Jaren Barnes that's wonderful...you're ın the rıght dırectıon to make ıt happen not too far from now! You'll kıll ıt for sure and the happıness you wıll see ın you kıds' eyes wıll be the best compensatıon for all the hard work! Good luck wıth that.
Has anyone done any Airbnb properties?
I keep thinking about Airbnb as an investment strategy but don't know much about it.
Has anyone ever bought a property specifically for Airbnb? If so do you mind sharing the details?
What kind of property was it, how much does location matter, how much did you spend, how much does it make etc.
Also, what are some books, courses or thought leaders in that space I should be aware of?
jawollbrink Jason Wollbrink last edited by
I was seriously considering turning a rental I have into one last year, then coronavirus hit.
I do administer a property internationally that is I offer rentals on. Its profitable but high maintenance.
I have 3 cabins in the Smoky Mountains. They do great. 45-50% cash on cash. Many investors still coming in, causing great appreciation. There are many different areas to invest, but I like the tried and proven ones best. Airdna.co will give you information about any area you want.
Michael Russo Michael Russo last edited by Michael Russo
Dave Homyak Thanks for the resource. We are looking a NC and mountain property. We were more leaning towards cabin ready lots and ten - twenty acres of Land (subdivide), adding some improvements, such as Cabin Kits and small amount RV slabs/camping. Do you feel its a better investment rehabbing cabins or doing what I mentioned? thanks for the info.
Michael Russo, it all depends on what your cost and return will be. In the Gatlinburg/Pigeon Forge area, the cabins are sold turn key. So, I literally will close on a Wednesday and have guests staying that weekend. Instant cash flow. So, if you have the down payment, that is all you need. I think there is a ton of opportunity in the RV space now, especially with COVID. You'd just need to do the math as to which returns the most money. Right now, on the Tenessee side, builders are in demand and you'd be hard pressed to find one to work on your project, unless you are a developer or want something really high end.
Michael Russo Michael Russo last edited by
Dave Homyak That is a quick turnaround for cash flow. Good info on the availability on builders. Maybe just go with a gravel based RV/camping site. A lot of the state parks go with that setup. Utilities and electric would have to be added to get that higher nightly rate I would suppose. How are you finding success sourcing those turnkey deals. MLS, off market, wholesalers?
I have used a real estate agent for them. Bought 4 and sold 1 since May 2018 in TN. I am an agent in Michigan and should have my Tennessee license in the next week or two. I have several friends that want to buy down there. There are some pockets that are still currently undervalued versus some of the more typical purchases. Hoping to provide value to my clients by pointing them to the deals with greater cash flow.
I actually think there is a market for totally off grid camping in the east with your own private 10 to 100 acres. Not sure what site you advertise on. Would be worth looking into as someone waits to sell a land deal they acquired.
Dave Homyak, I've actually been wondering about short term rentals of vacant land with an RV spot on it. I had a prospective seller reach out a couple days ago, with a 1 acre lake-front parcel that I thought might be perfect for that.
Do you know where you can find listings of RV spaces for rent, like an Airbnb for RV camping spaces (bring your own RV)? Also, I've been assuming that you would need to offer a water and septic hookup, as well as electric. If you have any experience with this, is that accurate, or would people actually rent something with say electric hookup only, no water or septic?
David Ludwig, I don't have any experience with renting to RVs. I know Airbnb has a camping section. Many RVs are self contained, with their own generators and clean water tanks and waste water tanks. I think some would just enjoy going to their own secluded place.