Airbnb owners of OKC, ballpark estimate for monthly expenses?
Hey all,
This is my first post on BiggerPockets! Some business associates and I are looking to purchase a 2-3 bedroom house in OKC, and we are beginning to analyze deals. I'm asking specifically about Airbnb since there's extra expenses paid for by the owner, such as electricity, cable/internet, etc. For the type of property were looking at, what are reasonable expectations for the following monthly expenses?
1. Landlord insurance
2. Electricity
3. Internet/cable
4. Gas
5. Water
6. Garbage
7. Lawn care
If there are any other major expenses you'd like to share, feel free! Obviously other expenses would be mortgage and property tax.
Thanks!
Some things I can think of would be:
- Monthly Cleaning Fees after each booking
- Supplies (toilet paper, shampoo, body wash, coffee etc)
- Cost of furnishing
As for what to expect:
Internet: I'd say most companies range from $50 - $100 depending on the speed you are wanting. A lot of my investors that do short-term rentals use streaming services. This can save you on cost by having the customers sign into their accounts when they arrive if you choose to not provide the service.
Electricity: Higher usage electricity months start at $150.
Gas: During the colder months (200+) During the summer ($40+)
Lawn: We pay our Lawn guy $50 every two weeks. Our property has a decently sized front & back yard. He comes on schedule every two weeks and is very reliable.
Water/Garbage: In OKC water and trash is grouped in to one service through okc.gov. On average I'd expect $80 - $100/month
Property taxes are both low and fairly predictable across the state.
Hopefully I could help you out a bit! If you have any questions regarding the market or want access to some off-market deals let me know! More than happy to provide you with that information. Good luck!
Booking fees. Airbnb, VRBO, etc all costs money. Their costs varies. Time costs of monitoring the market and changing rates. I am not sure about Oklahoma City but in the areas (Texas) that I operate str's there are various fees according to each community. In some locations there are str taxes... Everyone has their hands out when it comes to str's tbh. One can get economies of scale if you have more than one though.
In Oklahoma City city limits, the city requires a license if you're operating a STR that is not your primary residence (extra room, garage apartment, etc). There is an annual $300 fee to acquire the license and they will reach out to your immediate neighbors (to the left and right, typically) to let them know your intent.
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Real Estate Agent
- Bloom Real Estate Services
- http://www.gritpropertiesok.com
While you are at, look into using a dynamic pricing tool/platform so you do not have monitor your daily pricing. If you are not using a dynamic pricing platform, be sure you are monitor your daily pricing and tracking events so you can price accordingly all which takes up a lot of your time. Google dynamic pricing tools." 1% fee"
I just bought my first STR in OKC. We closed last week, and are going through the approval process with the city now. So long as all goes according to plan, we will start repairs and furnishing in the next couple weeks! I'll update you as things go..