Starting up an Airbnb

[Julie Olson]

I recently listened to podcast BP 210 and one of the speakers discussed how they used their basement as an Airbnb. This method is one that both me and my husband agree on. Knowing that the BP community has Airbnb investors I'm asking what are suggested steps I should be looking into? I'm currently looking at what other people are in my market are selling for and the BP podcast 210 provided a lot of ideas but not necessarily steps. What are ya'll suggestions? Thank You!

[Sean McDonnell]

@Julie Olson

Before getting too into the details of your market and recommendations, I want to first commend you on your desire to find creative ways to provide additional income.  My wife and I were very hesitant to get into the Airbnb game, but I cannot stress how happy I am we did.  We have turned a private in-law suite into a cozy beach retreat and this small room has provided over 800$ a month for us (almost pays our whole mortgage). More importantly, it has given us an opportunity to meet many new and interesting people. 

What type of living space are you looking to rent out? From the data provided by Airbnb, if you have a single room, I recommend starting with 40-60 a night in order to build a good reputation (the average in your area is around 140 per night).  The most important thing up front is getting Superhost status.  Dont even think about the money.  If you achieve Superhost, your listing will move to the top of the search page which is very important with our culture!  

Lastly, just be a good person and a gracious host.  It will go far for you. Good luck and let me know how your Airbnb journey goes!