Air b&b

[sigpros]

Does anyone here have an Air B&B? What all is involved and would it be worth it if you only had one property? Just an idea I have been kicking around. I CAN retire in 4 years but I will only be 49 so I was thinking of working 35 years and retire at 54. My wife likes where I lived as a little kid and wouldn’t mind retiring there. So I have thought about buying a house to retire in and doing an Air B&B for the next 9-10 years. It is about 2.5 hour drive from where I live now. I am pretty confident I could get a cousin to clean it after a rental since I have family from both sides in the area. I figured maybe it would pay for a little of the house (added bonus) or some remodeling. Thanks for any input

 

[texwest44]

Not to open a can of worms here, but why not rent it out for someone to live in?

 

[Letthemgrow]

Yes.
Maybe.

Feel to PM me any specific questions you have.
There are a lot of variables that go into it.

 

[Kiwi]

I have two AirBnB's, both which I am very happy with.

But no two AirBnB's are the same. They definitely can be successful but you need to have something that is in demand and that you can service (cleaning, checks and maintenance), and also it can be a 24/7 operation if you respond to booking request and guest issues promptly.

 

[Letthemgrow]

I have two AirBnB's, both which I am very happy with.

But no two AirBnB's are the same. They definitely can be successful but you need to have something that is in demand and that you can service (cleaning, checks and maintenance), and also it can be a 24/7 operation if you respond to booking request and guest issues promptly.

^ Every word of this is true from my experience

 

[SilentKid0423]

My parents have one and it can be a lot of work dealing with guests and check in/check out. Also cleaners are hit or miss on 1)getting them and 2)the quality of their cleans. That’s been the biggest issue for my parents since it’s hard to get someone to work either once a week, three times a week, or not at all
My wife works for an air bnb management company as a cleaner. If you use a company it takes the load off of you but you pay a good amount more to the company so they can deal with the headaches, lessening the amount you see in your wallet. However your cleaning is consistent and you don’t have to worry about it.

 

[sclancy27]

I have two AirBnB's, both which I am very happy with.

But no two AirBnB's are the same. They definitely can be successful but you need to have something that is in demand and that you can service (cleaning, checks and maintenance), and also it can be a 24/7 operation if you respond to booking request and guest issues promptly.

My brother has one and this is pretty spot on. Also add in "guests" that destroy your house, cleaning people that take your $$$ and don't clean and dealing with complaints all the time. In my mind not worth it, but he really likes money, like Scrooge McDuck level.

 

[Gellar]

I don’t own an air b and b or similar rental but just because you put a house on a rental website doesn’t mean it’s going to get rented. Maybe you’ve already taken these thoughts into consideration but: Is it near something that attracts people like a lake or a park or tourist spot? Most people rent a house because they are traveling with another couple or a group of families. Do you plan on having a home that size when you retire?

 

[sigpros]

Thanks guys. The reason I wouldn't want to rent it out all the time is because we would like to use it ourselves every once in a while. The area has a nice lake and is kind of a tourist area but only has one little hotel that is always rented out. There is some good public hunting and we would use the place one a month or so. And yes I would be buying a place that I would want to retire in. I am still kicking the idea around just wanted to get some first hand experience

 

[Lostinthewoods]

I own long term rentals, but I don't think my opinion would be much different.
It would be really hard for me to buy a home that I knew I wanted to use or live in when I retired and let other people use it in a rental/airbnb fashion.

People just dont appreciate your assets the same as you do.

 

[drexal]

Get on Airbnb, vrbo and other similar sites and do a little research on properties in the area. Are properties staying booked year around or only seasonally? Is there a lot of competition? And do they rent for the price you would like to get?

 

[JoMo]

We have had an Airbnb/VRBO rental for about 10 years now with what started as a family cabin in southern CO along a river. Long story short, my dad passed when I was only 26, leaving the cabin to my two sisters and I. He passed the year the cabin was being constructed, so there were still plenty of items needed to complete and my sister got sick of having to pony up some funds for it and for the typical maintenance, insurance and taxes. My wife and I were essentially forced to take out a mortgage (before we owned a home) to buy out my sisters and my only option at the time to hope to make it work would be to turn it into a rental where it could at least have a neutral cash flow. It was a risk I was willing to gamble on. Here we are about ten years later and this venture has allowed me to directly fund the mortgage as well as expand the property with funds to purchase neighboring land.

