[N/A] Using a property as an AirBnB

[simtech]

In my experience a local superhost can do everything a management company can do, only the superhost does it better and at a lower cost.

Another thing I would advocate on an Airbnb is a smartlock, hub and the Rboy RLA rental lock automator app. The app can be tied to your Airbnb account so when a guest makes a reservation, the app automatically generates a custom door lock code (programs the door lock) to become functional at the checkin date and time and non-functional after checkout time. The RLA can make the code the same as your guests last 4 on their cell phone so the guest won't forget the code. This automates the check in / out process.

Ooh that's good to know. We have a schlage encode and I set the code to the guests last 4 of phone number and make it active at check in and deactivates at check out. I se that up as soon as a booking is approved. But would be nice to have it automated.

 

[wsuffa]

I'm the Board President of a large HOA, and I'd recommend these things:

Understand monthly assessments and any infrastructure projects
Ask for the last six months board meeting minutes and read them to see what's going on.
Ask about assessment increases
Ask about minimum lease terms
Ask if AirBnB is allowed. Just because you were there on one doesn't mean they're legit allowed.

And ask about any other restrictions that might apply. There are a couple of HOAs that prohibit any work-from-home and went after owners when the lockdowns occurred last year.

 

[Oldmanb777]

They can make tremendous amounts of revenue, and tremendous amounts of head aches, not only for you, but for the neighborhood. I have come full circle on these after some experience. Make sure you are in an appropriate neighborhood. Operating an unlicensed motel in a residential neighborhood is inappropriate and abuse of your neighbors. Make sure you understand the politics surrounding them in the area. Lots of areas are putting in more and more restrictions on them. (for good reasons) Make sure of your liability and insurance covering your business. Are you close enough to deal with it 24/7. You will need to be there, or pay a mgt company, and even if you pay a mgt company, you will still need to be there. Lots to consider. But if its done right and in the right neighborhood, it can be a great sideline, it can also be a real nightmare. Like so many things, get well educated on both sides. We had to put in restrictions in our neighborhood on them (unfortunate, but required) and our property values and demand went up because of the restrictions. Seemed backwards to me. But new buyers were looking for those restrictions to avoid living next to a motel. We use them and will continue to use them. Overall they have been decent experiences. Inconsistent at best. The constant is things i see are safety related items that are not attended to. Fire extinguishers out of date, no or inoperative smoke/carbon monoxide detectors and such. I could go on all day on the subject.

 

[hindsight2020]

yikes. Sounds like a bone fide hassle, to subsidize a few weeks of usufruct. Which happens to parallel my thoughts on shared ownership of.... anything really. Just like building, you ultimately do it cuz you privately relish in the hassle associated with it. The money thing is a red herring.

 

[TCABM]

yikes. Sounds like a bone fide hassle, to subsidize a few weeks of usufruct. Which happens to parallel my thoughts on shared ownership of.... anything really. Just like building, you ultimately do it cuz you privately relish in the hassle associated with it. The money thing is a red herring.

Yup. Buy a vacation home because you can afford it and use it. Buy a rental property to run a business.

 

[danhagan]

I have a friend that has about 10 properties out in Carlsbad NM. He quit his oil field job to do it full time. he has since “taken” over the market doing management for about half the Airbnb in town and has hired a bunch of full time staff.he is retiring from working next month.he 39 years old.

I have relatives there and during the oil boom the hotels were getting $300 a night for the crappy ones that were renting to the oil field companies. Lots of campers making "man towns" around town that were required to "move" eefry 30 days or lose their camper status whatever that is ...

 

[cowtowner]

I have relatives there and during the oil boom the hotels were getting $300 a night for the crappy ones that were renting to the oil field companies. Lots of campers making "man towns" around town that were required to "move" eefry 30 days or lose their camper status whatever that is ...

A developer started a 350 unit apartment complex on the south end of town back in 2018. Before they had the concrete down Chevron bought the whole thing for their employees.

It was crazy then. $600 a night in Midland for a rat infested hotel. Companies were putting two different sets of guys in the beds. Two for the day shift, two for night shift.

It's how I met this guy, rented a room from him in his house in Carlsbad through AirBnB. He mainly rents 3 bedroom houses out to companies for their guys. Rents them a month at a time and provides weekly maid service. He also has made deals with restaurants and laundry places in town to offer special services, like pickup and dropoff laundry service, catered in evening meals and grab and go lunch bags for the guys.

He takes a cut off of anything they do. Really is a hustler, and selling his business to his employees and retiring at 39.

 

[FORANE]

The constant is things i see are safety related items that are not attended to. Fire extinguishers out of date, no or inoperative smoke/carbon monoxide detectors and such.

That is one thing that does not happen in our area (Gatlinburg). The fire marshall has an annual on site inspection before a residency permit may be issued.

 

[weilke]

What do comparable properties rent for per week ? And how long has the ski season been in that town over the last 10 years ?

 

[Oldmanb777]

Most STR's are not regulated. So no fire marshal, no health dept etc. In our area about the only thing is to register with the county and HOA. Then the county "MAY" at some time decide to inspect for safety items. I know of no time that has happened. The county does operate a complaint hotline. 4 complaints and you may loose your ability to operate your STR. But nobody checks and those with too many complaints go underground. We just stayed in a place in Incline. the owners were very nice and tried to be accommodating. Smoke alarms were 10 yrs. out of date and the fire extinguisher was flat. When I told them about it, they said the smoke alarms were annoying to the guests so they deactivated them. The kitchen light had an electrical fault. They aid they knew about it flickering, but didn't know how to fix it. I have stayed in others with the similar experiences. But still i usually choose them over hotels. I have spend most of my working life in motels and hotels all over the world. So STR's tend to be a preference. I'm usually ok with taking the risks that come with it.
Lots of catching up to do by the consumer protection people. I'm not much of a fan of govt overlords, but rules are there because somebody got abused or worse. STR's are operating outside the rules that most consumers expect of a motel.

That is one thing that does not happen in our area (Gatlinburg). The fire marshall has an annual on site inspection before a residency permit may be issued.