Lubbock, TX · Member since 2017 · 12 posts · 4 votes
getting knee deep in Air bnb offers in several cities. I'm not hitting the "major" vacay spots, but more in line with local events; wine festivals, wedding venues, etc... I would love some back and forth with folks already in this space and their good, bad and ugly...Thanks
Rental Property Investor · NY · Member since 2018 · 126 posts · 42 votes
7y
Hey @Curry Blackwell. My first property was an air bnb house hack in a major vacation area. If you haven't purchased a property yet my suggestions is to make sure that if it was normal rental with a year lease it could cash flow positive, that way if for whatever reason people are coming to stay changes you're not stuck losing money. The "good" is if done well you should be earning considerably more than you would if you rented the property as a standard rental. The "bad" is that until you can afford to pay someone to run your air bnb there is a lot more work. Interacting with guests before during and after is a must. Your reviews matter, so you always have to be on your "A" game. Another potential bad could be the City's rules and regulations. Some cities are very "pro" transient rentals and vice versa. But that can always change when new leaderships comes in to local government. I didn't really have too many "ugly's", but I was very diligent about who I let stay at my property. If they didn't have reviews I would make sure they were fully aware that the property was in a quiet neighborhood and any noise complaints would result in expulsion. That usually kept the bad guests away.
Investor · The worst town to live in, KS · Member since 2016 · 4k+ posts · 4k+ votes
7y
STR's don't have to be vacation rentals. I have 23, and I rent them all out to refinery contractors. There is a refinery in my town, and not much else (unless you count drugs, crime, unemployment, prostitution etc). @Curry Blackwell If I lived in oil country, that's what I'd be doing. Go where the money is.
Lubbock, TX · Member since 2017 · 12 posts · 4 votes
7y
All great info..@Luke Carl...great question. The first purpose is to buy a house in a location where my kids have moved to and use "part time BNB and part time home for us"....There are other areas around this one that have more vacay spots and popular destinations. This is the reason for the BNB hunt.
I currently have 85 SFH homes that were "buy and holds" 20 years ago. I'm comfortable in that space. The BNB is not a completely different animal, but I have not ventured outside my area.
Thanks again for all the responses. I will dive into them...and I will be back !