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Here are my thoughts on Airbnb / Airbnbust:
First of all, if you’re buying a property for an investment, number one – MAKE SURE IT CASHFLOWS without Airbnb.
This is where MOST people go wrong in terms of their purchase; if you rely on Airbnb for a property to cash flow, you’re doing it wrong and exposing yourself to a LOT of risks in the event that Airbnb prices continue falling.
Instead, you should view Airbnb as a way to supplement your income as “icing on the cake.” For instance, If you have a cash-flowing property – BUT you can make more rent on Airbnb, GO FOR IT. In the event something happens and you can no longer rent it on Airbnb, or – if prices fall below a point that makes sense to list, you’ve still got a cash-flowing property, anyway.
In addition to that, it’s important to realize that the reason many people make so much money on Airbnb is because it requires a LOT of work. I know people who run Airbnb’s and it’s a hustle to make sure the house is fully cleaned, sheets washed, and everything fully stocked after each guest. You also have to be diligent on your pricing, photos, and reviews – remember, it’s a 24/7 BUSINESS – and not as simple as listing it online, putting a lock box on the front door, and hiring a cleaning person.
With that said, if you use Airbnb responsibly, comply with local regulations, buy a cash-flowing property from the beginning, and use Airbnb for ADDITIONAL income – I’m all for it and you can make a LOT of extra money doing this.
But, just keep in mind: As with anything that’s profitable, OTHER people will drive down your margins – and, we still haven’t seen the bottom in terms of how far prices might continue falling. I personally believe that we’ll continue to see new listings on Airbnb if long-term landlords get desperate enough and can’t get the price they initially expected.
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That’s why, I think we’re absolutely in the middle of an “Airbnbust” while the market thins out the inefficient operators. in a way, this COULD be a good opportunity to stand out from the crowd…especially if you have a compelling written description about the property, which – our sponsor, Grammarly, can assist you with…but, I don’t believe you should solely rely on Airbnb for income…JUST IN CASE something were to happen.
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*Some of the links and other products that appear on this video are from companies which Graham Stephan will earn an affiliate commission or referral bonus. Graham Stephan is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. This is not investment advice. Public Offer valid for U.S. residents 18+ and subject to account approval. There may be other fees associated with trading. See Public.com/disclosures/