All Forum Posts by: Marylin OShea

Right, setting the minimum number of nights would be one possible tool. Just need to come up with the rationale to justify it and maximize occupancy. That's exactly what I am trying to figure out.

I did it a bit inadvertently last year, setting a 2-night min for Airbnb and a 3-night min for VRBO. Which yielded a longer stay but naturally a lower avg nightly rate.

This is what I ended up with for 2021:

 Anyone else has tried something like this?

If you're still looking to invest in Annapolis or leverage a primary residence there, I hope you find this helpful: 

https://hostwannabe.com/annapo...

Let me know if I can help. Hyper-local knowledge is key, particularly in this hot market. I live, work & play in Annapolis. Contact me if I can help, I am a licensed agent with Coldwell Banker Realty.

Welcome!

Investment Info:

Other other investment.

Purchase price: $100,000
Cash invested: $50,000

Adding a sailboat to my portfolio was an STR strategy at first: it gave me a place to stay while renting out my primary residence. The Annapolis market is high priced, so the boat was my only option. But I am switching gear to run sailing charters instead where the earning potential is greater. I got a great deal during the pandemic since the boat was abroad & I had to get it surveyed sight unseen. Invested in a refit to add A/C, update the refrigeration system, and a few other improvements.

What made you interested in investing in this type of deal?

A boatel is a very unique proposition for an Airbnb property. And now that I have done my research and see the opportunity of a sailing charter business, I am excited to see my new venture thrive - it's called Picture Perfect Sailing.

How did you finance this deal?

Marine lending is hard. Especially for commercial operations. Happy to recommend my marine lender for those of you who may want to pursue this route.

Lessons learned? Challenges?

The liability risk of any STR is real. It's exponentially harder on a boat. Having proper coverage is essential so I didn't hesitate to work with a marine lawyer to establish my charter business (Airbnb on a boat is considered a commercial operation - so the charter setup is necessary if you want to play by the rules. It's hard work!).
Now I have got the option to use the boat as Boatel in shoulder season (Spring/Fall) and run sailing charters during high season.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

My yacht broker Amanda Haley is a keeper! And as mentioned above my lender was top-notch, LaVictoire Finance. Finally, securing insurance was tricky, and happy to recommend my contact - Brian Rasmussen.

Hiya BP community - I am an investor & STR host in Annapolis, Maryland. I have been hosting my SFH property in both VRBO and Airbnb for nearly two years. Had a record year last year and I am thinking with a bit more optimization it could become a 6 digit gross earner. (And it's only a 3br/2ba home, maybe 1,700 sq ft. We have a few prime weeks that really help in Annapolis!)

Have you come up with a strategic way to use VRBO and Airbnb for the same property but with different goals/pricing tactics? Perhaps focus one on shorter stays (Airbnb), and the other on longer stays (VRBO) in order to maximize occupancy? 

I am trying to fine tune this without the use of external tools. Curious to hear what you've learned if you tried something like this?

I am computing my stats to show avg stay duration and avg nightly rate for each platform and will be happy to share with those who are willing to trade intel (either here on the forum or through direct message).

Happy Hosting!

@Belinda Arredondo if you are considering a short term rental as part of your house hacking strategy, I’d be happy to help. You can browse existing listings near you to see what they rent for on a short term basis. (VRBO or Airbnb for example)

I am an Airbnb Ambassador and can help you with your hosting questions 🙂 good luck to you! 

I have three long term rentals and one Airbnb and I run a sailing charter business. I love the sharing economy! My only regret is that I didn’t start investing sooner. You’ve got this! 

@Shadi Ayyoubi So DC may be tricky. But would you consider Annapolis!? I can help  😀

 Sounds great! Let me know how I can help. 

I would think that your net income from Airbnb will be significantly more than market (long term, unfurnished) rent. Not sure I understood the numbers properly. Perhaps one side is significantly smaller? If you are somewhat close to the property and can manage it yourself (but still get help with cleaning etc) and the STR license gets approved I'd suggest the STR route for both sides.
Best of success to you! 

Congratulations!!!

So gratifying. Woohoo!