Great post! My husband and I started renting a room in our home on Airbnb and have loved the flexibility and extra income — but the taxes are no joke! Best of luck!
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Fun experiment. Jennifer — Yeah, the taxes are incredible! I thought about doing this with one of my rental home in the Pocono Mountains in PA…and then I thought better of it. Also, those occupancy taxes are killer. Thanks for experimenting for us. That makes the management a lot easier and less time-consuming.
Very interesting article, and great to see the actual numbers in your calculations. Also very smart that you always include staff time in the budget, even if that time is yours! I need a wide-angle camera lens in order to capture an entire room. Maybe I missed it…. Great advice contained in the article! Loving the experiment. Fix it up, a little TLC, then airbnb that bad boy. But all the management and other costs involved make me think it might not be as profitable compared to a passive investment like a REIT fund.
Justin — Does the condo association allow you to rent it out? Read the fine print carefully. Many landlords and AirBnb hosts have gotten cease-and-desist letters from their condo associations and homeowner associations. I have started renting a few rooms in my house and it has been going well, but people sure are needy. And they expect hotel quality even when you are just on Airbnb. You really did a good job!
Your place is pretty awesome! I love AirBnB and I love rentals! Anyone up for setting up a betting pool? If I were thinking about doing something like this right now, this post would certainly provide enough guidance to know whether to move forward. I will look forward to seeing how this works for you because I live in an area that does periodically have large conventions and golf tournaments, etc. I think we have to grow a little more into a destination city to make short-term rentals work here, but it probably is something that will pay off down the road. Yes, we do own a lot of crap — at least most Americans do.
I have two daughters in college. The oldest got her first apartment this year and the youngest is getting an apartment next year. Fortunately, having roommates helps, but we still have had to buy a lot of little things. As an owner of a bunch of long term rentals, and a nearly non-stop user of AirBnB, this was enlightening! It sounds like your listing is quite good.
My Dad has furnished two different work apartments for himself and it takes a lot of time to go out and buy all of that stuff! The ladies that worked at the Zellers by him got to know him, as he went every evening for a week or so, getting a huge basket of stuff each time. I am very curious about how this experiment works out for you, keep us posted! Love the reminder to pay yourself or a company to calculate true ROI. Like you said, when someone skips that step what an investor is doing is buying himself a job.
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But the distinction is critical. I think this is a very unique and innovative way to try to earn better income from your apartment. It will be interesting to see how the results will look after a year has passed to gauge how the seasons affect vacancy. It can be silly with the upfront costs for furninshing a unit. I am located by the college here so most of my tenants are students rotating in and out.
If you check in with your accountant, most of the costs can be written off but not all. And some are depreciable. Even your sofa. But I do not know how these expenses applies from a service point of view. Long weekends and in-town work stays. You are onto something.
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Have you considered reaching out to nearby businesses who have people in town for work? Meaning a company flies in an IT guy for two weeks or something and needs a place within driving distance?
Thanks for sharing your experiment, especially the numbers. Norma — You can find all the numbers about the rental property the building in this article. Very nice discussion and analysis of the financial viability of this type of venture. Loved the point about so much stuff people need or want. Fill me in on your thoughts if you have a moment. Thanks, Diane. It has me thinking about the 2 one-bedroom, furnished apartments in our house. Thanks for the idea!
Every situation is different, of course. You may have good reasons for your estimate. It was our primary residence. We rented it out during holidays and then we traveled. In the end, it was too much to run the vacation rental and my business as well as move in and move out with 3 kids multiple times a year.
However, we did make money on the deal as we chilled on the beach all summer. I plan to do it again when the kids are all up and out. Short-term rentals are actually prohibited by city ordinance in my town, which is a heavily touristed burg with a powerful hotel lobby. Many months we made more than we had listed it for rent, some quite a bit more depending on what was happening.
Almost without fail we had great experiences with the visitors who usually did great work cleaning up, so mush so that I was retroactively embarrassed how we had left a previous Airbnb stay. However, it was just far enough away from our house that I was starting to get annoyed with regular trips out there after doing it for over one year.
I was originally on another page but this is more my thing.
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I think its great that your able to think outside the box and accomplish this type of thing. Keep the great posts coming, enjoyed this one very much. My house is too large for me long story as to why I have it and a few years ago I had a roommate that occupied that room. He did agree that we could rent the room through Airbnb, though, so after a bit of fixing up we listed it.
My current guest is here for a longer-term stay. For people who live in cities with large hospitals, this is a great source of short term rentals.
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You really did a excellent job! Your position is fairly awesome! Thanks for sharing. Thanks for this great article. I have a beach house I considered renting short term but I figured it would be too much work. It seems from reading your article, I was right! I just got one that I hope will last after having the place sit empty for 4 months.
Do you think you just got lucky with the occupancy? Or is it that easy to find tenents through airbnb? The only question is, at what price point? After I initially left a comment I appear to have clicked on the -Notify me when new comments are added- checkbox and now every time a comment is added I recieve 4 emails with the same comment. Is there a means you can remove me from that service? Just click that link. Thank you for this valuable information I really need this. I am starting this kind of venture in Philippines. I am doing a lot of research to get some ideas because I am new to this field.
The condo that i purchased is already fully furnish and just to purchase small things such as linen, coffee maker, soap utensils. Northrop has delivered two lots and will be delivering two more beginning in Designed for carrier-based and advanced base operations, the EA-6B is a fully integrated electronic warfare system combining long-range, all-weather capabilities with advanced electronic countermeasures. It has been the primary electronic warfare aircraft for the U. S Navy and U.