In this video, I am with my student Andy reviewing a rental property of mine that I will be converting into an Airbnb Short Term Rental. If you want to learn more about investing in Airbnb’s make sure you attend our upcoming Airbnb and Short Term Rental Boot Camp: https://www.lexlevinrad.com/airbnb-short-term-rentals-boot-camp/
Andy has 10 Airbnb Short Term Rentals in Miami, and as our resident Airbnb expert, I wanted his opinion and input on design and features for converting this rental property into an Airbnb.
You can easily get 2 to 3 times (or more) return on your investment by converting a rental property to a short term rental and listing the property as a short term rental on sites like Airbnb and VRBO.
The key is you have to make sure that your property is competitively priced and that it has the amenities and features that short term renters are looking for. You want to go high end with your property in order for it to really look nice when it is complete. This is especially true in the kitchen and bathrooms. In this property, we will be putting in Quartz countertops, white cabinets, and stainless steel appliances in the Kitchen with a nice backsplash. The bathrooms will have tiled shower areas with a modern look.
Having things to do at the property are important for short term renters. If you can have a swimming pool that is ideal. If not consider adding a jacuzzi. Since the weather is so nice in Florida, focusing on the outdoors is very important. Consider adding a built in barbecue area, outdoor TV’s and refrigerators, grilling area and countertops so that guests can really enjoy the outdoors. Adding a pool can boost your booking by $150 a night or more. Remember that you are competing with other Airbnb Hosts so you need to make your listing stand out and be special. The way to do that is to use high end finishes, furnish it well and decorate it well. How you decorate the property is very important. So is the furniture. Don’t go cheap. If you are not good at design consider hiring someone (like I am doing with Andy).
The key to creating financial freedom with Airbnb’s is to buy the properties at a wholesale price (not retail). You cannot be paying retail. Your goal is to implement the Buy, Repair, Rent, and Refinance Model. But the renter is a short term Airbnb tenant instead of a long term tenant. If you purchase at a wholesale price, you can repair the property, put long term financing in place, and cash flow very well with a short term Airbnb rental. Just 5 Airbnb’s can create a life of Financial Freedom. Start out by buying your first one.
Andy will be at our next Airbnb & Short Term Rentals Boot Camp! If you want to attend call our office at (561) 948-2127