{"version":"1.0","type":"rich","provider_name":"Acast","provider_url":"https://acast.com","height":250,"width":700,"html":"","title":"EP171: Long-Term Rental vs. Airbnb","description":"So you’ve invested in a property, finished the remodel, and now you are ready for tenants. Would it be more lucrative to pursue a long-term rental agreement? Or could you generate more revenue by listing the space on Airbnb?
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\nAnde Burchfield is an attorney with Burchfield Law, PLLC, serving businesses, non-profits, and real estate investors. Ande has an extensive real estate portfolio of her own, and she was already managing several long-term rental properties when she joined Airbnb in 2012. The vacation rental market in Oklahoma City proved profitable, and she has since expanded her short-term rental business to include three properties in the area. Ande is prepared to explain the formula she uses to determine whether a property is a good candidate for Airbnb, or would serve her better as a long-term rental. She also explains how to evaluate the demand for short-term rentals in your area, as well as the expenses associated with Airbnb that will affect your decision to rent to either travelers or lessees.
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\nTopics Covered
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\nThe evolution of Ande’s Airbnb business
\n•\tEstablished long-term rental portfolio
\n•\tWanted to try Airbnb as experiment
\n•\tManaged herself first nine months
\n•\tCreated systems, added cleaning staff
\n•\tEventually hired property manager
\n•\tAdded two listings
\n•\tAirbnb now self-sustaining business
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\nAnde’s first Airbnb listing
\n•\tDuplex on golf course
\n•\tRemodeled inside
\n•\tOne of better homes in neighborhood
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\nThe Airbnb lessons Ande learned early on
\n•\tCater to guest standards (not your own)
\n•\tProvide blackout curtains for jetlagged guests
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\nHow to determine if demand exists for Airbnb in your town
\n•\tHotels point to a need for accommodations
\n•\tWon’t know until you try
\n•\tConsider listing on multiple platforms (easy to sync calendars)
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\nHow to decide whether to offer long-term rental or list property on Airbnb
\n•\tCompare Airbnb net profit to long-term rental gross revenue potential on traditional one-year lease
\n•\tCalculate net profit by subtracting Airbnb expenses (mowing, utilities, Wi-Fi, cleaning, management, consumables, wear-and-tear of furnishings, general maintenance) from gross
\n•\tConsider the neighborhood and tourist presence
\n•\tRemember that real estate is underlying asset
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\nAirbnb’s push to pay cleaners $15/hour
\n•\tBig cut into profit margin for Airbnb’s in certain areas
\n•\tAnde pays fixed amount per job
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\nConnect with Ande
\nConnect on LinkedIn
\nburchfieldlegal.com
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\nResources
\nRich Dad’s CASHFLOW Quadrant: Rich Dad’s Guide to Financial Freedom by Robert T. Kiyosaki
\nRich Dad Poor Dad: What the Rich Teach their Kids About Money – That the Poor and Middle Class Do Not! by Robert T. Kiyosaki
\nCASHFLOW Game App
\nHomeAway
\nExpedia
\nBooking.com
\nTripAdvisor
\nVRBO
\nAirDNA
\ngetproperly.com/en
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\nConnect with Jasper
\nEmail: jasper@getpaidforyourpad.com
\nTwitter: @GetPaidForUrPad
\nInstagram: @GetPaidForYourPad
\nFacebook: www.facebook.com/getpaidforyourpad
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\nThis episode is sponsored by Hostfully.com where you can create a custom digital guidebook for your guests!","author_name":"Freewyld Foundry"}