I was thinking about perhaps converting one of my rentals into an Airbnb.com spot.
But before I do anything stupid or out of the ordinary I wanted to do a little research and find out if anyone else has done this and what are their results?
How much does Airbnb.com charge?
Will this be a long term solution if you only need to rent your property 10 days outta the month to cover rent for a whole month if you signed a lease?
Any personal experiences from anyone on this site?
Okay I am rambling now.
I have a couple friends who do it, and they love it. They have boyfriends/girlfriends who live in the same city and just stay with each other when rented out. Communal sharing with tech is the new wave, and it is not going anywhere (they might try to get rid of it, but it won't work in the end - its 2015).
Check out the podcast on BiggerPockets about it. There is a guy who just does vacation rentals. He has a lot of good advice about setting it all up.
Do you have the link to the podcast?
Hi Mike... have a daughter who did this with her home while out of it a bit... I have used them to find a place to stay .. works well both ways.. one thing to check out though is your insurance... it may be classified as Hotel rather than Rental.. will make a difference if you need insurance to pay for something.. they might not if classified wrongly
I have a friend that used them to rent out her beach house in Newport Beach. She was quite happy with the results. I have used the service for myself when I visited New York City, and I was happy. I have friends that used their service when they went to Europe, and they were happy with the results as well.
It is worth checking into.
I read on AirBnB website that they offer 1 million dollars of insurance through their website for anything damaged or broken in your home/rental during a stay. If this is the case would I really need extra insurance on my end?
Food for thought?
Airbnb's "insurance" only kicks in after your primary coverage. And it doesn't cover damage suffered by others in your building.
I have good experience with airbnb so far using my own primary resident. This month i netted 700$ even. that basically covered the PITI for the house
you can read more about it here
I took me quite a few booking to get used to having strangers sleeping on the next room. It also took a while to fine tune and tweak your guest criteria to make sure your lifestyle is not compromised.
I have a friend who has tried this in NYC of all places and in the East Village (a very popular area), Problem has been it does work sometimes and other times he has had trouble filling up. So its great if you are renting your primary residence and/or going away at what is generally considered vacation time but where I have seen people have an issue is when they rely on it to fill an empty house all the time. Some have had success but I have also seen a number of poeple not meet their numbers.
We are in Columbus and didn't think it was a tourist destination at all but we live in the best neighborhood and can walk to many bars and restaurants. Turns out people come for much more than just the events at the convention center. Its not considered passive income so there are tax implications that come with that. You also need to treat it like a hotel and provide as much or more than they do. Create a things to do booklet for the guest. Have comfy linens and towels. Price yourself as a value alternative to the hotel so if a one bed is 150 a night yours should reflect a value alternative. Such as 3 bedrooms for 250 or something like that.
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