If you hate the vacation rental world or in a year or so they pass a law against it. In addition, you want to make sure that if you’re getting a property for vacation rental that the expenses will be covered by a long-term tenant. Lots of cities are passing laws overnight. Call your city offices, read the newspaper, get informed. If you’re getting a property for vacation rental, please check the legalities in the state, city, and town. If You downloaded my room-to-room checklist from episode three… You might be wondering… do I really need a luggage rack? When will I break even? Or the best question – is this even worth it? Property Exclusive for Vacation Rental/Airbnb: I know if you’re just starting out that you might not have a clue about your slow season or high season. If by chance you read the NY Times article “Making A Living with Airbnb,” which I was just featured on, I’m not the only host that uses Airbnb as their main source of income Like Bob Dylan… “For the times, they are a changin” I keep track of my earnings and booking percentages… But it took me awhile to get here.Īnd my booking style keeps changing with the times.
To keep the house running and profitable. So, I totally get it now… If you know what I mean.Īnd NOW I have a plan… A real plan… I know my slow season, my high season, and how much I need to make. It took a while for me to grasp the reality that Airbnb had become my full-time job, but now as a host, I gross over a 100 thousand dollars a year. Have you created a financial strategy for your vacation rental? Do you know how much your Airbnb guest is going to cost you? And I'm not just talking money but in your time, as well?Īs I mentioned in episode one, I threw a party the night before my guest arrived with no real understanding what my guests might be expecting….I didn’t even have a coffee maker. Planning the vacations you’ll take, the bills you’ll pay off, all you see are the dollar signs coming your way… But, before you spend all the money. You’re all excited thinking of all the money you’re about to make. When I first started back in 2010, I had no clue what I was getting myself into… especially financially.
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