All Forum Posts by: Erin Spradlin

@Tysean Jackson - Like @Linda S., my then boyfriend (now husband - @James Carlson) and I ended up going into Airbnb together in Denver, CO. We were spending a lot of time together, so decided to rent one of our places out to see if we could make money and because it did (and very quickly), we started getting places and renting them out until it eventually became a business, we got married, and quit our day jobs to go into business together. I wouldn't presume to give marriage advice, but seeing how a business partnership works can also suggest how a marriage might work too... as they both involve a good deal of trust and mutual respect. Good luck. 

@Nick Rutkowski - Airbnb has a tool online that will give you return estimates for posting a place in different locations. That should give you a good idea of what you can pull in weekly and monthly.

Running an Airbnb is fantastic money, but it's not free money. You have to prepare to clean a lot and answer client questions or hire those tasks out. Bigger Pockets has video guide on pros and cons and getting started with Airbnb that you can check out and might also help. Cheers. 

Hey @Tim Bergstrom- we do Airbnb in Denver and have built out a database of information for surrounding areas. While I can't tell you what Nashville's is, I can tell you how you can get the info on the regulations. Call the city planner, ask for the planner of the day and then ask them the following three questions: 1.) do they have any rules currently on Airbnb or VRBO? If they say yes, ask them to email you the written documentation. If no, ask them if they 2.) have a limitation on rentals that are thirty days or less and 3.) if not, if they have a limitation on utilizing properties in ways not shown in the use code. Also, ask them about compliance. Good luck. 

Hey @Jordan McDonald- smart to always keep it conservative, but 12% might be too low... especially when you consider that Houston may have housing shortages right now because of the hurricane. I think you could bump that up to 30% at least, and be safe. Agree with @Myka Artis that 20 days should be feasible.

You can find videos on getting started here: https://www.biggerpockets.com/videos. Good luck. 

@Brandyn Kemp - I would consider a property that has a different appeal to different people. Something close to hospitals, business district, tourist areas, natural beauty. A lot of the time this will be close to the urban center. Point being, if there are multiple reasons people might seek your property out, you will be less affected by a downturn because (hopefully) your property has protected itself with diversity.

@Andrew Wong - the issue with having your settings really tight is that you don't have as large of an audience. 

Take @Jared Higginbotham 's advice and try to disconnect from the property. Money in and money out. If it's positive, that's what you want. Additionally, his advice on keeping it professional/pleasant and seeing it in the reviews has absolutely proven true for us as well. I didn't always feel that way or have that attitude and that also showed up in my reviews. It's important to be as diplomatic as possible, think about the bigger picture and keep people (for the most part, and within reason) happy.

@Garry C. - yep, I meant the commissions. 

@Andrew Wong - I think it doesn't make sense to use the automated tool after you have 10+ reviews, but in the beginning- I've heard it can help on Airbnb. My brother just listed his second place and had the nightly rate cut by $5-10 (from smart pricing) and was showing up on the third page. Once he switched it to Smartpricing, he was ranked third and started getting bookings. That said, I would put a basement price in there so that you aren't getting cheap bookings on holidays. I'd also take it off after awhile because I think it can undercut your longterm profits. For the first 10 or so reviews though, it's worth keeping it on.

@Clay Sexauer - I know other people with those concerns, but we just haven't run into that too much. On the front end, we just advertise like normal and on the back end, we require a security deposit and do a background check, as well as make them sign a 90 day lease. This has kept us happy so far with our guests. 

@Garry C. totally agree. You should be listing on both... if you have a preferred platform, use the secondary platform to list your property at a more expensive price and see if there are any takers. Also, if using VRBO/Homeaway as opposed to Airbnb, make sure you are covering your costs (since there management fees can be higher.)