All Forum Posts by: Chandler L. Parker

 Amy, where is the best place you've found for owner leads? I don't have a problem cold calling either but I am new to the Airbnb model.

Thanks!!

I had previously checked Airdna.co on other properties but not this one yet. I feel like I'm getting better at my research as Airdna had the property at 48% occupancy, $183 a night, generating a little over $600 a month profit. I was basically spot on there!!! I would say these numbers are conservative as my property will be above the average comps Airdna uses. 

Man I'm kind of new to the BP forums, I really appreciate all the input you guys have. Very valuable!

Well, the way I look at it. There are roughly 75 hotels within 5 miles of the property. They dont build them if they wont make money. Just take 1 room out of all those hotels, that's my 1 unit. I think the occupancy rate really relies on the staging, photos and marketing of the propertie. Hosting quality, style and amenities like wifi, muffins, coffee, water all the shampoos and soaps. Cleanliness. Search engine optimization on the platform. I did check out Airdna.co as well. Really cool site.

I think some of the reason why is because I'm agreeing to a premium price but like you said they would be risking depreciation. I'll be sure to keep asking my broker/agent and the closing attorney more questions.

I have checked with my county&city and they told me they do not regulate Airbnb at this time. 

It's a wild story actually, they are becoming minimalist and moving cabin in the woods. 

I also agree it's to good to be true so we will see in a few days when I start the due diligence period.

What's up BP!

Last Friday in my search for a willing landlord to start my Airbnb business I found a seller willing to owner finance the property. The list price was $284,000 for about three months then got dropped to $264,900 and they offered the owner finance option. $5k down and $1,500 a month. With me taking on the finance my self in not more than 4 years. Fixed rate of 5% interest. They are also leaving the home fully furnished. I asked them to because the home is set up perfect for an Airbnb as is. I could literally list the property the day after closing. I was planning on a $4k furnishing budget if they emptied the home. I offered to bring an extra $3k down to closing if they would leave the furniture and they said YES!

Comp. bnb units in the area are going anywhere from $150 - $300 a night. The house is 2 story, 3bd 2bth with a second lot attached that i could put a small guest cabin or bungalow on in the future. 

If I can get say $200 a night and I only have a 50% occupancy rate. That's $3k on a bad month minus payment and utilities. I  could potentially profit $600-$800 at 50% occupancy...and I own it so i'm building equity as well.

Also, the balloon payment(when I take on my own finance) is contingent upon the appraisal at that time. So $264,000 is the agreement now but if it appraises at $240k that's all I have to pay but if it appraises at $300k I still only pay whats remaining of the $264K

I see a win win where I could potentially have 20% equity in a few years at half occupancy. I have the property under contract but it's contingent on my satisfactory inspection.

I would also plan to continue paying to principal with my regular job to get to 20% equity ASAP!

Looking forward to your advice!

Thanks BP!

I'm new to the platform and i really enjoy everybody jumping on here with input.thanks!

Thank you bud for the advice!

I really appreciate the feed back. I would not be looking for a short term lease. I would like to lease for 12 to 18 months.

Also, these guest are  prescreened through the airbnb platform and if they book through the platform, airbnb backs them with 1 million dollar insurance coverage on qualifying claims. Not to mention. I won't call you for new paint, a broken toilet, a messed up door hinge. I just have  my handyman fix it because I have to check the next guest in. I actually don't have time to bother the landlord of small typical problems. And yes I would be generating a profit off of the property but the landlords get full rent without paying any management fee. In some case we offer to pay $100 on top of the asked rent. Or, rent to normal tenants, handle your own management, pay a management company or how  ever you choose so. 

I also respect that people work hard to build their rental portfolios and feel kind of disrespected when someone ask to host their property. But at the end of the day,the landlord still gets the rental money they ask and the property is professionally cleaned and maintained on a weekly basis. Once you were to see how this operates, you would want us to lease all your properties.

Thanks again for the discussion,I really do appreciate it!

  

If I could network with some local Airbnb or Biggerpockets groups that would be awesome! I need all the advice I can get.

Thanks in advance!