Airbnb is a killer investment strategy for some of you out there. It can really beef up some of those under-performing real estate assets.
Whether you are a seasoned investor looking to convert a few centrally located rental properties, or you own a 2nd home that may never see returns, Airbnb is a great solution for many.
The earning power of an Airbnb home is incredible and can likely offset the entire amount of your mortgage, not just for a month or two, but for an entire year and then some! Here are the 3 most common ways my clients see bigger ROI’s on their investment properties:
1. ROOM RENTALS:
Many landlords that I come across are sick and tired of having their properties ruined by irresponsible tenants. Instead of renting out rooms to tenants who have less of an interest in protecting your asset, consider the ideal Airbnb guest who is held accountable for their stay. Each Airbnb guest is reviewed by you, the host, and vice versa after their stay. These reviews are available to the public via the Airbnb.com app & website. Uses reviews go both ways to create a convenient and safe checks and balances system for both parties. Essentially, reviews encourage both parties to uphold a standard of excellence.
2. ENTIRE HOME:
Airbnb makes for one of the most ingenious ways to earn extra money on an asset and essentially offset an entire mortgage for each individual property rented. Often times Airbnb properties are seeing double, if not triple or quadruple returns. Generating Airbnb income is considered active income versus passive. It will require you to put in some hours to keep it going but in many cases its totally worth it. Airbnb requires your guests put down a minimal deposit as a safe guard for any minor damages and also provides an extra 1 million in automatic liability insurance for hosts.
3. PRIMARY HOMES:
What could be better then earning extra income off an idle asset?! I still cannot find anything that beats it! Many homeowners have an extra room, a walk-out basement or carriage house that could be short-term rented for a small fortune on Airbnb. The income can be used in so many wonderful ways like paying off annoying debt, student loans or credit cards. It can also be used to fund a retirement plan tax differed! Empty nesters and baby boomers can re-ignite their zest for life by starting a fun side home rental business. As I tell my clients, anyone can do this if they like people and don’t mind putting in the time and care to host guests and turn strangers into friends.
Are you an Investor, Landlord, Host, or Home Buyer looking for a solution to your real estate property? If so, Consider joining my Airbnb House Hacking Tribe FREE. Find out my Airbnb House Hacks HERE.
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Guest Post by Mike:
Are 2 Single Beds or Queen Bed Better for Your Airbnb Rooms?
In the Airbnb business, the ratings and reviews you get will build your reputation. That’s why it’s essential to offer a well-deserved comfort to your guests, even if that means making a few long-term investments.
One of the details I care about most when it comes to my Airbnb business is the sound sleep of the travelers I host. A bad night’s sleep will go straight in the reviews, for sure! So I firmly believe that providing the best possible beds for the exhausted visitors is critical. Even if the room you give for rental is small, you can still make it look cozy and fit a comfortable bed in it.
I often hear people in this business wondering what type of bed would be best to offer: single beds (two per room) or one, more massive sized bed – usually, a Queen size, the most popular type of mattress on the market. In the end, it all comes down to which features the most exceptional advantages and will get you the best reviews.
Let’s analyze the two options quickly:
Single (twin) beds are only designed for one person. Their average dimensions are 75 inches long by 39 inches wide. As they are narrow, they can conveniently fit even into the smallest bedrooms. Single beds are usually the most favored choices for children and guests. The downside may be their “college dorm” look. They may offer less comfort to the tired sleeper because of their slimness, which leaves little room for turning or sprawling during sleep.
Queen mattresses feature larger measurements: 80 inches long by 60 inches wide. Two adults (even with a small child) will sleep smoothly on them; besides, they fit yet smaller bedrooms (although there may be no space left for other large pieces of furniture). But Queens make a big difference when it comes to a good night’s sleep. They are perfect for a single sleeper who likes to change positions during sleep or who tosses a lot; a couple will feel amazing on such a bed and if you host a pair of travelers who are not a couple they will easily split the mattress and enjoy its luxurious comfort. The same goes for a family with a small child.
you’ll find them at any manufacturer or retailer (since they are trendy), which gives you the liberty to search for the best prices and materials. Plus, the modern products have various high-tech features embedded in them; you can buy them online, and they usually get delivered in a box, at your door, with no extra charges.
Therefore, my pick would always be a Queen mattress for my guests. But whatever the choice, make sure you invest in high-quality products: you don’t want to change the beds every two years or sooner! Look for the ones that score very well in support and durability, according to professional reviews. It’s best to pick a firmness level to suit all types of sleepers (back, side and stomach). Also, I’d recommend mattresses with excellent motion isolation properties: thus, two people sharing the bed won’t be bothered by each other’s movements during sleep.
Always remember: a comfortable, good night’s sleep is vital for those excellent reviews!
For information about Airbnb Coaching, Real Estate services & Airbnb property management services in Indianapolis or nationally, please contact Rachel Prince at info[at] rentalpreneur.com
Rachels Mattress Pick: ZINUS *available in her amazon influencer shop here:
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The automation of vacation rental properties…
…is still being viewed by many homeowners and renters as a luxury. But automation is fast turning into a norm. In case you are an owner of a vacation rental property or a property manager and you wish to maintain your own competitive edge in the industry, smart home
automation is a must for your business. As a vacation rental owner, you will find it improving the security and safety of your properties, maintaining the longevity of your own HVAC systems, saving energy bills and improving the efficiency of your property management tasks AND SECURING YOUR HOME. Discover our top benefits for vacation rental automation.
Ring security cameras, Smart Locks with Z wave technology as seen with Schlage door locks, smart homes with alarm systems that sound at a press of an app button as seen with Vivent Security systems, noise meters like Noiseaware that can report noise levels, and Ecobee thermostats that also read room occupancy, combined with the capability to manage remotely on an app is hands down THE BEST way to keep your bnb home SAFE.
Giving keys to the guests is simply not a good idea where it can be avoided. Instead with smart technology you are being pro-active and essentially removing such dangers such as guests making key copies and those getting into the wrong hands. Not only would this put your BNB at risk but risks the safety and privacy of future guests staying too.
Though automated systems and wifi can fail and a battery change may be needed from time to time its better than the alternative. Addiontally, lock boxes can freeze in incliment weather and replacement key costs can add up. Trust us, we have experienced the pains of lockboxes that freeze and guests that are locked out when key copies suddenly won’t work on the door! Oh and shout out to Vivent! We really loved our Vivent Security Alarm when we were able to break up a last minute party by sounding the alarm!! GENIUS!!
We primise, automating when you can, where you can, will be your saving grace.
Smart HVAC Systems that can be programmed intelligently and remotely can keep your cooling and heating systems protected, and save you a lot in terms of energy expenses. They also report data from local area to see if your home has any spikes. The strain of leaving AC or heat on high when the home is vacant for short or long durations can put your system and your wallet under strain. It can lead to wastage of energy and also cause damage to it. You could lose more money on energy or even repair expenses. With smart HVAC systems, you can manage them remotely and set them on eco settings to reduce expenses and energy. You can also be informed when filters or other components have to be changed and the system can be shut down automatically when windows or doors are
open for more than a few minutes.
With smart property automation, you can ensure that guests can have a much more fluid time when coming in and out of a property and staying in it which leads to a better overall experience, and which translates into better reviews for your BNB. Whether it comes
to automatic AC shutoff, keyless entry, automatic adjustment of lights and
indoor temperature or more, automated systems can create an luxury feel and ease with which many guests have come to expect.