Newbie question - good idea to host all around the US?

[Sean1032]

My wife and I are getting ready to jump into AirBNB hosting.  One idea we have is to acquire properties all over the US, in places where we ourselves like to visit.  So we'd make money, and have places to stay when we want to.  All this assumes, of course, that we choose high potential properties.  Making money is the main thing here.

Thoughts on this approach?  Pros/Cons?  Gotchas?

[Gordon0]

I'm not sure I'd be embarking on an Airbnb 'career' right now, but I admire your gusto for wanting to take it on in such a big way. That aside, something you'll soon learn is it's all about guest ratings, and while you don't really need to be 'Superhosts', you do need to provide a high-quality product and one that's squeaky clean.

Of course, while you may be able to guarantee standards when you can see what's going on, @Sean1032, it can become a little sketchy if you're paying a cleaner (or Airbnb management co) to do this for you remotely. You can't perform any quality checks or add any personal touches to help you stand out.

Similarly, you can't mend any neighbour 'issues', and the very last thing you want to do is become enemies with the people who happen to live alongside one of your more troublesome units.

While I appreciate interest rates are at an all-time low, I'm not sure I'd put my hard-earned cash into a bunch of Airbnbs. Good luck all the same. 

[Sarah977]

There are no guarantees in the short term rental business. 2020 saw a lot of hosts with lots of properties such as what you are considering have all their bookings cancelled due to COVID.  Those who relied on steady rentals to pay the mortgage, utilities and staff were financially devastated. It's what's known as being over-leveraged. Not a position I'd want to put myself in.

@Sean1032

[Helen3]

All of this assumes you have incredibly deep pockets to 'acquire properties all over the US, in places where we ourselves like to visit' and pay for the total costs of all these properties, whether you are able to let them via STR or not @Sean1032 

[Sean1032]

@Helen3 Only one, for now, although I see that I shouldn't before Covid wraps up.  

[Sarah977]

Duplicate deleted.

[Sarah977]

It's more than just Covid- when I said there are no guarantees, I mean that anything can happen. There are plenty of areas in the world and around the US, for instance, that have banned short term rentals. You could buy a house where it's currently legal, only to have the town, city or county pass legislation 3 months later which kills your business.

So you always need a plan B, whether it's changing over to long-term rentals or whatever. And enough of a financial cushion that you can pay the bills for a few months while you restructure if for some reason the str business becomes unworkable.

@Sean1032

[Azhar24]

Hello

[Jessica-and-Henry0]

@Sean1032 

You said "Making money is the main thing here." 

Imo, then Airbnb isn't it.

[J-Renato0]

@Sean1032 

First of all! Have you won the lottery? 😊

I think it is not a good idea to have lots of listings in different cities.
It will be hard do manage. You will have to hire some cohost on each city.
If you have 10 listings in 10 different cities you will have to deal with 10 cohost.
You know... difficult to find the right person to do this job... imagine having to deal with 10 cohosts.

So, if you are really minded, I suggest to buy listing in only one city. Pick some city that has tourists and visitors all year long ... kind of San Francisco, New York...  os some small city in the south of California, near the beach where there are sun and pleasurable climate throughout the year.

During the pandemic it is said it is not the right time to invest! It can be questionable. Maybe you can find some properties at reasonable prices.
If I had some spare money, I would buy real estates.

Still, during the pandemic, it is not a good idea to offer too short stays and have guests checking in and checking out frequently.

If you offer at least 14 or 30 nights stays, maybe it will be less profitable, but you still have some income. When the pandemic finishes, you will be ready to go "at full steam".

Whatever is your decision, I wish you success !

[Helen3]

Reported as spam @Azhar24  you aren’t allowed to use these forums to promote commercial services or ‘business opportunities’. 

[Azhar26]

Helen, I am not selling anything here, what’s the reason of having a community discussion if you can not discuss your problems and have a solution, I mentioned my problem and looking for solution,

what are you doing here for just create negativity and discourage people, if can not do any good please don’t do any bad.

[Sarah977]

I saw your post yesterday before it was removed- yes, you were selling something-you posted your personal contact information for your personal business. 

That isn't what is considered to be a "solution" on this forum. A solution is suggestions and opinions from others. Not links or contact information for a product or service one has a personal stake in.

@Azhar26