All Forum Posts by: Joseph Weisenbloom

@James Clifford @Aaron Gordy

So far I have seen a lot of success with Airbnb and now VRBO for 30+ day rentals. I am at 100% occupancy until July with tenants booking between 1-6 months. Using smart pricing tool I am getting rents 30% above market. I think it is a good niche because I am getting a premium on rents but don’t have the hassle of cleaning beds everyday. Airbnb and Vrbo seem to be a better way of renting rooms as opposed to craigslist and facebook marketplace. 

James you make a good point on tenant rights after 30 days. I need to do some research on that. It sounds like I would have to go through a formal eviction process if things go awry.

Another concern is that of security deposit. Airbnb claims to have coverages on damages up to 1 Million but I am very skeptical on that. VRBO has a program where the tenant buys a short term rental insurance package. I made it mandatory on my listings. I think the coverages are $5000 in damages, 1 million in liability for $50 per month. Again not sure how effective it will actually be when something happens. Keep in mind since its longer term tenants and individual bedrooms there is less risk of it being a party house. I also am pretty hands on with this business so I will be handling all repairs.

@Drex Tanner Not going to find anything under 75k in Austin. This market is hyper expensive. You can find plenty under 75k in SA but you need to be careful you don’t buy in a ghetto neighborhood. Investing in SA from afar is tough because things are so hit or miss it pays to be a local. Also operating expenses are significatly higher in Texas than other parts of the country. High taxes, expensive water, expensive insurance all cut into that cashflow.

That being said you may be suprised how much better properties are in your back yard. You can use your local knowledge to find good niches and boost profits by managing yourself.

@Kristin Caras Apparently AirBnB covers damages caused by tenants which is reassuring. Which is the point of a security deposit to cover those damages. In many ways AirBnB mitigates the risk of tenant management and due dillegence through the rating system. On the other hand its not a background check or credit check. I wonder what is a better assurance, multiple good reviews from other hosts or the traditional background/credit check. The good news is if things don’t work out the length of stay is only 1 month and AirBnB will have my back if anything arrises.

Bump... medium term rental

I’ve been tinkering with the correct approach to renting bedrooms in Austin. First I tried to rent unfurnished rooms on a year lease but didn’t get much interest. I then furnished the rooms and offered shorter term leases and got a little more interest but no serious prospects. I have been advertising on craigslist, facebook marketplace, zillow and trulia.

A few days ago I decided to give AirBnB a try with minimum stay set at 30+ days. Within 24 hours I booked the 2 rooms for April at prices higher than anticipated (smart pricing feature).

Anyone out there rent bedrooms for 30+ days on AirBnB? Any downsides I should be aware of? I know that this is outside of the regulations of what the city of Austin considers a short term rental which is less than 30 days.

Im concerned that it might be foolish to rent 30+ days without a traditional deposit and lease. On the other hand this model could be the best of both worlds, higher monthly premium but lower hassle of turnover.

Thoughts?

For all the investors out there that rent individual bedrooms what is your best source for finding tenants? 

I’m currently using a combination of craigslist, facebook marketplace and zilllow rental manager. 

Any sources I am missing?

Wow I didn’t think this thread would be this popular. So I had a missed call this morning from this lady’s father. All of the numbers they have tried to contact me with so far have been google voice numbers. 

I’m fascinated how people go about trying to conduct these scams. I’m hoping to string them along as long as possible for entertainment purposes.

@Scott Lewis Haha I was considering this. Atelast waste their time if nothing else. Thats why I responded to their email in the first place becuase it sounded like such an outlandish story.

Alright guys thanks for the insight. Yea it felt like a scam from the beginning which is why I didn't think they would mail anything. I will ignore her.

@Jai Reddy Yes it was from craigslist. She texted me but I have not talked to her on the phone she claims they don't have phone service. I wasn't taking her seriously so I didn't think she would actually mail the check. I just emailed her again tonight when I got the check and I wont cash it until I figure this out.