How to be an Airbnb Host: 8 Tips for Fast Success
So, you fancy jumping on the Airbnb bandwagon and making some extra dollars? This can easily be achieved, either through renting out a spare bedroom in your existing property or by purchasing real estate specifically to tap into the rental market.
Air BNB Hosting: Everything You Need to Know
- What type of property can you host on Airbnb?
- 8 renovation tips for Air BNB host properties
What type of property can you host on Airbnb?
Quite simply, anything! From a spare bedroom to a multi-roomed mansion or condo with multiple units, there’s no limit to the type of real estate you can make an income from. The best way to understand the different types of successful lettings is to browse the listings. You’ll see how random this is—from log cabins to castles, houseboats to yurts, it doesn’t matter how “normal” or how quirky, people are happily hosting virtually any kind of property to an ever-eager audience of keen renters.
You can rent short-term, tap into the vacation market, or appeal to long-stayers. A property in a location where there’s significant seasonal employment might suit an itinerant worker, for example.
Wherever and whatever your rent, the following tips will help you draw profits from your investment in the shortest time possible.
8 renovation tips for Air BNB host properties
There’s plenty of advice to be had on how to welcome your guests, make them feel at home, and avoid complaints. Such articles are easily found via any online search. However, what isn’t so forthcoming are the steps to take during any purchase or rehabbing work prior to inviting guests to stay…
- Use quality materials: While it can be tempting to cut corners and use cheaper materials for any renovation, this is a false economy. Not only do low-value products look less appealing, but they wear out quicker and will require replacing/repairing sooner. Go for the best you can afford—this is a long-term investment, after all.
- Use technology for security: If you’re rehabbing, then adding in keyless locks, such as a keypad with a code that can easily be changed for each guest, is a wise move. That way, you’re not tied to having to be on-site for every arrival and departure.
- Invest in ambient and low-energy lighting: Forget harsh, overhead lights… Build in soft, flush, lighting that casts warm hues across the living space, creating a welcoming atmosphere. Consider intelligent lighting that’ll reduce electricity use and, consequently, your bills.
- Decorate carefully: Using a neutral color scheme that’s upscaled with carefully selected furniture and accessories can make an incredible difference to the look of a place. It needn’t cost the earth either. Search thrift shops, antique markets, flea markets, etc., to root out high-quality items at rock-bottom prices.
- Choose simple-to-use electronics: There’s nothing worse than complicated hobs or unfathomable heating controls. Pick ones that are obvious to work and leave clear instructions next to each one for your guests to refer to.
- Make sure you’re adequately insured: This is by far one of the most important considerations. Whether you’re making a few extra dollars by renting your spare room or you’ve got a portfolio of Airbnb properties, you must ensure that your insurance fully covers you for rental use.
- Consider access and parking: Again, if you’re rehabbing/renovating a property, then consider where your guests will park. If it’s possible to provide a parking spot, then this will significantly increase the property’s desirability.
- Take out a real estate investor loan that includes all your renovation costs: This will allow you to complete the necessary work to get your new property to the rental market as quickly as possible. Avoiding any cash flow issues will see the profits flowing in the shortest possible time.
Need to Fund your Airbnb Purchase? Get the Best Rates at BRRRR Loans
At BRRRR Loans, we offer a variety of real estate investor financing that can be the key to starting or increasing your property portfolio. With loans that don’t need you to prove any income and lend you money purely on the value of the income potential, people across the country are living the dream of drawing tidy annual profits from platforms like Airbnb and similar.
Discover more about how you can claim your piece of the action at https://www.brrrr.com and get in touch today for a confidential discussion.
Buy, Rehab, Rent, Refinance, & Repeat. A nationwide direct lender to real estate investors. If you have a project that needs to be funded, you’ve come to the right place.