Author Topic: Full time airbnb  (Read 3339 times)

Comar

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Full time airbnb
« on: April 05, 2019, 04:38:06 AM »
What does it take to do airbnb full time? Let us say I have a rental in mind with 4 bedrooms, kitchen, seperate toilet and bathroom. I know airbnb takes a lot of work with cleaning, booking etc. but assume I am willing to make it a full time job, not just semi-passive. Pimp it like crazy, weekends and all, to make it a full time thing. I know there are a million factors to consider, like do I have mortage payments on the house, what are my living expenses etc.

My question is just do you, or do you know someone, who has made it a full time thing and what are your/their scenarios?

Thank you.

waltworks

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Re: Full time airbnb
« Reply #1 on: April 05, 2019, 08:21:20 AM »
If you want airBnB to be a full-time gig, you'll need more than one property.

I mean, I guess if you have a mansion overlooking Central Park that rents for $20k a night, you could make that a full time gig. If you are talking about a relatively normal place, you're not going to make dramatically more money than you would renting long term most places. The nightly rental market is super saturated at this point.

We yanked our AirBnB and rented it long term. Not worth the work for essentially zero extra money.

-W

jwright

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Re: Full time airbnb
« Reply #2 on: April 05, 2019, 08:39:06 AM »
Multi-family.  You live in one unit and Airbnb the other four.  We have a triplex that nets about $35k after all expenses and debt service.  It can be a 24/7 job (with some downtime of course), weekend work, after hours calls etc.  Once it is set up, most of the tasks are pretty menial. I don't know how much you need to support your lifestyle but I agree that one property probably won't cut it.

Comar

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Re: Full time airbnb
« Reply #3 on: April 08, 2019, 02:49:51 AM »
Thank you two for your insights. I guess what I have in mind wouldn't be enough to sustain myself completely.

Comar

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Re: Full time airbnb
« Reply #4 on: May 27, 2019, 02:08:08 PM »
I just wanted to bring this back to life if anyone wants to add to the discussion.

Peachtea

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Re: Full time airbnb
« Reply #5 on: May 27, 2019, 02:18:50 PM »
Have you seen the afford anything blog series on doing Airbnb?
https://affordanything.com/airbnb-experiment-impulsively-started-vacation-rental-business/

Itís been awhile since Iíve read it, but if I remember right, the short version is she made more money doing Airbnb than renting long term although it was more work. Airbnb requires looking at rentals from a hospitality and service perspective rather than just a real estate investment. Like others above said, while youíll make more than long term rentals Iíd be surprised if you could bring in enough from just one rental to be your sole source of income.

Comar

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Re: Full time airbnb
« Reply #6 on: May 27, 2019, 02:27:15 PM »
Thank you I have not seen this. Going to check it out tonight :)

FallenTimber

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Re: Full time airbnb
« Reply #7 on: May 28, 2019, 06:14:32 AM »
We AirBnB our home (an 1,100 square foot cabin) for most of the spring and summer months.

Itís our primary residence so we live and travel in our camper about 120-150 nights per year. We love traveling and camping, so to us, itís essentially being paid to go camping, see the world, and have the time of our lives.

It brings in about $30k each year. We pay our house cleaner $100 per cleaning, or about $2,500 total. Keep in mind we only rent for 4-5 months of the year, and we live in the house for the other 7-8 months.

Weíre very hands off and never see our guests, nor do any work or cleaning on the house. We can travel for months at a time. I hesitate to call it passive income, but itís extremely close.

It has allowed me to quit my full time job and has been a total game changer for my family.

Not sure if AirBnBing your primary residence is an option, but it may be more lucrative and profitable.

Tester

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Re: Full time airbnb
« Reply #8 on: August 04, 2021, 04:40:52 PM »
Reviving this as I am thinking of buying a property 5 hours away to AirBnb.
I am not going to do this soon, I am thinking about next year or so, depending on how things go at work and how well I can focus on getting my ducks in a row.

Here is the area I am looking at: Wallace, Idaho.

One example: https://www.zillow.com/homedetails/465-Burke-Rd-Wallace-ID-83873/114129802_zpid/

Rental prices, one example: https://www.airbnb.com/rooms/21378474/photos?adults=2&children=2&check_in=2021-08-24&check_out=2021-08-27&translate_ugc=false&federated_search_id=602b1a16-9a0b-432a-82a1-34ae8912806d&source_impression_id=p3_1628116341_ujrp%2BpIWcUgiWWaH&guests=1

I am a complete noob when it comes to rentals, more so regarding AirBnb.

I see the mortgage would be 1000.
Let's say I can rent the place for 150/night for 10 nights/month.
That would give me kind of 0 cash flow, only increasing net worth by the mortgage payment.

Please let me know what I am missing (I am sure I am missing a lot).

Where I am sitting:
550 net worth (270k invested, mostly in tax advantaged accounts). I got here from 0 net worth 6 years ago.
For now I am trying to save 80k/year to hopefully get to double commas in 4 years, but I am starting to feel the urge to do something to be able to "retire" now.
Perhaps I am just dreaming of stupid things and I should focus on my well paid job, save for 3 more years, get the expenses under control and then revisit my thoughts?

youngwildandfree

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Re: Full time airbnb
« Reply #9 on: August 04, 2021, 05:07:09 PM »
I have a friend that does it with the other half of their duplex. It sounds miserable. She talks constantly about people who trash the place, donít follow the rules, are awful to their neighbors, etc. She once found all the linens in the garbage can out back. I would just rent it if you want to get into real estate.

getmoneyeatpizza

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Re: Full time airbnb
« Reply #10 on: August 08, 2021, 09:32:19 AM »
It all depends on where you live and where the rental is. Are you in a touristy area less than 2 hours from a major HCOL city?

Tester

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Re: Full time airbnb
« Reply #11 on: August 08, 2021, 10:14:36 AM »
I am looking at properties in either Wallace, ID or Boise, ID.
I am  5-7 hours drive away from them.
I am itching to use the equity in the house I bought one year ago, Zillow estimates it went up by almost 200k since O bought it.
I am trying to find safe ways of putting this equity to work...

iris lily

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Re: Full time airbnb
« Reply #12 on: August 08, 2021, 12:06:25 PM »
This is a general comment not directed at anyone in particular:

I always wonder how Air bnb newbies get their market research and education.

We had multiple friends who owned Bed and Breakfast Inns over decades, and they had associations to work with for information. They relied on each other in our neighborhood, too.

I mean, how do you know the market isnít already saturated in your area for Air bnb s?? What is the occupancy rate? What is the demand for your particular property? Etc.

I watch the ď guest housesĒ as they are called in our little tourist town where we have a country place proliferate and I wonder who really is making money.


bryan995

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Re: Full time airbnb
« Reply #13 on: August 08, 2021, 02:08:39 PM »
Following. Looking to do the same.

Planning to buy 3-4 properties. Maybe 2 nearby (San Diego, beach cottages) and 2 others in destinations that we would happily visit often for ‘R&R repairs’.   I’ve been looking at Palm Springs, Joshua Tree and Lakewood ranch.  But something like Grand Canyon, Red Rock, Maui would be awesome.

I also want to establish a property in a state with no income tax should my startup ever capitalize. I would re-establish residency and save 12% in CA income tax.
« Last Edit: August 08, 2021, 02:15:51 PM by bryan995 »