All Forum Posts by: Tommy Lee
Tommy Lee has started 1 posts and replied 5 times.
Post: Successful Airbnb Owners, what made you successful?
- Posts 5
- Votes 2
Quote from @Myka Artis:
Hello Tommy!
This is a great question. I've been hosting since December 2016, and I think what made me successful was the ability to adapt. Airbnb has changed over the years. The days of throwing together a bunch of Facebook Marketplace beds and cheap Wayfair furniture are over. So, the ability to adapt to these changes and find a niche is what has kept me in the game. I now do the STR/MTR mix to keep my places full and significantly increase cash flow. I currently own four STRs/MTRs, manage three, and arbitrage over 400 timeshares.
My thoughts and insights are to write down your goals first and decide if you're going to invest in a vacation rental market or suburban/metro market. This will determine how you view STR laws, the type of property you will buy, and your target audience. With that being said, you will need to be cautious when considering condos. My first STR investment was a condo, and the HOA shut me down; however, I was in a metro/suburban market.
Thanks for the reply. Are most of your rentals Condo or have you pivot to houses?
Post: Successful Airbnb Owners, what made you successful?
- Posts 5
- Votes 2
Quote from @Jules Aton:
Selecting a good property in a high demand area is the foundation. Attractive furnishings and expected amenities with excellent housekeeping brings good reviews and repeat customers. I like tourist areas with limited inventory such as the beach. Condos are often not a great STR product due to fees and supply v demand.
How do your potential earnings? So your preference is House over Condo?
Post: Successful Airbnb Owners, what made you successful?
- Posts 5
- Votes 2
Hi all,
Looking to buy a condo to rent out as an Airbnb. For investors whose condo are generating positive cash flow after covering mortgage, operating expenses and resulting in surplus income each month.
1) What do you think contributed to your success?
2) How many Airbnb properities do you own?
Looking to give Airbnb a try. I love the hospitality industry and this would be my passion
Would love your thoughts and insight
1) Not sure how many deals we lose by not answering our phone. We always try to call back but many times they don't pick up. It's always best to pick up a call regardless if you're busy or not and tell them you will call them back in 15 minutes.
2) We dont track this but i'd say most don't leave voicemail
We did notice a increase in inquiries which led to sales when we started using a newsletter service like Agent Reach. Always stay connected with calls and emails or sms whenever possible.
It really depends on what it is. Based on your risk. Is it difficult to find tenants? Better to not stress over bad tenants imo