All Forum Posts by: Leland F.

@Russell Brazil, I'll shoot you a message. Thanks!

Hi @Robert Williams,

Small world, I actually bought this particular condo through your agency. This building does not have rental restrictions. I'll shoot you a private message for the cleaning service details.

Hi @Jennifer T., thanks for your response.

I'd love to take a look at your locals guide, just for inspiration. I was thinking of doing something similar, including a web-based version so guests could get a feel for things before their arrival.

So I recently purchased a studio condo unit. The unit is quite small (327 sq/ft) but it's in a pretty hopping part of town being close to U and 14th St.

I didn't pay too much down, meaning the mortgage payments make it pretty tough to make a return on a traditional lease, so I was thinking Airbnb.

It appears similar units are listed on Airbnb for over $100 per night.

I was hoping to get some local recommendations, or if you're not familiar with the area, just some Airbnb hosting tips in general would be much appreciated.

- Cleaning: Airbnb lets you charge a one-time cleaning fee. What do you think is a reasonable price for cleaning? And does anyone in the area have a recommended service, preferably those familiar with Airbnb rentals? I don't plan on making my cleaning fee any more than what the cleaning service I use charges.

- Key dispensing: It seems like using a lockbox with a keypad is the most straightforward solution. But I'd *love* to hear thoughts on remote door unlocking technology, like via apps and such. The unit has a private entrance, so there are some options here. I've also heard of key delivery couriers that deliver keys in person for a flat rate to add a "personal" touch.

- Amenities. I'm not much of a caffeine guy, but I've heard putting a coffee machine in your unit can go a long way. I've also heard providing a "welcome basket" or something like that with wine, chocolates, etc. also helps. What other amenities do you like to provide your guests?

- Internet / TV. I already have Comcast internet and cable set up. I could set up a purchase pin code to prevent guests from buying movies and stuff on my account. But I was thinking something like "Don't see a movie you like? Feel free to buy one on me." Plus "owned" movies could be watched by future guests for free. I also have a Chromecast which makes it easy to stream Netflix from the TV as well.

- Meeting guests. I work full time, so I'd rather not spend too much time on this. I don't live that far away from the unit, so it is doable. Many Airbnb guests are first-timers, so a personal meeting may put them more at ease.

This might sound like I'm going a bit overboard, but I'm a big believer in the review economy and want to make sure I go above and beyond to build up my reputation, even if it means a slight reduction of cash flow.

Regulatory wise, I'm not too concerned. Planning on getting proper business licensing and other required paperwork taken care of ASAP, and I also believe Airbnb automatically collects and remits the required hotel tax for DC. Someone correct me if I'm wrong on this or missing anything.

@Anna Stolpe Sounds good. Just sent you a colleague request!

Okay, it's going to be unfurnished and I'll be self-managing. I'll be putting it up on Craigslist and see what comes back. Thanks for the advice everybody!

@Russell Brazil It's right next to the Van Ness metro, so super convenient to grocery stores, drug stores, liquor stores, restaurants...and of course, the metro. Hoping it'll go fast!

@Clay Smith Very interesting. Thanks so much for this perspective because it's definitely something I wouldn't have considered before.  Now I have a few more ideas.

@James Wise Got it, thanks for the tips!

@Clay Smith I've heard of fully furnished studios in the building getting ~$1900/mo, although I'd consider that to be pretty lucky. Unfurnished, a more realistic going rate is about ~$1600/mo.

50 of my own is in the property. It's worth 200 (which is what I paid for it less than a year ago). I wouldn't break even considering closing costs. Even with that, to answer your question, I probably could sell now and do more with the money...just not in DC. Time is a factor (I work full-time) and it's a little too risky of a move for me to consider at this time in my life. Worth revisiting later on though.

@James Wise Got it. I think I have a good idea of the pricing sweet spot when it's unfurnished.

When you say "If after 2 weeks you are not getting any traction then maybe try spending some more money." ...spend more money where? On online listing sites? Any ones recommended?

@Dawn Brenengen Got it, yeah this wouldn't be short term (6 months would be the minimum) so I'm leaning toward no furniture now.