All Forum Posts by: Joshua Young

@Kathryn Morea

That’s a huge win! The power of short-term rentals can be massive if done correctly.

I’m curious, what is the app you said you used to make cash offers?

Hey Ashley! 

Welcome to the forums. Always great to meet like minded individuals! I feel the best place to find investment groups in the Albuquerque area is through meetup.com

Here are some of the meetups and their frequencies:

• Investing in Albuquerque - Monthly mixer (every second Tuesday) & Monthly meetup (every fourth Tuesday)
  
• ABQ Congress on Real Estate - Monthly meetup (every second Thursday)
• Apartment Investor Breakfast - Monthly meetup (every second Friday)
• ABQ REIA - Monthly meetup (every third Wednesday)
• Apartment Association of New Mexico - Check the events page for everything they put on

Also, I’d be happy to sit down with you and talk about the Albuquerque market if you are interested.

Let me know if you have any specific questions!

@Tehane Gallimore I agree with @John Underwood. Find what is taking up all your time. Be sure to automated before you delegate. For example using a channel managers to communicate with guests.

If it’s taking up as much time as a full time job I’m sure you can put some processes in place to help relieve some pressure, if not, sell it.

@Doug Teasdale

The way I analyze potential Airbnb properties is similar to The way you would analyze traditional rentals.

Start by finding nearby properties on Airbnb who are similar to your final product and see what they’re getting per night. You can use services like AirDNA but some of the data is not as reliable as doing it yourself through the platform.

In addition to looking at nightly rates, look at their availability calendars and try to figure out what their occupancy is. Also note if hosts are charging cleaning fees, increasing their nightly rate during weekends, and what they’re projecting for holidays.

You’ll also need to see if your area allows short-term rentals.

Hope this helps let me know if you have any other questions.

@Will Tapia

Hey Will! Welcome to the forums I too am an investor in New Mexico and, although I don’t have a ton of experience, I’d be happy to sit down with you and talk about the Albuquerque market.

@Ivan Solovyev I've heard of hotels (coincidentally in Florida) who sell the units to individual owners and those owners lease their units back to the hotel, keep them for their own traveling, or could rent them out themselves. Is what you are describing the same situation? Is there anything in the HOA that prohibits you from renting the place out on Airbnb/VRBO?

Hey Memo!

Welcome to the forums!

I did a similar thing (Airbnb in a Casita) on my first property to pay my mortgage. It's a solid strategy. As far as your primary house goes, be sure to also check out doing a long-term furnished rental focused at traveling professionals. I like this strategy because you can get higher monthly rent (because it's furnished) with less hassle (because it's long-term).

As others have mentioned, as long as the demand is strong (which it seems like it is), I wouldn't hesitate. You know pretty much exactly how it will perform. 

I think as John pointed out, it depends on your level of financial discipline. In the short-term, paying off your student loans is nice but, by invested in the right assets now, that money you use to pay them off will better serve you in the long-term.

I'm going to add smartbnb.io to this list as I've been using it to manage my 8 listings for the last few years and it has been nothing but great. Additionally, I use ResortLocks, as someone else mentioned, they are the only ones that I am aware of that make a Mortise style lock that integrates with Airbnb.