Air Bnb Business in Venice, CA

4 Replies

Hi my name is Samantha Paparo and I am new to this site today.  I am an online coach full time and I live in Marina Del Rey, California.  I watched my dad growing up generate millions of dollars through real estate, but I never developed the knowledge he did.  I want to learn and grow through this platform and hopefully get the chance to meet others doing the same thing in my area. I am currently have been subletting, I am in 3 leases total and rent out the other 2 through air bnb.  The profit margins are amazing here in Venice, CA and I want to be able to own my own building about 4 units and do air bnb out of it.  I have been running these ones for over a year but I want to have my own building.  If the property is around $1.5 million, would I need to put down 7% or more? Has anyone done or do air bnb currently?  What could be the next steps if I want to move towards this?  

@Samantha Paparo Welcome to the forum! Read a bunch of books at listen to all 300~ podcasts and come up with a game plan. Starting with a 1.5 mil property and no knowledge probably not a great idea. Find something for 100k and get your feet wet. Airbnbing someone else’s property is only going to last so long before you get shut down by the owner or the local government so that is also not a great idea.
@Samantha Paparo There are only a couple of markets in the country that this forum will recomend for STR VR and that’s Pigeon Forge/Gatlinburg (that’s where I am if you want to get in to it talk to me when you’re ready) Bif Bear and Coffeyville, KS ;) “Airbnbing” is a job. I know it probably intrigues you because it’s a part of real estate that would be new to your father and you could teach him something but at the end of the day it’s a job. Educate yourself thoroughly and then ask the old man for some cash! Books to read Rich Dad Poor Dad Cash flow quadrant Real estate with no and low money down E Myth 10X Richest Man In Babylon
Hi Samantha, I’m your neighbor over here in Venice and your right, AirBNB cash flow can be incredible. I just sold a clients triplex who was generating 120k a year gross off the two small rear units. 7% on a jumbo loan would be tough. Do you have a lender? I recommend you talk to a lender. Househacking with Airbnb is a fantastic idea. I just saw a place in West LA that had 3 Airbnb ‘units’ and you could convert the 800 sf garage + storage into a big adu.

Hey Nick thank you for the response. I would love to get in contact with a lender. I know of someone who might but I need to show them the numbers for it make sense. I have been doing this for awhile and my goal by this year is to own my own property. Would you be interested in meeting or speak to you over the phone?