Airbnb investing

S

Stockbroker

#1
#1
I was talkin in to a friend who has an investment rental property upstate NY and it got me thinking about getting one as well. However I wanted something I could enjoy myself so I thought about AirBnB investment property near a vacation ski resort in the northeast. I know there’s tons of resources out there on it which I’ve been diving into but does anyone here have any opinions or experiences to share on that matter?

many thanks in advance
 
billyS

billyS

Reign of Terror
#2
#2
Stockbroker said:
I was talkin in to a friend who has an investment rental property upstate NY and it got me thinking about getting one as well. However I wanted something I could enjoy myself so I thought about AirBnB investment property near a vacation ski resort in the northeast. I know there’s tons of resources out there on it which I’ve been diving into but does anyone here have any opinions or experiences to share on that matter?

many thanks in advance
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Please keep all politics or comments that might incite a political comments off the board.

I edited your post down to what is needed for this topic.
 
Bigcheese

Bigcheese

#4
#4
Stockbroker said:
I was talkin in to a friend who has an investment rental property upstate NY and it got me thinking about getting one as well. However I wanted something I could enjoy myself so I thought about AirBnB investment property near a vacation ski resort in the northeast. I know there’s tons of resources out there on it which I’ve been diving into but does anyone here have any opinions or experiences to share on that matter?

many thanks in advance
Click to expand...
I have always been interested in doing the same. One thing I can tell you is wherever the property is located you have to do your due dilligence on whether or not the area allows short term rentals. A lot of places cracked down on allowing only a certain amount, if any, in certain locations. Many private communities or complex dont allow them at all. I know someone who owned an property somewhere in Pennsylvania for an AirBNB. He told me the area banned any short term rentals. So he was forced to sell, as he wasn't interested in occupying with a long term tenant. Im unsure if its the town, city, or county that are able to make these decisions.
 
pokler

pokler

Power Bottom
#5
#5
Bigcheese said:
I have always been interested in doing the same. One thing I can tell you is wherever the property is located you have to do your due dilligence on whether or not the area allows short term rentals. A lot of places cracked down on allowing only a certain amount, if any, in certain locations. Many private communities or complex dont allow them at all. I know someone who owned an property somewhere in Pennsylvania for an AirBNB. He told me the area banned any short term rentals. So he was forced to sell, as he wasn't interested in occupying with a long term tenant. Im unsure if its the town, city, or county that are able to make these decisions.
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Or they may allow then change codes , laws after you buy .
Who needs the hassle when you can buy SPY and just sit on the beach .
 
gold69

gold69

#6
#6
I've thought about this also, but in south America for example Colombia, over there you can get a amazing house or condo on the beach for about 250 300k, when I went down there recently I actually rented a house for 2k for 7 days airbnb, and right when I left owner already had it rented out again so I'm sure it can be a good investment depending on locations and other things obviously.
 
S

Stockbroker

#7
#7
Assuming the area is a ski town/vacation hot spot, short term rentals i would expect this to be commonplace but id mke sure this was allowed. So let’s assume that box is checked - has anyone here actually done this and can share P/L expectations?

Part of the reason I brought this up vs simply throwing it in an index fund that yields the same if not more, is the freedom to have a place to go with the family aside from tax deductions, and passive income / cashflow diversification.

I’m curious how much work it takes (clean up service after every guest, repairs, maintenance, taxes, unforeseen issues (nightmare guests, insurance/liability issues)
 
U

Uniquelyme

#8
#8
gold69 said:
I've thought about this also, but in south America for example Colombia, over there you can get a amazing house or condo on the beach for about 250 300k, when I went down there recently I actually rented a house for 2k for 7 days airbnb, and right when I left owner already had it rented out again so I'm sure it can be a good investment depending on locations and other things obviously.
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Colombia and DR are more stable to do this imo as far as laws go. When i was in DR twice in 2021. I rented 3 different Airbnbs all good prices. The people i dealt with were superhosts or managers whatever they were called they managed several properties for Airbnb owners. I tried renting the same spot when I went back a few mos later it was occupied.

Once you get solid reviews you keep getting much more business. I have a coworker who is doing this in DR. I just never asked him cause 'm more interested myself in buying a second property in NY and preferably a 3 family. Then see what I do after that.

However he travels a lot and doesn't seem to be doing bad with it or I think he would complain about it it he did.
 
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