Would you AirBnB your IP ?

Discussion in 'Airbnb & Short Term Letting' started by teetotal, 1st Aug, 2016.

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Would you consider to AirBnB your IP ?

  1. Yes

    41 vote(s)
    73.2%
  2. No

    15 vote(s)
    26.8%
  3. I don't know what is AirBnB

    0 vote(s)
    0.0%
  1. Gockie

    Gockie Life is good ☺️ Premium Member

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    Re: transport... Myki card?

    And next time i'm in Melbourne i'd love to catch up with you. I'd be happy to share and swap ideas. :)
     
  2. Iamnumber5

    Iamnumber5 Well-Known Member

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    :):):):):):)
    By then, I won't be working anymore and will have a lot of free time. So I don't mind driving around with some selected pc members looking for their ip. I like looking at houses.

    It will be great to catch up with u:)
     
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  3. Azazel

    Azazel Well-Known Member

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    I'll send you my Paypal details ;)
     
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  4. Excalibur1

    Excalibur1 Well-Known Member

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    Woww that is awesome set up. I would recommend that you start now by monitoring properties around you and read their reviews to get the idea of what people are after and what their occupancy is like. Also double check with council if you can do that. Last thing you would want is for someone to dob you in and then they start with fines or court order.

    Next don't do cleaning yourself, while you think you will save money it is hardly the case. You want to be manager and make sure you learn the ins and outs and of managing people. You should be only a backup in case your cleaners cant do it.

    If you plan on doing this long term I would suggest on investing in commercial laundry. Also think about who will operate things when you are on holiday and not able to do it. Perhaps you can open up a laundromat in the retail section of the building?

    The goal is to automate the whole process as much as possible!

    Airbnb Hosting Tips & Info - check these guys out. They are US based but you can learn a lot from them.
     
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  5. Dylan33

    Dylan33 Well-Known Member

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    Airbnb management! What a great idea! I have a place near the beach on the mid north coast. Rented out at present but often thought how lucrative it could be as a short termer. I don't live locally so thought it wouldn't be viable. I didn't think of a local manager. I didn't think there was such a thing as an Airbnb management business. Does anyone know if there is such a thing in the Port Maquarie area?
     
  6. Biz

    Biz Well-Known Member

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    Sounds good but I would be worried the council get wind of it and hammer you for running an illegal hotel.
     
  7. Sackie

    Sackie Well-Known Member

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    I know a guy who bought 4, 2 bed units near Coogee beach 4 years ago, all airbnb now. Since then he got amazing CG plus fantastic rental returns. The holy grail.
     
  8. Gockie

    Gockie Life is good ☺️ Premium Member

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    This was my plan with another very well regarded forumite... but we were beaten by someone else in the purchase of the apartment block....
     
  9. Sackie

    Sackie Well-Known Member

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    I think its a great side business strategy imho. Buy well located but crappy units in great airbnb locations, reno them with great specs and make it look executive style and then airbnb them out.

    I'll be doing exactly that to 4 units in the area :)

    I've seen normal rent units 750-850/week. Then airbnb ones with nice specs going for 2k a week.

    Key is location and how well the units are made up.
     
    Last edited: 5th Aug, 2016
  10. EN710

    EN710 Well-Known Member

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    Where is it? :)

    this is my rough calculation - to make my unit worthwhile it will need at least 75% occupancy and average daily rental of $150 (about double the normal rental). Note that I take the one rental listing price of unit within the same building - might not be actual market rental.

    upload_2016-8-5_13-42-0.png
     
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  11. Sackie

    Sackie Well-Known Member

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    Close to a couple of beaches in the Eastern Suburbs of Sydney. I think location is paramount as to whether you're going to get a good deal in the end or not. Also the interior and furnishing.
     
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  12. Azazel

    Azazel Well-Known Member

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    I looked at a holiday rental at the South Coast, they had a website set up (separate to Airbnb), a lock box, cleaner and all that.
    Didn't make financial sense with the amount of maintenance that it would require in between lets, as opposed to a permanent rental. But each place would be different.
     
  13. Iamnumber5

    Iamnumber5 Well-Known Member

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    That's awesome advise, I will start monitoring it from now and see if I can do a feasibility study.
     
  14. Dylan33

    Dylan33 Well-Known Member

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    W
    Wouldn't you just pay a percentage per booking?
     
  15. teetotal

    teetotal Well-Known Member

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    The key question is how much is considered reasonable?
    Something that would make sense to both owners and cleaner/manager
     
  16. EN710

    EN710 Well-Known Member

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    Depends on arrangement? We rented a 3 bed house in South coast and do basic the cleaning ourselves. It was real cheap ($400-500 for 4 days in peak period). The owner also have their parents help to clean up in exchange of payment. So as long as you have reasonable tenant, I think it will be ok.
     
  17. Fernfurn

    Fernfurn Well-Known Member

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  18. Daisycutter4

    Daisycutter4 Well-Known Member

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    You need to make it obvious to the insurer that you intend to do short stay. Air bnb do have a host's guarantee, but it isn't as comprehensive as it first seems.
     
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  19. Azazel

    Azazel Well-Known Member

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    Possibly, but depending on how much the place rents for, a set percentage might be too small.
    Cleaners generally charge by the hour.
     
  20. Daisycutter4

    Daisycutter4 Well-Known Member

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    upload_2016-8-12_13-14-8.png
    A screen grab from our October Issue if it's of any interest.
     
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