Good afternoon,
My husband and I have rented on a handful occasions. I have been in a corporate environment for several years. My husband and I have owned businesses and are preparing for slowing down. That said, I formerly lived in Maine (U.S.). I now live in Missouri. We are in the process of purchasing a second home in Maine because we are familiar with the area. We have adult children in Boston. Maine would be a state that I would like to explore more with my husband.
Our thoughts are that we could use some of our savings, offer the home on Air BNB while we are not in state. Preferably, we will find something near the coast (not right on the waterfront - too cost prohibitive).
Here are the questions I have:
1. Any advice you wish someone would have shared with you before you bought a property?
2. Are there any specific challenges you faced while starting with Air BNB?
3. Do you own multiple properties or a single home that you rent out?
4. What are key elements we should be looking for during our search?
5. Is there a tool within Air BNB website that provides a list of restrictions by state or city in regards to Air BNB? limitations such as minimum stays, etc.?
We are working with a realtor. Just curious what we can expect. What advice others would give before purchasing a home for this platform?
Thanks so much!
Shelley