AgentOwned Realty

The Avid Rehabber Airbnb

Posted By: John Boyer In: The Avid Rehabber
Date: Thu, Jun 15th 2017 10:27 am

The Avid Rehabber Airbnb

I mentioned in the last blog airbnb was a viable rehab exit strategy.   Let’s list what rehab should be accomplished and the advantages to renting on the site:

Property rehab and setup:

  1. Purchase a property that is close to parks, restaurants, airport, historic areas and tourist hot spots.
  2. Plan to use upgraded kitchen appliances, laundry machines, bathroom vanity and tub. Have all surfaces easy to clean by installing hard wood floors, ceramic tile and hard counter tops (granite, quartz etc).  You will need to purchase linens, towels, washcloths, utensils, plates, pots and pans.  Also, you must have available breakfast items they can toast or microwave (thus making it a true bed and breakfast).
  3. When purchasing paint for the property, make sure you purchase extra for touch ups when guests leave. I have a dedicated locked pantry to place all cleaning material, paint, extra coffee and breakfast items.
  4. Have furnishings that are commercial grade as guests will be rough on sofas, chairs and beds.
  5. When rehabbing, give thought to hiding TV cables and have a central area for WIFI. If possible, also consider a work space for a laptop (I have a large screen monitor, mouse, and printer so all they have to do is hook up their laptop)

Airbnb advantages:

  1. You will rent the space by the night giving you flexibility to block any times you may need to personally use the space.
  2. Long term renters generally leave the property in less than average condition making you rehab again.
  3. By renting by the night, you can charge far more than a long term renter. The condos where my airbnb is located rent for $725 per month however, I am averaging $1,900 per month!  Since it is not rented every night, it gives me plenty of time to restock and clean.
  4. Later on if you wanted to drop back to another exit strategy (such as selling) you have an upgraded property with an amazing history of high rent and you don’t have to wait out a tenant’s lease to expire or evict.

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Here is a view of the courtyard from the Airbnb condo: