You probably just went on vacation and stayed in an Airbnb. Let me guess you thought these people must be making a mini fortune.
You're probably right. There's plenty of reasons to think about investing in a short-term rental property.
How to Select a Market
Look for markets with a strong rental demand, low demand to own property, and good prospects for growth. Maybe start with your fav vacation spots
Think about the expenses
It's crucial to accurately estimate expenses: Mortgage, Taxes, Utilities, Insurance, Cleaning, Maintenance, Furniture, Linens, etc.
How much are other rentals getting. You should be able to make 3x the long-term rental rate. Check out Zillow or Rentometer for estimates.
Revenue = Average daily rate X Occupancy
Self-manage or Hire someone
Your next big decision is who's gonna run it. It depends on how much time you want to invest.
Tap the link below for more tips how to invest in an Airbnb from Out of State!