Rental Property Investor · Aldie, VA · Member since 2017 · 26 posts · 16 votes
Anyone currently Airbnb/VRBO a property in Loudoun County/VA wine country? The area has virtually nothing in terms of multifamily rentals, but seems to present opportunities to rent out additional properties on lots that have an extra structure on them (We would live in the main house, rental property would be a stone's throw away). Seems like being in the vicinity of local wineries and Dulles airport may present good opportunity-- just not sure it's worth the cost of renovating and furnishing one of these two-property lots...
Rental Property Investor · Ashburn, VA · Member since 2016 · 239 posts · 119 votes
9y
Scott Holmes I've only seen AirBNB be the best profitable solution when your hacking your house. If your property is a 2 or 3 bedroom I would give the first bedroom to the manager and the other bedrooms to the AirBNB tenants. Give the manager a large split of the proceeds but keep your rent floor at say $1000 per month (20% below market rents) if the math should work out that if they rent out the other rooms for 55% of all possible days then their rent should be free.
Market rents $1250
Average night on AirBNB - $80 after fees
Mangers rent - $1000
17 active nights in one month - $1360
You get $1250
Manager gets no rent plus $110
25 active night in one month - $2000
You get $1400
Manager gets no rent plus $600
Investor · Denver, CO · Member since 2016 · 533 posts · 433 votes
9y
Hi Scott,
I would search out a tool like airdna.co (not .com) or Mashvisor to do some homework. These tools provide pretty strong financial analysis tools based upon zip codes and areas. I would also run a cash on cash analysis to determine the wherewithal of this expense based upon estimated rental income. I have a spreadsheet a friend of mine developed and can send you a copy of you want to private message me.
Rental Property Investor · Ashburn, VA · Member since 2016 · 239 posts · 119 votes
9y
Scott Holmes I've only seen AirBNB be the best profitable solution when your hacking your house. If your property is a 2 or 3 bedroom I would give the first bedroom to the manager and the other bedrooms to the AirBNB tenants. Give the manager a large split of the proceeds but keep your rent floor at say $1000 per month (20% below market rents) if the math should work out that if they rent out the other rooms for 55% of all possible days then their rent should be free.
Market rents $1250
Average night on AirBNB - $80 after fees
Mangers rent - $1000
17 active nights in one month - $1360
You get $1250
Manager gets no rent plus $110
25 active night in one month - $2000
You get $1400
Manager gets no rent plus $600
Rental Property Investor · Ashburn, VA · Member since 2016 · 239 posts · 119 votes
6y
I am friendly with an AirBNB investor in Ashburn. He is currently renting the whole house out to a family whose houses had burned down. Getting double his mortgage payment from the insurance company and very happy.