I was hoping to break even when Str. Ltr leaves me out of pocket by 5k a year, but at this rate it seems Ltr may well be the better option.
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In my experience, and opinion, the more involved and the more you know about the businesd, the more money you can make. You have 3 months to learn as much as you can about how to make money on Airbnb. As in any business, unless you are actively involved in the decisions, and keep up with as many aspects of the business as possible, you will not do as well as you could, if you did.
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There are plenty of people on this forum that host remotely. They may chime in here.
I’ve stayed a few places that were remotely hosted; the owner took charge of the communication and had reliable cleaning staff. A camera almost becomes a requirement, and a couple people to be “boots on the ground” if something comes up.
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I’m 500 miles away from 1 house, 100 miles from another house, 3000 miles from a Condo, and 8000 miles from our flat… So, I would say it is possible to self manage between states. It’s just a matter of time, I deal with loads of Air BNB messages/issues/calendar/ updates/pricing daily. If something goes wrong I have a good ‘on the ground’ support network I can call in case of emergency.
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This is exactly what we do… We have reliable people on the ground, but the guest communicate with me, and I ‘own’ all communication to make sure nothing is missed. Keyless entry, great cleaners, and exterior cameras are key. We have co-hosts in two location, that do two different jobs. Once just greets guests that I think may be problematic, to let them know someone does ‘watch over’ the house. The other cohost manages the cleaners and key exchanges, but doesn’t handle communiction with guests or booking.
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The moral is if it sounds too good to be true, you are motivated by greed
@maggieroni, I did say i bought into a poor investment area and am trying to salvage the situation. I don’t see anything wrong with me trying not to be out of pocket.
Thanks for the hosting tips! I will definitely explore remote hosting with co-hosts.
I was not referring to you as greedy but to the management company’s style of appealing to greed by promising above average returns. That’s always a red flag in any investment promise. They’re in it for a quick buck.
Maybe try to find a local co-host or as you are thinking, a long term lease.
Wishing you luck!