Hey BP Community,
Just wanted to reach out and get some advice from Landlords who are successfully using the short term crashpad niche as a way of investing. Just looking to hear about the pro's and con's as well as any challenges one may of faced starting out.
Any feedback would be much appreciated.
I've been trying to research this too and have hit a brick wall..... there was some older threads here and other talk of having leases directly with the airlines. I've been looking at this for a smaller (but decently active) airport, half tempted to send my realtor to the airport and start talking directly to the crew.
@Kevin Paulk @Matt K. - I focus on furnished private room rentals near an airport. I prefer longer term roommates who sign a lease with house rules and pay a security deposit. I charged $595-695/mo utilities included for a private room. When these rooms are empty I charge $29/night through Airbnb and usually they get booked by people flying out of the airport early in the morning or visiting professionals. These are mostly 1 night bookings. My rooms are only for 1 guest.
I personally dislike having to wash and change sheets, blankets and towels every day between tenants. Which is why whenever I get someone to sign a lease, I immediately remove the Airbnb listing which could theoretically make more but with vacancy evens out to about the same but with a LOT more work and no security deposit.
I’ve met some people who have told me about pilots who share bedrooms in a crash pad type house each paying like $200/mo and planning to be there 5-10 nights/mo, sometimes in a bunk bed. Beds/Rooms seemed first come first serve. Not sure how they actually balance this subscriber like approach where you might rent 4 bedrooms to 12-20 people who each don’t plan to be there often.
I have 6 crash pads and 4 SFR. Check out the link above. On the second page I posted #6 which I closed on 20 July. It's leashed for 24 months which started on 1 August.
@Natalie Schanne Thanks for sharing your experience. :)
I've heard the same thing about pilots renting rooms and thought that was interesting. Definitely looking to understand this more.
@Clifford Paul Thanks for suggesting the thread it was insightful and what a amazing story you have. I have a few questions around the operations around your crash pad. You mentioned that you do a 12 to 24 month lease, now I've heard of pilots renting on a weekly bases but how do you get a pilot to commit to 12 to 24 months? You also mentioned that the Airline companies pick up the cleaning and Laundry tab. Do most pilots receive a budget for housing?
I lease the crash pads directly to the airline. There's no hotel tax because it's a long term lease. This saves the airline money even with the cleaning fees and laundry fees.
I don't know what all airlines do or how they room pilots. The airline I work with was paying a local hotel a lot more. I just put the numbers together and made a proposal.
The main requirements they had to have was each crew member had to have their own bathroom and bedroom. They also requested crash pads be close to airport and in nice neighborhood.
No problem I told them I would buy new homes in nice neighborhood. All my crash pads are new builds 4 bed 3 bath so the lease only allows 3 crew members per home. The 4th bedrooms are set up for TV/game room.
If you have any questions send me a PM.
I have ran Airbnbs, Crashpads, and long-term rentals for 3 years and I created a platform that allows homeowners to list Crashpads and crew members and homeowners to make their monthly payments online and search for Crashpads. The website is: https://www.2ndlanding.com. We just launched so if there are any suggestions as a user, we welcome all feedback! We want to make it simple and easy to use!
Hey there! Here, I'm using the Metolius Session II Crash Pad for using in my camping and commuting sessions. I like to read books, rest and sleep on that! Note- I'm not a landlord!