Here are the things you MUST consider for your Airbnb property and I'll reveal how much we made last month from our 4 properties.
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You may often see videos online of some people telling you how much money they're making on Airbnb and others telling you it's a loser's game, and the expenses and fees are so high, it's hardly profitable.
I'll be honest - both are correct, and everywhere in between... Short term rentals, if done right, can literally bring in thousands of dollars per month, and in some cases tens of thousands per month.
Many new investors gloss over the importance of the following factors that you MUST consider:
- Location (must be in a place that has tourism... no tourism, no need for Airbnb, unless you want 30+ day long stays)
- Proximity to local attractions (why are people visiting this area and what are they doing while there)
- Wow factor.... Airbnb/VRBO are both all about CLICK RATE (what percentage of people click on your property when scrolling past it, among the thousands of others they could possibly book) The higher click rate, the more chances you have at getting a reservation, the more reservations you get, the more positive reviews you will likely get, the more reviews, the higher you get bumped in Airbnb search results, which results in more views, and so on. I aim to create 1-3 key ways or moments within the property to REALLY stand on out Airbnb. People want a cool experience - or even an 'instagrammable' moment! Create it for them! Give them a reason to pick your place over the others in the area.
- Even if the property is AMAZING... what are the investment details? How hard is your money actually working for you? Just because a place brings in $20k/month in revenue, it doesn't mean it's an amazing investment. We need to forecast what our cash on cash and total return on investment will be. This will tell us how hard our money is working for us and which property would be the best place to invest.
We started investing in short term rentals just two years ago. Once we saw the cash flow potential on the first property, we never looked back. Currently, at the time of uploading this video, we have 4 operating Airbnb properties and one long term rental. Last month (October 2021) they brought in a combined $69k in revenue - IN ONE MONTH! That's insane an you'd never get that through all long term rentals. Our cash flow - even after splitting one of the four Airbnb profits with a co-investor, our take home was over $34k.
That is just the cash flow - it doesn't even include the principal paydown on the mortgage every month nor the insane appreciation we have experienced the past 12 months. The equity is icing on the cake and where the true value is long term, as our net worth grows substantially more with each property we acquire and hold on to.
I hope you find this information valuable. Not many investors will disclose actual numbers and do break downs for you online. I always valued transparency from others, as this is how I learned! So, I hope you value my transparency in this video and all my other content. Please subscribe to my channel - I really appreciate it and it helps me more than you know! Throw a like on this video if you found some value in it and drop a comment or question!
