All Forum Posts by: Patricia Taveras

@Hien Luong

Hi Hien. First, check into local regulations to make sure doing Airbnb in your target area is legal. To get started look at similar Airbnb properties in the areas you wish to buy. Look at their nightly rates and their calendars to gauge occupancy. To calculate returns account for your mortgage, taxes, insurance, utilities, internet, yard maintenance, etc. You can charge a good portion of your cleaning fees back to the guests. Consider what amenities you'll offer: coffee, shampoo, soap, etc. You'll replace various linens. In my area I was able to search average occupancy rates online to figure out that the only two slow months in my area are January and February, so that gave me peace of mind that there is a long strong season. If it looks like airbnb will work in your market, search for some books that will help you figure out the details of setting up a property. Good luck.

@Randy Ray

Hi Randy. You can use an FHA loan or another owner occupied loan to buy a duplex, or up to a 4 unit if you are going to live there. These have down payments as low as 3.5% down. Talk to a few banks to compare what they offer. Listen a Bigger Pockets podcasts to figure out other ways to find properties when other than the MLS. Good luck!

@Joshua McMillion

Hey Josh. On Airbnb I'm pretty sure the RV has to be stationary. There is a website called Outdoorsy you can rent out your RV for people to drive around for their travels.

@Anthony Catoni

Hi Anthony. I guess that depends on your risk tolerance. I always buy properties with at least two possible exit strategies in mind so I can avoid losing money. I also have a small portfolio. Maybe I would be bolder if I had a larger portfolio. You can double check AirDNA numbers by looking up similar properties in your area and look at their pricing and their calendars to figure out occupancy rates. Good luck with your decision!

@Alex Martens

Hi Alex. Call some contractors in the area and get some quotes. Get references from the contractors and call those references. You don't always want the cheapest contractor- he may work too slowly or do poor quality work. In my experience it is easier to fix problems up front. What's the ARV of the house? What do you expect it to rent for?

@Michael Metzger

Hi Michael. My three airbnb homes are doing better than ever right now. I'm at 90% occupancy rates in New Bern NC. People stay for many different reasons- vacation, visit family, work, etc. I have two LTR doing great too - I owe that to good screening. Look at properties on Airbnb right now in your area and look at their calendars. That will give you an idea of demand in your area.

@Jonathan Shnoravorian

Hi Jonathan. I have borrowed from my 401k to help purchase 3 of my properties. I get to pay myself back on a low interest loan that comes directly back out of my check. I honestly forget I have done the loans and just keep living. This money has bought me cash flowing rental properties that pay me way more monthly than what my employer matches each pay check, and gives me better returns than I earn on my 401k. Just educate yourself on tax implications on leaving your job before your loan is paid back. I've had the same job 20 years so I dont really that part.

@Danielle Champagne

Hey Danielle. Everyone has given great advice so far. Once you figure out what strategy you want to pursue, evaluate a bunch of deals. You can use sites like Zillow, Realtor, Trulia, Craigslist, Facebook marketplace, etc. to figure out market rents in your area and what houses are selling for. Use bigger pockets calculators to figure out what expenses to account for when evaluating properties as flips, buy and hold, etc. You can create your own spreadsheets. Start evaluating properties that are on the market with more than one exotic strategy- what are the numbers to flip it, to rent it? You'll start to see patterns of what works. You'll learn to recognize potential deals. That way you can be decisive with a realtor and know exactly what you're looking for.

@Roman Rida

Hi Roman. Check out a book called Get Paid for your Pad. There is a podcast by the same name. I used a lot of information from that to start my first Airbnb. I'm now up to three and looking to buy another this year.

@Alexander Knowles

Hi Alexander. I'm sure "must haves" very by location, by property, and by guest. What we provide that many people mention they love:

Smart tv in every room

Coffee - drip and k cups

Great neighborhood

Pet friendly fenced in back yards

Entire house to themselves

Easy keypad entry

Not a must have - but our stand out feature is a pool table in each garage (insulated with heaters and AC units for comfort). Some guests use it, some guests don't. But they are my favorite part!