All Forum Posts by: Scott K.

This sounds like a nightmare. A single ****up will cause you to have written evidence that you promised something to a guest you cannot execute on, and grant them a refund.

They already have programs that safely identify common questions and give boilerplate responses, so you can control the responses and ensure you aren't saying things you can't promise.

What if a guest asks if they can do early checkin? Your AI is going to randomly pick between 'yes' and 'no' based on your past history because, well, its sometimes yes, and sometimes no.

This type of AI is not suited for this task, where the context matters. It's better to use the existing apps out there that identify common questions and give prescribed responses.

As someone with rentals in the poconos, it's true... if you're really good at Airbnb. The competition is insanely high. Everyday more airbnbs get listed on the market who failed to produce viable income. Not to mention the labor market is extremely difficult to manage. I've gone through about 9 different cleaning companies for my properties, and about 7 handymen/contractors. I just had to sell my first airbnb as it was no longer making the money it used to 3 years ago.

Smoking weed most likely. Be happy they don't keep it closed!

It 'has' to be higher than LTR, because its about 10x the work (I have 4 LTRs and 4 STRs). We use 20% personally for STRs and about 5% for LTRs.

I've had so much trouble getting contractors to just get CLOSE to what their job time line estimates were. Any tricks or ideas to put into a contract to incentivize a realistic time line? Some kind of money incentive? Some kind of legally binding contract? How do you do this without pissing off the contractor, or making them simply disappear if they go over the time frame? 

check if your state allows recording audio without consent - your guests will want to sue you.

If they dont want to sue you, all they have to do is report you to airbnb and they will ban your listing without even asking you. then you'll spend months trying to get unbanned.

With rates 6.5%-7%, especially for investment properties right now, I just read about assumable mortgages where you simply take over the mortgage of the seller when you buy the property. How does this work? Can anyone do it? Does it cost extra?

If the property is more expensive than the seller's mortgage, can you take out a 2nd mortgage on the home? Or are you forced to simply buy the rest in equity. I'm very curious if anyone has done this or has any suggestions.

Thanks!

The closest thing I had comparable to this was guests who smashed windows, bled everywhere, and left $6,000 worth of damages, used a fake ID with airbnb, and disapeared into the night.

We filed a claim with airbnb, and after 3 months they reimbursed me 100%. IT takes a while, but they did cover it. I'm unsure if they'll cover your $20k damage because that's insane. I've never had a fire in a home so I truly can't say I understand how it damages the property, but I've had oven fires, and lots of wood-burning fireplaces, so I don't quite know if the smoke/ash is a big deal? I'd personally just have it professionally cleaned for $1000, and replace the furniture and let it go. You can certainly try to get $20k from airbnb, but in the meantime you're going to have to have guests there. so I'd do the $1000 cleaning + furniture now, get guests back in the property, and run as usual, while seeing what you can get out of airbnb. You kind of have to be scrappy in this business, nothing will be perfect. Or do as suggested above, and file with insurance.

 Fun fact - my houses cost $900 to heat a month last winter, that's $30 a day. Electricity prices in the Poconos have risen 30 percent this year. I'm literally expecting to spend $50 to $60 a day on weekends heating each property (less on weekdays when no one is home). So a few hours each way adds up, or if I don't change the thermostat, I lose $20 to $30 a week. 

Suffice to say, I could save about $100 a month or more per property by having this automated. It's not a bad idea! 

Lease agreements simply aren't necessary. I'm not sure what airbnb did not allow you to cover, but they have 2 major rules they follow
1. Any verifiable damages (just send a photo, its very, very easy.)
2. If you have a written rule in your listing rules/description, it must be followed. You cannot send rules AFTER booking, airbnb will not cover that.

As for damages, even if the guest refuses to pay, airbnb will go 'ok we believe both of you!' and simply pay you out of their pocket, and let the guest go scot-free (which I think is absurd, but oh well)

For chargebacks, you will always lose however. But I don't think you need al ease agreement to fight chargebacks in court, you could go to court regardless and easily show airbnb documentation. AIrbnb however refuses to fight chargebacks, and you will lose everytime.