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As summer comes to a close, we're going to miss our back-to-back bookings. We'll do well in the Fall as people come to hike in the cool weather and enjoy the changing leaves. Winter will be slow except for the holidays and occasional weekend. Spring will open back up with people wanting to get into nature after the long cold. Then it's back to Summer again. It's important we get to know the patterns.
We had a huge week as our driveway to the River House was completed. It felt like it would never get finished...until it was. We've put in our building application to do the house renovations which is becoming more and more ambitious. That's the next big job. Our goal is to finish by the Spring so we can get it rented, but we also know that it's going to take the time it's going to take, so timelines can and will get amended.
Hope your rentals are going well!
Thinking of becoming an Airbnb host or guest? Use our referral code and get $20 off your next stay or $80 credit if you become a host!
Howdy Friends,
ReplyDeleteThis episode gives me the vessel to tell you a bit more about my rental business, differently than my eBay business, this was an intentional move, rather than an opportunistic one.
I am on the rental business for 7.5 years now, however I have not put much dedication into administering properly until a year or so.
My rental house is about a mile away from home. I've had 4 long time tenants in the period. Current family is there for over 3 years now. We are pre-AirBNB.
We compromised higher income for long term income, even more with current family, they are marvelous tenants. So we could be making certainly $200 or even $230 more each month, but would be the stress of 11 month rented, 4-6 month vacant.
Starting a little over a year, having the magic of time, I started to focus on reducing several of the fixed costs. The house is under my name, not under a business name, so there are some higher costs with tax for example on that side, but I have a fully dedicated Bank account, that includes savings, CreditCard exclusive to that business.
Besides Intuit Quicken tool, it is easy to see the bank on line to have a sense on the cash flow, money we have to move to our personal needs, or even re-invest on renovations or repairs (not to mention our crazy home owners insurance and property tax). Today all these costs are absorbed.
My next goal is to transfer the house ownership to a LLC, however I have little hope because of the process required and closing costs, etc, unecessary.
Cheers
PH
Makes sense to offer cheaper rent to reliable renters. A good reward for good behavior.
DeleteGlad to hear all your businesses are going well!
Yipee! Congrats!
ReplyDeleteHi guys! Just checking back in after a busy Summer - doing airbnb the entire time!! I loved the experience (and the nice income, of course). Decided to rent out the house we live in instead of the cabin we bought because, frankly, we felt we knew so much more about our house/neighborhood and not enough about the new place - and we really wanted to spend a family Summer away and explore a new area ourselves. Anyway, just wanted to give you an update since I took the big plunge largely because of listening to you guys. Can't wait to catch up on all your podcasts both here and at Scavengers as I was pretty much unplugged the entire Summer besides being on airbnb :-) Hope your Fall goes well too! Cheers, MM
ReplyDeleteAwesome. Sounds like you guys are having quite an adventure. If you email us, maybe we could record a conversation abut your experience. I'd love to know how you prepared your home for full-time Airbnb. What did you do with all your stuff? Who took care of all the check-ins, or is your second home close by?
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