Air Bnb Property Criteria
Hey guys, I have been investing for several years now and am looking to try my hand at nightly rentals.
I am looking to do a hybrid of the BRRR strategy. I own a contracting company so it fits well with my skill sets. I'm looking to buy a run down or outdated property bring her back to life. Then refi it and furnish it for a nightly rental.
I have a few questions about criteria for the property.
1. Does a 3br perform better then a 2 br?
2. Is being in town close to everything aka walking distance to bars and restaurants outperform a quiet setting outside of town perform or can they do ust as well. I know a prefer a quiet setting but everyone is different.
3. Does the type of home matter? rancher vs bi level matter? Or are the finishes more important.
4. Size ? Is 1300-1500 sq ft big enough or does it need to be a full on 4br 2bth home.
5. Are pools worth the extra expense? They seem like a money pitt to me.
6. Has anyone used an aprtment in like a multi unit as air bnb before? It seems to me that to take a 2 unit and rent both out would provide extrodanairy cash flow.
7. Any other tips on what things to look for in a property?
Sorry if these are kind of general. I am trying to be a lot more focused in real estae goals
I feel like now that I habe decided on a strategy for the upcoming year. I need to figure out what type of property would suit the nightly strategy rental the best. But because I have never done this strategy before I figured I better ask someone who has.
Thanks in advance guys I appreciate you taking time to help me out.