Can you 2x-3x your monthly rent through Airbnb...?

One of my business coaches always told me "If you want something, buy it and find a way for someone else to pay for it". I've always wanted a lake-house and it's been on my vision board since 2016. Back around May 2019, one of my previous High School teachers posted on Facebook about how his father was selling his cottage which was around 300 yards from a well-known lake in the area. I thought to myself...."How can I buy this to where I can enjoy it whenever me and my family wants, but also have someone else pay for it"? I went and looked at the property which was for sale for $70,000 and during the showing, I was told it would come fully furnished which was the cherry on top.

Airbnb came to my mind immediately. But how do I determine if this thing is actually going to be desirable and what the nightly rate is? I spoke to one of my other mentors who had some experience with Airbnb and here's what I found out.

To figure out demand and nightly rates, you'll want to use Airbnb's website map search feature (this won't work on the App). Toggle to the area you're buying in and you'll be able to see all your competition, how booked up they are, and what their rates are.

When I did this for the property I was buying, there was only ONE other home I was competing against. He was pretty much booked all June-July at $140 for week-nights and $165 for weekends. The property I was buying was closer to the lake, could sleep more people, and I was going to provide kayaks and paddleboards for free to my guests (he was charging $35/day to use his kayak and $165/day to use his Pontoon boat).

My mortgage, taxes, and insurance every month is $490/mo. If I were to list this as a standard rental, I'd get around $700-$750 per month. Here's what we've grossed every month since listing this in June:

June: $934 (we had this ready for listing mid-June)

July: $1,608

August: $1,443 (I let my uncles and Dad stay one weekend)

September: $1,551 (I let my sister have her bachelorette party one weekend)

October: $1,498

November: $892 (when writing this post, it's 10/29 and I'm expecting another $750-$1,000)

In most cases, the key to having a great Airbnb is the property is either in a vacation spot or no further than a 10 minute drive to a large downtown area. If you have current rental property within 10 minutes from a downtown area, check out Airbnb's website and see if it has the potential to 2x-3x your monthly gross!