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Using Airbnb With Investment Properties
Manage episode 179432324 series 1272949
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Buying an investment property to use as a short-term Airbnb rental is a new idea many people are exploring right now.
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There's a new concept out there in the world of real estate where people buy real estate as an investment by using it as an Airbnb rental. Airbnb essentially provides a home away from home you can rent when you travel or go on vacation.
My brother-in-law had a townhouse in Annapolis that he turned into an Airbnb, not knowing if it would work out. He hired a company to take care of the rental logistics and things like cleaning the house and sending him a check at the end of the month, and it worked out great. He's making enough money to cover all his expenses from the mortgages to the insurance and even the management fee. It's a great way to have someone else pay off your mortgage.
If you're thinking about buying an investment property—especially to turn it into an Airbnb—there are some key points you should consider. First, you have to consider the location and the zoning, and whether you're even allowed to use it for short-term rentals. That will probably rule out most homeowners associations and condos, which tend to have strict rules on what you can do with a property.
However, there are plenty of places in the D.C. area that don't have an HOA that would work perfectly for Airbnb. There definitely needs to be a management company in place to take care of everything; you don't want to get a call in the middle of the night saying the heat isn't working or that the sink is leaking. The management company will take care of all of that.
Are short-term rentals even allowed where you're looking to buy?
The third big thing to consider is your exit strategy. If the investment doesn't work out, what will you do? You want to make sure the property is in an area with good resale values in case you need to sell. You might also want the property to be in an area where it could be rented long-term for enough money to cover your monthly costs.
If you have any questions about using Airbnb as an investment, give me a call or send me an email. I'd be happy to help you out!
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