All Forum Posts by: Jimmy Woodard

@Lance Bolen love the goal here! Biggest things to know are below:

1. Find an agent like who knows the hot spots for Airbnb
2. Research revenue potential with sites like Airdna and Rabbu and look for a minimum 20% cash on cash return
3. Do market research for competition on Airbnb to know what amenities you need to stand out
4. Find a solid cleaning crew and handyman (BP, Angi, Google, etc) as they are the lifeblood of your business
5. Use a pricing tool like Wheelhouse and a PMS tool like Your Porter to self-manage (no need to pay 20-25% of gross to a PM if you don't have to)

Good luck and DM me if you have any questions!

@David Kr as an out of state investor, make sure you look for properties in Kissimmee, not Orlando. Orlando has a rule against non-owner occupied Airbnbs, so unless you plan on living in the property then Kissimmee is your best bet.

@Charlie Moore I always like to cross-reference Airdna data with Rabbu which is another great source. Remember that whenever you're looking at Airbnb properties, that's a specific timestamp, not the average daily rate (ADR) spread out over the course of a year. That could be why there's a discrepancy.

Also as you're researching other properties, see what amenities they lack that you can add in your property to maximize the ADR. Good luck and DM me for any questions!

@Jack O'Brien biggest things to know are below:

1. Find a good agent who knows the hot spots for Airbnb
2. Research revenue potential with sites like Airdna and Rabbu and look for a minimum 20% cash on cash return
3. Do market research for competition on Airbnb to know what amenities you need to stand out
4. Find a solid cleaning crew and handyman as they are the lifeblood of your business
5. Use a pricing tool like Wheelhouse and a PMS tool like Your Porter to self-manage (no need to pay 20-25% of gross to a PM if you don't have to)

Good luck and DM me if you have any questions!

@Alex K. there are plenty of markets you can get in at a much lower initial investment than CA with a greater cash flow on Airbnb. Here's a list of some top-performing markets. If you need help with self-managing remotely, feel free to DM me. Good luck!

I agree @Jay Hinrichs, self-managing is a much better path to profitability. Tools like Wheelhouse and Your Porter make it possible.

Airbnb arbitrage is a numbers game @Keeyon Incle. A way to reverse engineer success would be to look on airbnb for where there's an apartment/condo/townhouse being listed for rent. Cross-reference google maps since Airbnb doesn't show you an exact address to see if you can find which complex the listing belongs to. Then call up the landlord and say something along the lines of "I noticed there's an airbnb listing in your complex, do you allow this?" Most of the time the landlord will be surprised and say it's illegal, but you may get those few who give you the answer you're looking for. Good luck!

@Gigi Sanchez another STR insurance company similar to Proper you can check out is CBIZ. 

@Jay Hinrichs to your question about figuring how much it would rent for, I would suggest a pricing tool like Wheelhouse.

@Teonia Riley it sounds like you're in the right range, but for future reference I would suggest using a pricing tool like Wheelhouse to take away the guesswork (and make sure you don't leave money on the table).