the numbers and your situation to help you form a plan that is both profitable and convenient for you.
Quote from @Chris Henry:
Is your travel predictable and known well in advance? Or would you not know until the week or two before and be counting on last minute bookings?
I get my schedule 60 days at a time at my airline released on the 20th of the month. So tomorrow, 9/20, I will know my schedule until the end of November. This would allow me to coordinate with my property manager and open up those days on Airbnb/Vrbo. For especially lucrative months (Super Bowl, Waste Management Golf), I feasibly could work over time for the whole month, visit friends, or use hotel points.
This arrangement would cause use to miss out on the long term vacation planners but also there might be a premium we could charge by being a short notice STR, much like airline charge more for tickets closer to the day of travel.
Quote from @Allie Pfannenstiel:
Hi Ben!
I would love to chat with you on the phone about your options! My twin sister lives in Chandler and travels for 6 months of the year and locks her master bedroom up as well and rents out the place while she is gone. She self manages with the help of a cleaner and landscaper or you can get a property manager. I know a few short term rental property managers you could interview to tell you about their fees and also potential profits.
I also have a client who bought a 5 bedroom home near downtown Gilbert last year and house hacks all the bedrooms. There is a sight called roomies.com that you can find roommates to fill it or also a facebook page for traveling nurses coming for 1-3 month stays.
My husband and I went to Europe for 2 months this summer and did the same thing with our house in Scottsdale.
I think it is just super important that to look at the numbers and your situation to help you form a plan that is both profitable and convenient for you.
Thanks Allie! Yes, I'd like some references for STR property managers first. It might be a little more hands on due to my schedule coming out only 60 days at a time but that's do able.