Owning an airbnb | Imamother

amother

Fri, Aug 23 2024, 12:10 am

Do you own a airbnb type of rental? Not your own home. Did you go buy an apartment or house for the purpose of renting it short term?

Can you tell me the pros and cons?

amother

Ghostwhite

Fri, Aug 23 2024, 5:03 am

I don’t but a bunch of my family does-
Pros- when the short term market is good, they being in VERY good income.
The other major pro is that they own property in a rising market (popular vacation spot) and that they can use it for their vacations by blocking out dates

Cons- when the market isn’t hot (I believe the short term market is struggling currently) they are still saddled with mortgage payment s and property tax
Also, it’s a lot of work. They don’t know do they have an official property manager, but they always have someone that can stop in and check on the things. This family member has contacts for all service providers in the city and is constantly doing Maintenance work, himself or hired workers. They are also constantly coordinating with their cleaning crew to clean up between stays.
I believe they charge between 350-450 depending on the time of year with a min 3 day stay.
The house is beautifully but affordable furnished, tv in all rooms, and locked cabinet with their kosher things for when they come. Pool outside and ping pong table etc.

B'Syata D'Shmya

Fri, Aug 23 2024, 7:49 am

amother OP wrote:

Do you own a airbnb type of rental? Not your own home. Did you go buy an apartment or house for the purpose of renting it short term?

Can you tell me the pros and cons?

A good manager is essential. dont try to do it yourself unless you live next door and dont mind the work. It can be a full time job.