Rental Property Investor · Wakefield, MA · Member since 2016 · 50 posts · 31 votes
hey guys!
So, I've already introduced myself in the new member section and talked a little bit about wanting to rent a unit so I can sublet it on Airbnb.
I am currently in the process of finding a realtor, property manager or landlord who is willing to rent to me so I can sublet.
Guests would be screened before being able to stay there and there is also insurance through Airbnb.
I am a successful residential, commercial and Airbnb cleaning business owner (including some property management/maintenance). My cleaners would be going there after guest checks out and I would be taking full responsibility for the Airbnb.
I have a lot of experience in this area and would love to be able to take that experience and profit from it with the Airbnb business. I can't buy any properties yet, but soon enough I will be, so I won't have this issue!
If anyone out there can help or would like to talk about this, please feel free to respond to this or inbox me!
Contractor · Pittsburgh, PA · Member since 2014 · 885 posts · 359 votes
10y
@Cassandra Staffieri you need to make sure that you're 100% up front about your intentions with the property that you're going to rent. Also, Somerville is an up and coming neighborhood, but do you have some analysis to show that it can support the kind of rent that you're going to have to pay all year round?
I would suggest taking the approach of coordinating this process for the landlord instead of trying to make/keep all the money for yourself. Property in Somerville is super not-affordable, so you may experience more success if you pitch it as a service that you can coordinate, and not as you using their space to make a ton of money for yourself.
Also, please clarify, do you intend to live in the apartment and also use it as an Airbnb destination, or just use it for Airbnb?
Contractor · Pittsburgh, PA · Member since 2014 · 885 posts · 359 votes
10y
@Cassandra Staffieri you need to make sure that you're 100% up front about your intentions with the property that you're going to rent. Also, Somerville is an up and coming neighborhood, but do you have some analysis to show that it can support the kind of rent that you're going to have to pay all year round?
I would suggest taking the approach of coordinating this process for the landlord instead of trying to make/keep all the money for yourself. Property in Somerville is super not-affordable, so you may experience more success if you pitch it as a service that you can coordinate, and not as you using their space to make a ton of money for yourself.
Also, please clarify, do you intend to live in the apartment and also use it as an Airbnb destination, or just use it for Airbnb?
Rental Property Investor · Wakefield, MA · Member since 2016 · 50 posts · 31 votes
10y
@Jeremy Pace I do know many people who are 100% up front and do either offer to pay more than what the rent is, give a percentage or sign a longer lease than asked for.
I plan on offering the same.
I currently live in Somerville and most of my business is in the Somerville, Cambridge, Boston area. My Airbnb clients that I currently clean/manage for range anywhere from $150 a night to $600 per night in peak season (summer, spring).
I am aware that the prices decline in the off season, but am also aware that my clients stay booked throughout the year and still profit from the business.
I have seen how profitable this business is from working with clients for the past year and a half and I'm ready to do it myself.
I pretty much know every thing there is to know about it, I just need the property to start!
Milton, MA · Member since 2016 · 88 posts · 27 votes
10y
I have also heard that the AirBnb business in the Boston area is seasonal (the season being primarily Boston marathon, month of May, the summer, and some in the fall and Xmas/New Years). I was renting my house which is in a suburb, so my clientele was primarily families on vacation, but I went to an AirBnb gathering and heard that even for downtown apartments the demand was on the same seasonal schedule. In the winter requests were sporadic.
Start by looking for units for rent right next to the Market Basket. There's a lot of cool little restaurants there, it's right on the bus line, and visitors can buy groceries for the long stays!
My wife lived in Somerville and Cambridge two of the last three years. I'd advise staying away from the larger complexes (anywhere will and elevator or a lobby), look for 2/3/4 unit properties. Generally, these places aren't as polished, so I don't think it will be as difficult to talk to the landlords about it.
Rental Property Investor · Wakefield, MA · Member since 2016 · 50 posts · 31 votes
10y
I now have 29 Airbnb clients and have been in the business the last year and a half cleaning and managing them. In Cambridge, Somerville, and Boston area they are booked solid from April-the end of September. Yes, I understand there are some days that maybe do not book, but from what I have seen, they are 90% booked.
In the winter months, it still gets bookings and you can make enough money to make the rent.
Either way, I have my own money and a super successful business where I would never have an issue paying rent.
Contractor · Pittsburgh, PA · Member since 2014 · 885 posts · 359 votes
10y
I imagine that Airbrb units in Cambridge do pretty well, with all of the MIT campus visits and such. Do you have any clients in the suburbs, say like Newton, Framingham, or Quincy?
Rental Property Investor · Wakefield, MA · Member since 2016 · 50 posts · 31 votes
10y
Cambridge, Somerville and Boston are great, especially because of students.
We do not have any clients in the suburbs. I don't think the business is anywhere near as popular in those areas. I have found that a lot of people rent out only rooms in those areas, not whole units.
Real Estate Investor · Boston, MA · Member since 2008 · 102 posts · 10 votes
10y
I have rented out a place using Airbnb for years. The key question is the location. Ideally it has a separate entrance and will not bother other tenants. But it seems to me that there will be a lot of issues with trying to do it with a rental instead of owning.