Possible venture with Airbnb

[L00k4ward]

Originally Posted by WillowsIvy

I have been contemplating my next venture for a while...quite stressful mindset to be honest. However unfortunately my stepdad passed and he has left me all he has, which includes a house. He owes vicinity of 180k(I believe but not 100 percent)...none the less I am contemplating turning this into an Airbnb. As a novice, does anyone have any general advice? I believe I have researched enough to know a good amount however maybe some personal experiences would be good to hear.

He has also left a pretty new truck...would it be a good recommendation to use the sale of that truck as payment for the mortgage if the Airbnb was started in the slower part of the season? I currently dont owe on my house or vehicle, I only owe on a piece of equipment.

Thank you in advance.

Not easy to deal with people
Do you live in the same locale?

What is your township’s regulations regarding short term rentals ? In some towns you must live in the same house and only allowed to rent 1 room?

-does your homeowners allow it?
What is your liability level? You may need to up it?

How would it affect your income taxes - us it worth it?

-do you have a plumber, electrician, HVAC person?

-do you have free cash for unexpected repairs, accidents?

Do you have a lawyer - in case you have to evict your guests who took over your place and wouldn’t leave?

These are issues to ponder

[L00k4ward]

Originally Posted by 1insider

I have to agree with this one. Can't imagine the primary bedroom of a short term rental having twin beds. Having better/bigger beds and TVs among other things will help occupancy in a competitive market.

I am sure the host described the size of the beds and the couple accepted it when booking?
So why the complaint after?

[TechGromit]

Originally Posted by WillowsIvy

He owes vicinity of 180k(I believe but not 100 percent)...none the less I am contemplating turning this into an Airbnb. As a novice, does anyone have any general advice?

Airbnb's can be great investments if they are unique properties located in desirable resort areas, but 90% of the Airbnb's do not come close this meeting these requirements. Where is your property located, and what make you believed people would rather stay at your property then as a hotel.

Also as someone pointed out, new normal renters for your property can be challenging to deal with at times, and that's once once a year or every few years if they extend the lease, just imagine dealing with new renters every week.