Have any of you bought and apartment with the aim of renting it like a hotel room on sites like airbnb? What have your returns been? What difficulties have you encountered?
I haven't done that, and I doubt anyone has done that for that very specific reason. However, it could work assuming the property is in good shape and works as a viable option on Airbnb for a given area. There are a lot of factors that are going to affect getting temporary tenants on vacation or traveling to that city, though. I'd recommend against this idea if the sole focus is Airbnb and similar sites. However, someone could split it six months of straight tenancy in the traditional manner and then six months of rentals on Airbnb during peak tourist travel rates.
I have never tried renting out on Airbnb?...i believe in my situation there are factors to consider; is Airbnb open worldwide to begin with..? if so, i might be in luck but i'd have to have a sit-down with my real estate agents in that regard and spot the best way forward
I recently met a guy who was going to build a "tiny house" for the sole purposes of renting it out on Airbnb. He attends the sae church that I do. We had a very interesting conversation. Don't discount Airbnb so lightly. It really depends on where you live. This woman in upstate NY made 78K per year renting out her rent controlled apartment. Her landlord sued her to make her stop. Just because you wouldn't use Airbnb doesn't mean that they aren't people who use it. I am unable to post links. You can google it: Unemployed Upper Westside Woman woman ordered to stop putting her four bedroom apartment on Airbnb.[h=1][/h]
Keep in mind that there might be some legal implications to doing it, this depends on where you live. In some countries when the zone is for apartments and not commercial use, there are limits to how short a rental period can be. (because you are renting an apartment, not running a hotel) Other than that I think it's a good idea, just make sure that you can pay the mortgage even if you get no tenants since income from such sources is volatile at best.
If I had the capital I would do it for sure, but if I need to ask the bank in mu country they ask me if the home is for me to live or not and if it's not the interest rates are totally different.
It's a huge risk. The plan could work if you live in a 'touristy' area but remember you won't be the only one trying to rent out your house, apartment, etc so there's the issue of competition and . . . luck. You certainly don't want to take such risks.
Pretty much, as everything in real estate location is the most important, so if the house is in a good location we might go for it, if not, it's better forget it.
Wow, so Airbnb has real potential huh?..i ought to look it up then...so this Newyorker got to lose all the money she got from renting out the apartment to the landlord who is suing her or what?...that's just sad
It really does depend on where you live. The woman doesn't have to pay the money to the landlord. She has to stop renting it out and the landlord is seeking to have her evicted. The landlord is pissed because she is making more money than the landlord because of rent control. I have been doing some research on "tiny houses" and I think it's a good investment especially since I live in Southern California. A years worth of rent will more than pay for the cost of the build.