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Updated over 5 years ago,
AirBNB Vacation Rental Analysis Help
First-time poster, long time reader.
I have recently discovered BiggerPockets in my venture into real estate. What a goldmine of information and ideas. I feel like a kid in a candy store jumping from topic to topic as well as digesting all of the podcast content.
Here is my question. I am looking at potential lake houses outside the DFW market with hopes of using this as an AirBNB to generate a return. If I get to use this 4 -6 times a year too that would be great. I understand the tax consequences and how to navigate that.
My question relates to my analysis. When I am projecting what my investment should be, what my occupancy rate should be and what nightly rate should be I need to know all of the costs. What costs should I consider to maintain the property on an ongoing basis? Currently, I have the following :
- Closing Costs on Loan
- Furnishing costs on the property
- Annual prop taxes
- Monthly Utilities (Electricity, Water, Gas, Internet)
- Insurance
- Maintenance
- Property Mgt 5-25% depending on what you choose
- AirBNB Fees 3%
- Debt Service
I have not included hotel occupancy taxes. Texas AirBNBers - correct me put AirBNB / HomeAway collect this on your behalf so this is not your responsibility?
What am I missing? Is there anything I am overlooking or not accounting for?
Thanks in advance