Anyone own a VRBO or AIRBNB type of property??

[Maricela Chavez]

So I just submitted a loan ap with my credit union. Going to buy either a house or possibly a condominium. I really want to find a place that I can do an Airbnb, VRBO, type of thing. Any suggestions? Ideas? Home prices are going through the roof here in Georgia so the market is super competitive. Anyone else have a property like this in their mix? I am hoping it will be worth the head ache. I figure if I can find someone to take care of the cleaning and all that jazz I should be good. Crossing fingers.

[David Hays]

Maricela,

Good for you on making the strong moves towards buying - is this your first property? What draws you to the idea of doing Airbnb/VRBO rentals - personal interest, or a need for the additional cash flow to qualify the numbers you're seeing? Finding someone to "take care of the cleaning and all that jazz" is generally possible, but expect to pay anywhere from 30-50% of your overall revenues for professional management, just so you know. Also, you should be aware that condominiums will generally be exceptionally harder to offer on Airbnb, since you'll be dealing with neighbors in close proximity and an HOA that will most likely prohibit short-term rentals - at the least, make sure you review the HOA bylaws before you purchase anything if this is your intention, just to be sure it'll actually fit your goals.