Who knew renting our 2nd home would be so positive?

[Retired Expat]

Tomorrow, when I get paid by AirBnB my country home will be self supporting for the year.$$$

Here’s the deal... We live outside the US but a couple of years ago while on vacation in the States we fell in love with a home on the water surrounded by nature. So before reason could prevail we bought it with the hope of spending 4-5 months a year there. But then you start to add up the insurance, property taxes and utilities and you realize what an expensive luxury it is to own a vacation home you hardly use, so far from your primary residence. We also figured out that 4-5 months was really pushing it. We might make 3 months at best.

So we decided while fixing it up and decorating, to make it easy to manage from afar via smart devices etc and furnished it in a style that would appeal to most folks. Clean, comfortable, country chic with just a touch of shabby.

Well we rented it over a couple of months last summer but then used it in the fall ourselves. Rather assumed that would be it until the Spring but we then got 17 days over Christmas and New Years and a returning guest just took it for a few months over the winter. House has now brought in enough money to pay all the fixed costs for the year.

might have more guests before our return but don’t really care. I don’t know if it would ever be considered as making a profit When you factor investment but having a place to go where it isn’t a financial burden is amazing. Okay not a ”burden” as I knew I could afford it, but still .... getting reimbursed, if you will, is a great feeling. Also we really like our place and for the most part it gives us great jiy to hear how others love it too. Many who could only dream of such a place otherwise....

 

[candrew]

DW & I frequently use AirBnb when we travel. Have had numerous stays in the U.S. and abroad. Typically, our hosts have always been local and if not present on the property, they were living in relative close proximity.

You must have a trusted person local who looks in on your place and takes care of matters like cleaning, etc. between guests, correct?

 

[BeachOrCity]

I have owned a lot of vacation rentals over the years. Using airbnb to subsidize your 2nd home is GREAT. But if one is looking at it as a pure investment my advice is to ONLY invest in vacation rentals that are close enough that you can always drop in any day to supervise cleaning and repairs and handle guest issues. If you are not local, expenses will eat any profits you had hoped for. If you are not local plan on expenses (before your mortgage) to be 60-70% of your gross income.

 

[Retired Expat]

DW & I frequently use AirBnb when we travel. Have had numerous stays in the U.S. and abroad. Typically, our hosts have always been local and if not present on the property, they were living in relative close proximity.

You must have a trusted person local who looks in on your place and takes care of matters like cleaning, etc. between guests, correct?

We have lots of back up actually. A cleaning crew who comes in and turns the house after check out and they get raves on how clean the place is, a local guy who is available to go buy if there are issues or a problem. Rarely has that been the case.... but he is also available to stock up on consumables like toilet paper, dish soap etc. Although we try and stock up on everything when we are there. We also have a Handyman available and appliance repair people we can call. Can remotely let people in and lock up after them if needs be so it has been working well.

Using VoIP phone line with a relatively local number, sometimes people have no idea just how far away I really am!

 

[Retired Expat]

I have owned a lot of vacation rentals over the years. Using airbnb to subsidize your 2nd home is GREAT. But if one is looking at it as a pure investment my advice is to ONLY invest in vacation rentals that are close enough that you can always drop in any day to supervise cleaning and repairs and handle guest issues. If you are not local, expenses will eat any profits you had hoped for. If you are not local plan on expenses (before your mortgage) to be 60-70% of your gross income.

I wouldn't think to do AirBnB as an investment personally... too many fluctuations and you have to be involved quite a bit if being a good host. I at least do all the client interactions, check ins, answer questions and deal with any issues that arise. As an AirBnB I think it should be something you want for yourself and plan to use personally. Although I agree with you, if you want to make it business you should be nearby and hopefully be able to do all the cleaning and maintenance on it yourself to reduce your costs.

We do have other rental properties that are leased out by the year. Some close to us and others far away but managed professionally. When it comes to rental property it is really just about the numbers. Where is there a growing workers market that needs rentals, Is that market being met by large rental complexes and can you compete with your one off. What is the return on investment? It is not about how cute the place is, or it is near some park you like but an hour from where people work? They are not for you, they are about what others want and need.