Thinking about buying first property for rental income
Feb 23, 2020
18 Comments
I’m thinking about buying a new construction, town home or condo near center city Philadelphia. I love the city and visit pretty frequently.
What is more profitable, rental or airbnb? I’m thinking about airbnb because I would want to live in my own house when I travel.
Is it a lot of work to manage an airbnb remotely? I’m in Seattle and I don’t care to settle here.
edit: I answered my own question...airbnb would not be profitable in Philadelphia. Seems property costs downtown in Philadelphia are about on par with Seattle now. Might as well buy in Seattle.
comments
Example
https://www.zillow.com/homedetails/1105-Spring-St-APT-802-Seattle-WA-98104/80117620_zpid/?
This is a rental business. My rental properties are not weekend getaway homes. AirBnB people would be disappointed. That’s a totally different business with different economics. More cleaning, because those customers want it hotel clean every time. That means more day to day hands on. Rental customer arriving Wednesday afternoon and checking out the following Tuesday morning? But you have a big work meeting all afternoon Wednesday? So you hire someone? More eating into your revenue.
If you want a weekend apartment you can visit that has its costs partially offset by being rented via AirBNB, that could work. Lots of cities are becoming more and more against AirBNB and short term rentals in general. Do your research.