Husbands family house - 500 years old, 2 foot thick stone walls in the beach side village of Platy, on the island of Limnos. Can’t give you a street name because there are no names! Hilarious when you are walking home from the Plaka in the moonlight…all the bloody streets look the same!
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Sounds amazing best of luck with your restoration.
I would offer the following as a first approach to narrowing an area:
- flight access (nearest airport)
- Are you looking for families? international travelers? business travelers when they return?
What is big now is the shift to the mountains. In ground pools are a big draw and a liability/plus work. I recommend no more than 3 BR unless you are OK with larger cleanups. I love my one bedroom as it has almost never been an issue to clean up. (no parties). The 3 and 4BR places we hosted in DC were much more of a problem attracting party crowds. I would look around the major western cities in areas that have a draw: national park or some other consistent attraction. I would want a year-round property not just a big summer or Christmas draw ideally.
You will have to factor in property management if you are off site. That is the most important detail and costs between 15-20%. I agree with others that you should choose a place you would love to visit: a ski area, etc. Your trips to visit are write-offs. Grab a book on buying and leasing investment property as you will learn a great deal more on the tax advantages. If you get up and running KEEP TRACK of all your guests. You want to remember the good ones and have them repeat (or their friends/family). You want to get “book direct” the next time. I also agree this business takes time to set up your documents, advertising and communications. It is a fun ride and can be prosperous if successful. Good luck! Google your question too for a wider response audience. PS> I was a super host, airbnb plus in 6 deluxe properties in DC only to get thrown off the platform. Don’t rely on the platforms exclusively although they are critical to get you launched. Look up Mark “Boostly” he has some passionate podcasts on booking direct.
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I’d strongly advise against remote hosting. A great listing benefits from mainly two things: a) the living space space itself and b) the hosting skills of the person hosting you to make guests comfortable before, during and after their stay. If you try to host from a distance, you essentially remove your ability to take care of your guests. I know that some of this can be sidestepped by using keypads, cameras etc., but you still need that person on the ground who can quickly respond to things when needed. What this means is that you can only host remotely IF you have an ultra reliable co-host on the ground who is also the most amazing cleaner (or who can manage a cleaner so that they clean to hospitality standard). In my experience, this type of person is extremely rare. We’ve had five cleaners and only one of them ever reached the level of cleaning to hospitality standard.
Why don’t you host in your neck of the woods? Where do you live? There is always a market for AirBnB no matter where you live. What’s that famous saying from ‘The Field of Dreams’: ‘If you build it, they will come.’
Good luck.
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@salebote
I see several postings saying don’t host remotely.
I’ve done it successfully for 6 years. It can be done.
You will have some issues pop up because you aren’t there but a property manager or close by friend/neighbor can help with the resolution.
To manage remotely you can’t let the desire for perfection outweigh the need of good enough/above average.
Remote managers don’t have the same level of control as being local. I am impressed and amazed at the level of thoughtfulness & cleaning detail ( eg ironing sheets & using a black light to check cleanliness) local hosts put into the rentals.
Everyone’s advice including my own is based on how they manage. The beauty of Airbnb is we can manage in a way that fits our styles as long as the rental is clean & safe
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@Annet3176 You make some very valid points. In particular, you write
Yes, I agree, if your aim is to be good enough, then it is possible to do remote hosting. You might break even or make a small profit depending on how much you purchased the property for and how much your mortgage is etc. However, there will be a natural ceiling for your pricing as the competition might have better ratings etc. To me, this is not a viable option though of course there are cases where this can work by having either an amazing co-host or an amazing cleaner (ideally both).
Instead of aiming for good enough or above average, my aim would be to have a great listing with an average rating of 4.9 or above. The type of listing where people are willing to pay a premium and make the listing part of their destination (rather than a listing which happens to be near their destination). When you have a listing like that, you have much more control of you pricing, far more than if you have an above average listing. And that’s where the true profit margin kicks in where you can make serious money of you are a consistently great host.
@Salebote you mention you live in California. Isn’t this the most populous state in the US? Surely the market for AirBnBs is huge in your area. Please correct me if I am wrong.
Just my twopence.
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@Suntory yes I live in California. Yes it’s the most populous state. Yes the AirBNB market is great.
It’s also the most expensive state, and as such the least accessible for a young investor.
With my budget of 300,000, there’s little to nothing charming enough or in a good enough location for STR.
California money is better leveraged out-of-state.
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That’s very impressive. Time to give your cleaner a bonus?
Don’t have a cleaner. Guests do exit cleaning themselves & save the usual $85-$150 cleaning fee. Most guests do a much better job than the speedy quick get in/out services
Before anyone goes on a “I would never do this…”. This has been discussed and criticized and supported/understood thoroughly in a separate thread.
All hosts run their property in a way that fits their style & needs
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How about a plot of land with an Airstream plonked in the middle? With running water and an eco toilet, you are ready to go. Someone on this forum charges $600 a night for this type of retreat. People are looking for these type of unusual experiences these days. Staying overnight in an old school bus. Sleeping outdoors under the stars. Glamping in caves. Wildfires. Wood-fired jacuzzis. Pizza ovens. Gift baskets with s’mores ingredients supplied. Outdoor bathtubs. I am sure a cool $300,000 would get you a really good listing with a bit of research and hard work. If I was living in California and had that type of money to invest, I’d aim for something like that. Just my twopence.
WHAAAATTTTTT? I must have missed that thread/discussion. That is absolutely amazing. I’ve never heard of this type of arrangement but you prove that it can work. Ingenious.
Not in California. …
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Really @KKC ? I just found 1300 plots of land for sale in California, each had a minimum of 5 acres, for less than $100k. Factor in another $100k for the Aistream and the outdoor furniture, and another $100k for running water, permits building work, you’ll have the basis for an amazing listing. I am sure on a budget you could do everything for a lot less if you wanted to.
This is a bit far-fetched, to say the least. But I like your attitude. Lol.
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If you’re a good Greek cook, hell yes! Can I pay with finish carpentry or cabinetmaking?
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As the late Ray Kroc used to say, “Location, location, location” were the 3 most important things about building a new McDonald’s.
A cheap lot that’s not near traffic or in a burnt over fire zone will be cheap, but it may not be a good investment.
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Wow. Too timely! I just watched a movie on this on Netflix last night. “The Founder”. I probably wouldn’t have watched it, but I just love Michael Keaton.
I thought it was really well done and entertaining. I was actually craving a burger while watching, but harkened back to the topic on here that evolved into a conversation on obesity (!!!)
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As others have cautioned you need to make absolutely sure STR is allowed in your targeted location. So simply call the planner, clerk, or zoning enforcement officer in that jurisdiction and verify that it is allowed. Regards, Curt
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If you haven’t already you should spend a little money and see actual data on Airbnb in the markets that interest you. You can do this with Airdna. They gather tons of data on Airbnb and VBRO around the world, and let you make a decision on actual data.
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