All Forum Posts by: Syed Lateef

@Nathan Gesner Yes- Airbnb Fees and taxes are not included in my view. The data shows is my payout. What i received in my account. 

Thanks! The only thing is not including is the Property Management fee as i manage my own. But like you said it would just make the margin thinner but still worth while.

@Nathan Gesner i made another post to discuss this... take a look...

https://www.biggerpockets.com/forums/664/topics/490754-how-much-i-am-making-on-my-airbnb-in-chicago?page=1#p3020756

@Rick Baggenstoss in this thread i talk about my Occupancy Rate.

https://www.biggerpockets.com/forums/530/topics/48...

I bought entire multifamily property. Its 5 units. Currently i have 4 of those 5 units on Airbnb

@Todd Dexheimer Yes i have done analysis for perspective clients. I use more conservative numbers for projections. I dont want to over promise. The chart i show is Actual data. I do make the argument even with my property management fee you make significant more dollars than you would with long term tenants.

The last analysis i did for a client in Pilsen (a trendy neighborhood in Chicago) i projected a 35% to 40% ROI above rent on their initial investment of $12K (for Furniture

@Todd Dexheimer I have my own property management company. Typically the cost of Airbnb property management is 20 to 30% of revenues (that includes cleaning)

it costs $10k to $12K to furnish a unit from nothing to Airbnb ready this is assuming 2/3 bed and 1 bath. This assume procure, install, decor, and set up.

@Ted Kuhlmann Yes i am preparing/unprepared for the rough fall winter haha... I hope i beat everyone's expectations. I will be updated my graphs to show how he finished for the entire year.

My listings are currently in Jefferson Park, Logan Square, North Center and soon Pilsen and Edgewater (pending convos with property management companies).

Even though [potential guests dont know the areas, my positive reviews and the product i am providing helps people make decisions and come to my place. I am not far off the highway or blue line so that helps!

The ones that i currently have i own the multifamily and i do it for my clients.

I will PM you about property management

@Kevin Huang it is a hassle. it is work. If you have a full time job It will get stressful. If you manage just one your self it is work. It only makes sense in my opinion if you have multiple Airbnbs because you get economies of scale. You use the same resources and systems.

Or you get a Airbnb Property Management company to do it for you. You share in your profits. But now you have someone who has a vested interested in your property being in good shape. Which there is a benefit to the owner.

Even with the property management company you will make more money with Airbnb is what i have found out

@Todd Dexheimer my expenses are cleaning maids, electric, gas, and consumables 

@Luke F. I believe the maintenance from an Airbnb vs Traditional rental should be similar. If a faucet is going to leak  you got to fix it. If AC or heat breaks you have to come get it done. 

I would say its less wear and tear as i have cleaning ladies coming every 3 days to clean. 

I would say theres more work to make guests happy. If i didnt have enough blankets or pillows. I have to get that done immediately. If coffee machine breaks i have to buy one on the same day.

The benefit is i dont have annoying tenants that feel entitled and give me problems (and have tenant rights). If i dont like you as a guest i can kick your @ss out :)

So there are trade offs... pros & cons

I wanted to update BP on how one my Airbnb's have been preforming. The location is Jefferson park Chicago. its a 1 bedroom that i would have rented for $900. See the cashflow i have been receiving on a monthly basis.

I started in February

I will there @ the Chicago meet up tonight

@Dhru Das I am looking to grow too. How are you looking to acquire new places to do Airbnb?

@Mike Mollica I own the multifamily properties i do Airbnb. I also do Airbnb Property Management for clients as their co-host

@Lumi Ispas Thanks for your insights. Yeah i had 57% bookings during that time without having any reviews. I am hoping to beat that this year. I will update this as i finish the year to see how my performance was