Multi-Family and Apartment Investing
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated about 2 years ago,
AirBnB in Medium Size Multifamily Buildings?
Hi BP,
I'm dabbling with the idea of trying AirBnB in 2 of my units that I just turned over in my 32 unit apartment complex.
Has anyone had any experience with this?
Details on the building:
-1 Mile from Greenbrier Golf Resort in WV ($260/nightly average)
-Tons of wedding venues / company retreats that occur at the Resort.
-32 Units, broken into four 8 unit buildings.
-1 Bed Rent: $500/month
-2 Bed Rent: $600/month
-C Class apartment building which we are doing a value add too.
My Concerns:
-C Class apartment building
-Don't want the Vacationers to have a bad stay and then leave bad reviews on AirBnB Host account for future investments.
-Want to make sure that current tenants are happy and not disturbed.
-A little more management from a cleaning/ turnover perspective.
-More traffic through parking lot.
Benefits:
-AirBnB is suggesting $100/night for the 1 bedroom units.... ROI will be much higher.
-I am predicting that there will always be people who would rather stay 1 mile away from the resort during these events to save $100-$200/night on their stay.
-Allows more of a budget to make units a little nicer.
-I will be doing my Cash out Refi / repositioning in February 2021 of this building. Will banks loan differently if % of NOI is short term rental over long term rental?
Sorry, a lot of questions / info there. BUT, interesting topic. Lets get some good ideas in her!
Thanks in advance.
- Cassidy Burns
- [email protected]
- 540-960-1507