Ever wonder what it is like to get an Air BNB set up?
Well a few months ago my husband and I were talking about our rental we had purchased last year. The cashflow on it as a rental wasn’t what we had anticipated so as investors this was not a good property to continue to keep on our portfolio. We decided to sell the townhouse and take a hit, however we didn’t anticipate the market to be so flat. We were prepared to take a hit however the lack of interest (very little showings) was so discouraging we started looking at other options.
I have heard about people using their homes,etc as Air BNB and I had recently talked to our property manager who handles our other rental about helping a client of his with that. So through the research that was done, decided to take the jump and try it out. The big winner was when we ran the numbers we would make a better cashflow with this venture even if it wasn’t rented out the entire month vs renting it. Last year it took us just over 4 months to find renters.
So join our journey, I will document the transformation of the our rental and how we do on Air BNB.
Things we’ve been working on (as tenants still live in the property till end of month), getting utilities set up, determining what to purchase for furniture, figuring out insurance.
Insurance is a big one, did you know you can’t use your existing rental insurance when you have an Air BNB? We called around and had some crazy quotes because it is considered a commercial policy. We had a really good experience and customer service with MHK Insurance, send me an email I’d be happy to connect you (firstname.lastname@example.org).
Furniture is the other big thing right now, we found a company called Get Frent which you can rent furniture. For us we decided to purchase outright instead of paying rental. They are a great option as all the furniture is new.
However, we decided we are going to pay IKEA a visit and furnish our rental. We found some plates, etc at Costco we picked up and we still need to get a long list of other items.
In my next post I’ll put some before and after photos of the townhouse and what our Air BNB ad is going to look like. I’ve been thinking alot of the name of our place, Trendy Windermere Townhouse is the name I have for it so far, we will see if it sticks.
Thanks for reading!