Leasing homes to then sublet through Airbnb? Viable business?

[Eric Moeller]

Hey all!

I wanted to get this conversation started to see if any investors out there are currently sandwich leasing properties for the main purpose of subletting through Airbnb. 

I came across a landlord who is looking to rent her home here in San Diego for $2,700 a month. I ran the property through my Airbnb formula and I figured if I sublet this home through Airbnb I would be able to bring in $1,500 a month ABOVE rent, management and reserves. This is crazy to me and made me this would be a great model to explore. (yes, I considered vacancy, management, reserves, staging and local fees into my projections) 

Has anyone done this before? Have you leased a home with the purpose of subletting exclusively through Airbnb? What has worked? What was the biggest surprise? We're landlords kept in the dark or aware of the subletting? What is the benefit for the landlord? Did you cut them in on the profits? 

I have a million questions so lets get this one rolling....

Eric D. Moeller

Koda Homes