All Forum Posts by: Myka Artis

A good way to determine is to pay for airdna.co or do as I do myself. Get on Airbnb & Homeaway and look at already established STR's in that area. See what they are charging and how much of their calendar is filled.

Good luck on your journey.

If you have an Airbnb in the Plano/Frisco area it's going to boom. There's way too many attractions up there to worry about a long vacancy.

House hacking in Plano/Frisco will definitely put you far ahead. There''s so many attractions, hospitals, and IT travelers in that area that it would make total sense. I house hacked my 4 bedroom house in South Arlington by renting the rooms to traveling nurses and it cut my expenses drastically. If you're looking to buy a house and rent rooms remember private rooms with no bathroom attached can start at $700 and go up to $900 if you decide to Airbnb it. You can also rent a private room with a private bathroom starting off at $1100/mo. You can make more if you Airbnb the room. 

Good luck on your house hacking journey.

I've never seen them in HOA communities. They aim for high rises usually but if they have gotten into the HOA market then they must know which HOA's are STR friendly.

@Joey M Mbu correct. A good majority of those unique style places are owned by Sonder. They are the company that has saturated the Dallas & Houston markets. 

@Gerry Magrini I Airbnb/short term rent my properties myself but I do have quite a few that I rent from a landlord or PM and Airbnb. The liability really lies upon the host if you force him to get renters insurance. If you have home owners insurance, he has renters insurance, and Airbnb automatically insures all of their properties. You have 3 layers of protection right there. The first thing you need to do is ask him about his experience doing it and ask to see his Airbnb profile to check his reviews. If he's new then you have to decide if you want to take that chance. 

Pros
Your place is going to be well maintained (If he's a good host)
You can negotiate items that has to be fixed at his expense and they will more than likely agree.
You can negotiate some of the profits to come back to you. (More cashflow)
Some Airbnb hosts will even fix your place up. New Floors, counters, etc.
You can negotiate more for rent

Cons/Questions
You don't know how experienced he is to make sure the place is maintained
Does he have a system to detour parties?
How does he ensure his guests follow the rules?
Does your city even allow short term rentals?
Are there STR taxes that need to be paid? Who pays them? Host? Landlord? Airbnb?

These are just a few things to consider in your decision. Just make sure to do your due diligence and good luck.

@Rob Black Sounds like the PM company is arbitraging the units. You can continue with that model where he is renting out the unit and splitting profits with you so then you don't have to pay a huge percentage fee and you both make money. I'd personally create a STR PM company and automate it myself and you would be making a killing if you are in the San Diego market.

@Joey M Mbu H-town is on fire right now with STR's. I haven't had success with HOA's allowing you to do Airbnb. In a market like Houston where the city allows Airbnb's I'd stay away from HOA's and focus on getting 2/2 - 3/2 apartments/houses. The market is flooded with 1bed/1bath & studio rentals so go bigger with no HOA restrictions. Good luck on your journey!

@Steven Line A 4 bed/1.5 bath will work as an STR but they aren't as desirable as a 4/2 or 3/2. I have a few STR's that are 3/1.5 and they work great but as soon as I started putting my 4/2's & 3/2's in the same market those get rented faster and for longer periods of time. The realtor should have said they aren't as desirable but they will still work and you can still crush it as an STR. Good luck on your investing.

@Jonathan H. It depends on the size of the place. If we're talking about 1/1 condos then you would advertise it to IT professionals and find corporations in your community that has employees that are in and out. If it's 2 beds or more I would then focus on getting traveling nurses to rent out each room. In Texas, you can charge $600 - 800/mo for a bedroom. You can also get $1100/mo for a bedroom with a private bathroom. There are multiple ways to get the job done. You can also list your properties on Furnished Finder and in traveling nurse groups on FB.