Would you share your experience of renting a property vs AirBnBing it? How is your experience with AirBnBing your property ? Where is it located in Seattle and monthly income? Considering buying a property and trying to figure out if doing AirBnB is worth it. Any other tax benefits ?
There is a lot of variance to this. I own several rentals. They are all cash flow positive to varying degrees with the older ones being cash cows and the newer ones not so much. I manage some and use a management firm for others. Point is, your market, and entry point matter a lot. My rentals are in the Midwest. Generally the rent is $1-$1.20/sf I bought an AirBnb experiment in Augusta, GA (just outside). Army base so lots of visiting army folks (price challenged) and Masters (cash cow). It’s 1k sf, rents for $120/night. $4k for the 2 weeks during Masters. With service contract, and AirBnb split, it’s basically the same as rent. So, for AirBnB, location matters. With tourist cities doing much better.
Ok so in this case, your $ earned is same as rental yet utilization/occupancy factor for AirBnB is 50% for rental is 100%.
Yup. I also like AirBnb a bit better because the short term nature of the rental ensures there are less issues to deal with on turnover. Like tenants who put holes in walls to hang up pictures (wtf) or damage kitchen cabinet doors (dear lord why) or crack bathroom tiles (/r/youseeingthisshit)
Do you any company to manage cleaning and stuff for AirBnB ?
I’m not sure if this question is for But I’ll answer. Yes. Unlike rentals, this needs a rapid turnover cycle. They also handle all customer communication.
You will likely make twice as much (or more) using AirBnB vs renting because short term rentals are more expensive. I own a home in Denver that I rent full time with an annual lease. Rent covers my mortgage + HOA and a little extra. Very low maintenance and I can manage long distance. I live in nyc and rent my place on AirBnB while traveling for 5 or more days. Why 5 or more days? I don’t want to deal with the hassle of turning over guests since this is just a side hustle. My rent in NYC is $3300/mo for one bedroom and I rent for $250/nt. Have had 8 guests so far and all have been amazing. I’m also picky and make sure they have reviews. My settings are minimum 5 nights and a weekly discount to encourage longer stays. I’ve been very happy as an AirBnB host.
Does your building allows AirBnB then? How do you manage cleaning and stuff ? I guess I should look for buildings that would allow for AirBnB when looking for a rental condo.