- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Coaching Changes
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
who owns a rental that you airbnb/vrbo/etc?
Posted on 6/3/22 at 12:04 pm
Posted on 6/3/22 at 12:04 pm
i thought maybe this could be a decent discussion topic that could be helpful.
i'm looking at a property tomorrow with rental possibilities; there are similar places in the area that rent on airbnb/etc with remote ownership. the cabin will be sold furnished and should be easy enough to get ready to short-term rent.
so...let's hear some pointers from people who already do this:
1) do you directly manage or do you hire a management company?
2) do you handle housekeeping and pre/post stay cleaning?
3) if you do it yourself, is the savings worth it?
4) any other advice, general or specific?
5) liability issues, etc?
this place is an hour from my house, so we would want to use it occasionally as well.
i'm looking at a property tomorrow with rental possibilities; there are similar places in the area that rent on airbnb/etc with remote ownership. the cabin will be sold furnished and should be easy enough to get ready to short-term rent.
so...let's hear some pointers from people who already do this:
1) do you directly manage or do you hire a management company?
2) do you handle housekeeping and pre/post stay cleaning?
3) if you do it yourself, is the savings worth it?
4) any other advice, general or specific?
5) liability issues, etc?
this place is an hour from my house, so we would want to use it occasionally as well.
3
Posted on 6/3/22 at 12:38 pm to cgrand
I do and can answer all the questions for you.
My recommendation would be to do as much of it yourself in the beginning as possible, take your time, and figure it out yourself. Clean a turn yourself, as in some people arrive and leave the same day if you are ever going to do that.
Then plan to have someone else do as much as possible in the future, charge a little more for cleaning and pay someone well to do it.
Find a good handiman, and find a plumber that will work nights and weekends that's not Rotorooter and going to charge you $400 just to show up.
"Are the savings worth it" is completely personal. Some people that own vacation homes make amazing money and still do little cheap shite themselves which is dumb, pay the $80 to have the dishwasher delivered and installed don't do it yourself...
You have to determine for yourself how much of an "investment" it will be and how much of a side hustle/ 2nd job.
My recommendation would be to do as much of it yourself in the beginning as possible, take your time, and figure it out yourself. Clean a turn yourself, as in some people arrive and leave the same day if you are ever going to do that.
Then plan to have someone else do as much as possible in the future, charge a little more for cleaning and pay someone well to do it.
Find a good handiman, and find a plumber that will work nights and weekends that's not Rotorooter and going to charge you $400 just to show up.
"Are the savings worth it" is completely personal. Some people that own vacation homes make amazing money and still do little cheap shite themselves which is dumb, pay the $80 to have the dishwasher delivered and installed don't do it yourself...
You have to determine for yourself how much of an "investment" it will be and how much of a side hustle/ 2nd job.
Posted on 6/3/22 at 12:42 pm to baldona
quote:
You have to determine for yourself how much of an "investment" it will be and how much of a side hustle/ 2nd job.
thank you
it this point i have more money than time, i'm sure that will change. do you use one of the % agencies/realtors?
Posted on 6/3/22 at 1:50 pm to cgrand
Yes. Unless you are paying a legitimate, and expensive management company nothing is 100% turn key. Definitely clean/stage it a few times in case you have to do it yourself. Also if there are close neighbors make friends with them if possible, they can keep an eye on the place when its empty and also tell you about problem guests.
And most important...check local regulations for short-term rentals, now even smaller communities are adding zoning and use restrictions and registration requirements for these properties.
And most important...check local regulations for short-term rentals, now even smaller communities are adding zoning and use restrictions and registration requirements for these properties.
Posted on 6/3/22 at 2:05 pm to cgrand
Having it nearby is nice. We have one about 5 hours away so we have a cleaner who is very professional and great at communicating. She has access to our online logins so she can help respond to inquiries and guests as well as get updates on our booking schedule.
Run the numbers on projected occupancy rates to determine revenue. Don't forget any expenses when projecting costs. Is it currently being rented? If so, ask the seller for their numbers. If you're buying a currently rented property you're really buying a small business so this info should be shared as if you were buying any other sort of business.
