Starting a business in Montreal

[Miroglio0]

Hello everybody!

I would like to start a business in Montreal. I am absolutely new to this business... (or any business, actually)

I don't own any property. My plan is to rent apartments and then sub-rent them for short term. Does anybody know if this model is going to be profitable enough?...

Any help is very appreciated!

@Joseph48 , @Miki5 I know you are based in Montreal.  Is it now a good time to start hosting in Montreal, or is it better to wait for the Spring?

Thank you so much to everybody who will take the time to answer me 

[Helen3 · Accepted solution]

yes it's called arbitrage @Miroglio0 

1. Have you checked out STR restrictions 

2. how are you planning to find landlords that allow this. Many have clauses in leases forbidding sub letting 

3. You need to undergo your own market research around supply and demand for your revtal

4. how would you cover rent and bills if you don't get the bookings you need? 

[Miroglio0]

Hi @Helen3 , thank you very much for your reply.

yes I checked the local STR regulations.

I am doing some market research at the moment. Is the website airDNA reliable?

Thanks!

[Nando11]

This is a great idea, go ahead! The regulations are there to keep the system from being abused, and when playing with them in mind, everything will work out just fine. Thanks for providing an option for landlords that respects their properties and the laws.

[Meghna22]

Hi @Miroglio0 @Joseph48 can any of you please let me know about the liability insurance requirement of CITQ. They are asking for a $2M liability insurance. Airbnb by default provides a $1M liability insurance, so along with it can buy an additional $1M insurance from another insurer or I have to take a complete $2M liability insurance from 1 insurer ?