All that said - it’s a TON of work! My wife and I live about 4-4.5 hours away so we’ve learned some things along the way that I consider crucial:
- you must have folks you know and trust locally if you are not local. This means cleaners, general maintenance, and sometimes emergency items.
- don’t be afraid to collect hefty security deposits and also spell out expectations as clearly as possible. I bet I scare off more folks by my “rules” but it still works.
- be ready for anything. Water going out, questions like - “how do I start a fire…” and so on. I’ve had to drive there and back to solve a water issue on Christmas Eve a few years back.
- get appropriate insurance coverage for the unthinkable.
- we generally overpay for the folks we have who we can rely on down there. Labor is surprisingly in short demand, so we do things that make sure they know we appreciate them. Well above hourly rates, a Christmas bonus, extra when reviews specifically say the place was clean or specifically calling out the outside cleanliness or upkeep, additional funds for after hours items, etc.
- as others mentioned, administration of it is a pain. Dealing with actual bookings, making your you’re not double booking, keeping the cleaners dialed with dates, etc. Having a shared google calendar and spreadsheet to track guest details and payments or other system is a must if you are doing it without a third party running it.

There are likely lots more thoughts, but in general, we love the concept and reality that it allowed us to retain the cabin that we otherwise wouldn’t have been able to afford. Running a short term rental is not easy and not for everyone.

Above all, the biggest pain is having to know and block out our own family cabin dates months in advance for non-peak times and typically over a year out for peak times.

Hope that helps with some things to consider.

 

[devon deer]

I have two AirBnB's, both which I am very happy with.

But no two AirBnB's are the same. They definitely can be successful but you need to have something that is in demand and that you can service (cleaning, checks and maintenance), and also it can be a 24/7 operation if you respond to booking request and guest issues promptly.

Might be interested in booking one sometime

 

[Jon Boy]

I have one and it has worked out well for me. One of my neighbors is my best friend that can handle a crisis in a pinch and my other neighbor is my cleaner that is an absolute top notch professional. I also built the house myself so it is new construction and requires very little maintenance. I make a little less than I would if I long term rented it but the house remains immaculate and I get to use it from time to time for myself. I also l offer it up to friends and family when ever they’d like to use it. I have had around 100 guests over the last three years and only one bad experience.

 

[Kiwi]

We have had an Airbnb/VRBO rental for about 10 years now with what started as a family cabin in southern CO along a river. Long story short, my dad passed when I was only 26, leaving the cabin to my two sisters and I. He passed the year the cabin was being constructed, so there were still plenty of items needed to complete and my sister got sick of having to pony up some funds for it and for the typical maintenance, insurance and taxes. My wife and I were essentially forced to take out a mortgage (before we owned a home) to buy out my sisters and my only option at the time to hope to make it work would be to turn it into a rental where it could at least have a neutral cash flow. It was a risk I was willing to gamble on. Here we are about ten years later and this venture has allowed me to directly fund the mortgage as well as expand the property with funds to purchase neighboring land.

All that said - it’s a TON of work! My wife and I live about 4-4.5 hours away so we’ve learned some things along the way that I consider crucial:
- you must have folks you know and trust locally if you are not local. This means cleaners, general maintenance, and sometimes emergency items.
- don’t be afraid to collect hefty security deposits and also spell out expectations as clearly as possible. I bet I scare off more folks by my “rules” but it still works.
- be ready for anything. Water going out, questions like - “how do I start a fire…” and so on. I’ve had to drive there and back to solve a water issue on Christmas Eve a few years back.
- get appropriate insurance coverage for the unthinkable.
- we generally overpay for the folks we have who we can rely on down there. Labor is surprisingly in short demand, so we do things that make sure they know we appreciate them. Well above hourly rates, a Christmas bonus, extra when reviews specifically say the place was clean or specifically calling out the outside cleanliness or upkeep, additional funds for after hours items, etc.
- as others mentioned, administration of it is a pain. Dealing with actual bookings, making your you’re not double booking, keeping the cleaners dialed with dates, etc. Having a shared google calendar and spreadsheet to track guest details and payments or other system is a must if you are doing it without a third party running it.

There are likely lots more thoughts, but in general, we love the concept and reality that it allowed us to retain the cabin that we otherwise wouldn’t have been able to afford. Running a short term rental is not easy and not for everyone.

Above all, the biggest pain is having to know and block out our own family cabin dates months in advance for non-peak times and typically over a year out for peak times.

Hope that helps with some things to consider.

Excellent information.

 

[cookchris]

I originally planned to list a small flat I bought on Airbnb to bring in some extra income, but after weighing the pros and cons, I ended up renting it out long-term instead. It definitely brings in less cash compared to short-term stays, but it also comes with way less hassle—no constant cleaning, guest communication, or turnover stress. What really helped me make the final call was checking detailed NeighborWho reviews. They gave me a clearer picture of the neighborhood trends and tenant profiles, which made me feel more confident going the long-term route.

 

[WVHUNTER99]

Unless your in a high tourist area, I think long term rental are the way to go. Coming from someone who has multiple rental properties and not much luck with Air BNB