Suppose you already own a home. You have four rooms that you can rent. One to a long term renter willing to pay $1000 a month. The rest, maybe put them up for rent on AirBNB, until you can find a more permanent renter. Would the money you generate be enough to pay off the rest of the mortgage and the property tax afterwards? Let’s say the home costs $400,000 and you paid off maybe half of it. Would this strategy be able to pay off the rest of the mortgage?
This is why education is so important. Literally arithmetic and a bit of algebra.
Airbnb service fee is negligible but it's hard to get people there, much easier on booking but you will end up losing like 40-50% on income on the combination of taxes and service fees. Short term renting also has a lot of extra expenses because your quality of product actually matters there + you will constantly have to face sloppy people who just shit up all the niceness you create. That last part is why I opted out to be honest, legally the rentoid has much more rights and you have basically no real tools to enforce proper behavior.
>>32602403You're asking the wrong question. Start with your monthly mortgage/insurance/etc cost. Divide by 4. That's your target rental from each room. Given that AirBNB will have a lot of vacancies, make the nightly rate double or triple the monthly.
>>32602647How bad is occupancy rate for Airbnb?
>>32602403I don’t think you can so easily use your primary as a source of income. Well, you can but you may get taxed different so, idk. Good luck.