We manage ourselves as it's our first and we want to learn the ropes.
We have a second property coming on line soon for renting. It's in an area that should rent year round. The one mentioned above is beachfront with a fairly specific season. Obviously, year round is where it's at.
Run the numbers on projected occupancy rates to determine revenue. Don't forget any expenses when projecting costs. Is it currently being rented? If so, ask the seller for their numbers. If you're buying a currently rented property you're really buying a small business so this info should be shared as if you were buying any other sort of business.
We manage ourselves as it's our first and we want to learn the ropes.
We have a second property coming on line soon for renting. It's in an area that should rent year round. The one mentioned above is beachfront with a fairly specific season. Obviously, year round is where it's at.
Posted on 6/3/22 at 5:17 pm to PerplenGold
this place would be more of a weekend type rental outside of summer. It’s on a shallow river that you can wade in, kayak, float, etc.
Revenue would really probably only cover taxes and insurance but at least that’s something, and like I said we would want to use it too. It’s rural though, I’m guessing I’d need to find an individual to go and clean/stage when needed. What do y’all pay for that kind of thing?
Revenue would really probably only cover taxes and insurance but at least that’s something, and like I said we would want to use it too. It’s rural though, I’m guessing I’d need to find an individual to go and clean/stage when needed. What do y’all pay for that kind of thing?
Posted on 6/3/22 at 5:40 pm to cgrand
quote:
I’m guessing I’d need to find an individual to go and clean/stage when needed. What do y’all pay for that kind of thing?
I've managed properties along with the wife (no pics) for years. The rewards are there, but so are the risks and headaches. People destroying your property. Not paying you. On and on.
This has been in Middle Tennessee, but I did have friends owning remote property and having them "property managed".
Thing they learned..
It's a good ol' boy world out in the boonies. You're the rich guy that ain't from here.
So, I'd make damn sure you trust the property manager. Do they have a solid network of service people to take care of your place? You could do that remotely, but you ain't there, so most likely, you'll have to trust someone else to take care of your place. Do your homework. Ask around. Get references. See if they can give you rental histories for the area.
Could be worth it. Or a freakin' money pit you can't get out of.
This post was edited on 6/3/22 at 5:42 pm
Posted on 6/5/22 at 10:32 am to cgrand
What really causes damage is parties and excessive people. Be very strict on who you allow. For example, if it sleeps 4 or 6 don’t allow more than 10 people strictly enforced. People will want to have their friends over for a day and cook out and next thing you know it’s a 2 bedroom and you have 3 families of 5 and 15 people use stuff a lot harder then a family of 4, obviously. It’s very hard to control that not being around, but you can generally know when it’s going to happen by the questions people ask. You need to either be relaxed and charge more and take more reservations to cost that in, or try to strictly prevent it and anytime someone asks if friends can stop by for Dinner say absolutely no more than 1 car and 4 people.
We had an Airbnb in Denver tell us we couldn’t do 12 people for Thanksgiving for example ‘due to the septic tank’ even though we had 5 people for 4 nights in a place that slept 8.
We had an Airbnb in Denver tell us we couldn’t do 12 people for Thanksgiving for example ‘due to the septic tank’ even though we had 5 people for 4 nights in a place that slept 8.
Posted on 6/6/22 at 6:59 am to baldona
thanks for all the info in this thread
I passed on making an offer...it was 10 acres to maintain and the (really nice) house was pretty far from the river. Also river access is an issue currently
So I’d have had to have spent some money getting this property desirable for weekend/shirt term rental. Really nice place though at a great price. Had I been looking for a primary residence it would have been perfect
I passed on making an offer...it was 10 acres to maintain and the (really nice) house was pretty far from the river. Also river access is an issue currently
So I’d have had to have spent some money getting this property desirable for weekend/shirt term rental. Really nice place though at a great price. Had I been looking for a primary residence it would have been perfect
Page 1 of 1
Popular
Back to top
Follow TigerDroppings for LSU Football News