I'm new to the idea of AirBnb (or VRBO/HomeAway etc..) for my real estate investments. I've come across the website Eliotandme.com and see there MAY be a potential to make more money on my investment as opposed to renting out.
If this website is accurate, I'd like to make my first investment property strictly an AirBnb property and in the event legislation changes or some other plan altering event occurs, I can revert back to my original plan and rent it out to tenants. I plan on living 1 hour away from the house. I live in CA. House will be around $400K. SFR. Close to the beach. Probably in the city of Oceanside.
My target city currently has no limitations to STR. Beyond, the Transient Tax, and potential changes to legislation annually, what are some hidden problems I may encounter? Any advice at all is greatly appreciated. Thank you!
(yes I plan on buying some books to study more before actually doing this)
Always make sure utility wise you have that all buttoned up as that hurts your noi. Solar etc. Airbnb is a good platform and walk you thru quite a bit.
Eliotandme.com is way, way off on their estimates of my properties. If you are interested in sharing your projections, I'd be happy to help refine them.
One of the things I have successfully done is incorporate timers onto the bathroom exhaust fans. That, and replacing every light bulb in the place with LEDs. Not only does that reduce energy costs, maintenance is also drastically reduced.