Hi @Laura2592
interesting topic.
we cover two properties that we STR based on single bedrooms or as entire places.
Our wonderful cleaning person, Sonia helps once every two weeks and we outsource the check in for the property which has the most turnovers. So even though we get help it’s not as much as I would realistically like but given certain expenses it’s about as much as I am willing to consider at the moment.
For me, buying a property to Airbnb (STR) is really risky- every year London is closing down on STR and has more restrictions, which is needed as with any market but also makes it high risk. For me I think the money is in the co-hosting side of it.
-rent the property and pay a fixed sum to landlord with their permission of course (most financially rewarding but riskier model)
- you do not rent the property out but manage it, so your income is commission based only (less risk but less reward)
I think look at your market/schedules/flexibility and act accordingly. Not trying to lead you away from your plan but frankly if I got to that point I would eventually look into having an actual hotel with paid staff as my endgame.
But this is not completely for me as truth be told I begun doing this as a means to relief our cash flow situation (which we have) and now to buy more property but short term (5 years) this will be very good for us. And don’t get me wrong I am very grateful as I have been able to pay off a lot of credit debt we had- I have paid for my parents to travel, in February they go on an all inclusive luxury holiday to Mexico for a week or so, we backpacked through South America, etc and we have met such lovely people. Before starting I was very skeptical of people in general and still not trusting but my guard is slowly and naturally coming down.
So- do you and think with your brain but consider your heart! 🙂