AIRBNB (rental property)

[Alexander Moses]

I would assume it depends on the area. I live in in Oklahoma city btw. Just would like to know anyone's opinion regardless of where you live. Has anyone had any success or would like to share any advice using AirBNB for there own rental properties? Could it consistently work if in a good area? Are there any policies or laws that could have a negative impact when doing business this way?

Anyone's opinion is welcome!

[Bruno C.]

Originally posted by @Alexander Moses:

I would assume it depends on the area. I live in in Oklahoma city btw. Just would like to know anyone's opinion regardless of where you live. Has anyone had any success or would like to share any advice using AirBNB for there own rental properties? Could it consistently work if in a good area? Are there any policies or laws that could have a negative impact when doing business this way?

Anyone's opinion is welcome!

 I totally believe in it, but it is market and neighborhood-dependent. Boston's market is on fire, and is a huge tourist attraction, so here there is definitely a sustainable business that provides cash flows above and beyond many normal buy and holds. A few tips if you decide to to take the plunge:

-do the analysis up front and make sure that it's significantly more profitable than your standard long term rental. There is more complexity and it needs to be justified by additional profit.

-once you get the hang of it, build systems quickly to remove the need for your daily involvement. Using 3rd parties like Guesty, Everbooked, TaskRabbit, etc will be worth your time and will allow you to scale faster.

-Laws are local - check with your area to see if there are any policies on short term rentals to be sure.

-Prepare for seasonality and save some of your profits for that, especially in the beginning. You don't know how slow the slower months can be until you're in them.

-Use the forums here on BP to learn! There's a wealth of knowledge and information here, and we are all here to help each other. There's pretty much no question that you can't have answered through here.

Good luck!