My first summer renting out my condo in Fort Collins, CO, over Airbnb, I brought home $4,000 per month and it was occupied almost 100% of the time. That experience alone blew my mind and I was hooked on Airbnb!
I knew that if it worked on my 2 bedroom condo, it would work on any property. So I went and rented a property, wanting to Airbnb it. Unfortunately, all properties are not created equally, especially in regards to Airbnb. I ended up losing about $900 per month. I ended up having to keep prices lower to just break even monthly. At least I didn’t lose any money. I did learn a lot from renting this property, particularly that not every property is right for Airbnb.
From that lesson, I developed a checklist of requirements for a property to be a good fit for Airbnb. If a property does not meet the requirements, it will not be rented or purchased. I was able to take this failure and turn it into an opportunity- the opportunity to create the checklist tool which is invaluable whenever I am considering Airbnbing a new property.
There are other methods or testing a property out before even putting it up on the Airbnb website, or even renting or buying it, to get an idea of what kinds of bookings you will get. You can learn more about this method in my book, “Airbnb: Investor Style.”
After building more than one Airbnb property, your business profit will soar! Replicating the system from one property on more than one property is simple! I have systems for everything to keep an Airbnb property running successfully, and these systems can be applied anywhere in the world.
You, too, can apply these systems anywhere in the world to turn a property into an Airbnb profit opportunity, or I can do it for you. By saying yes to the opportunity you get a passive profit check in the mail every month!
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Image By Martin Kulldorff – Own work, CC BY-SA 4.0, https://commons.wikimedia.org/w/index.php?curid=46812379