Should We Start an AirBnB

[Steven James]

My wife and I are stuck and I would appreciate input!

We live in Conway, AR. I have always wanted rental property and she would love to run an AirBnB. We’ve got the following opportunity but are unsure if we should do it:

-Current house is 4 bed/2 bath with $1,100 mortgage.

-Found a nicer 4/2 for a little more across town.

-We’re considering converting our current house to a short term rental, but are hesitant as we don’t know how it will do in this area. Also don’t know what the startup costs will be or how long it will take to rent consistently. We’re considering setting aside $10,000 for startup costs.

Does anybody have experience in this area or thoughts overall?

Thanks!

[Jimmy Woodard]

@Steven James I'd recommend checking out Rabbu. Not only can you get an estimate for revenue potential based on your address, but you can check out free comps of other STRs near yours to see what amenities they offer and what you can add to your property to stand out from the crowd. If you don't find a lot of comps, then that means there's not really a market for STRs in your neighborhood/city.

Good luck!