Updated over 1 year ago on . Most recent reply
New Hosts Revenue Question
We purchase a property March 2024. We started Airbnb April 2024. My parents live out of state and the purpose was to give them a place to stay for an extended period of time and we will Airbnb it when they aren’t here to pay for the property. They stayed about 2 months in 2024.
We self manage and clean the property ourselves for the most part. We charge a cleaning fee of $100. Our avg monthly expenses with reserves is around $1500 (mortgage, taxes, insurance, utilities, reserves ect). Our average monthly revenue is $2,675.
We have had 46 stays so, $4,600 in cleaning fees (the cleaning fees are included in the avg $2,675 monthly revenue) If we have someone clean it, it costs $100.
My parents have their home for sale and are considering moving into this property if they sell their home and paying us rent. However, I feel like the revenue has been great even though we bought it "for them" it could be a great long term play by keeping it and having them live elsewhere. I also am considering buying another one but we don't have the down payment. We currently have a DSCR loan on this property and paid $180k for it.
Can I get your opinion on what to do and thoughts on our revenue?
Our guests are a mixture of workers in town to those visiting university for homecoming/graduation ect.