Why not rent your home out on Airbnb? After all, the income earned can be juicy! As a successful short-term rental host for over 6 years, I share my thoughts on the biggest issue I see. Enjoy!
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The cost of entry can be low to join short term rental sites like Airbnb, VRBO, Booking.com, Expedia, Travelocity, Priceline, Marriott Suites, and others. And those who have tried know first-hand how exciting the first day was where they saw themselves enjoy that email announcing how much they would make from their first booking. So if the potential from high income seems like one of the best obvious positives...what could be one of the least clear problems?
One of the biggest issues has to do with loan qualification standards. Many lenders simply don't accept Airbnb income as a dependable source of income for mortgage qualification.
The cashflow can help you build your war chest up to buy your next property or you could use it to pay off your existing mortgages faster. This could help lower your debt-to-income (DTI) ratio.
But there are other significant concerns with short-term rental relating to legal issues and neighbors. If the neighbors are unhappy and complain to the local authorities, you may face an unwinnable battle in your town, irrespective of local laws. Guests themselves can be a source of trouble. Damage from the short-term use can also be more severe than long-term guests. Your property is almost becoming commercial with the amount of wear and tear so you could face significant maintenance, repair and depreciation expenses.
Don't forget that with short-term rental, it's more of a business than a passive investment vehicle. This is especially true for rental arbitrage. But even with short-term renting your property as an owner-landlord, you are in the hospitality industry rather than pure traditional real estate. It becomes a business, which in turn has its pros and cons.
How do you feel about short-term rentals? Share your thoughts in the comments section!
00:00 Intro
00:40 Pro 1: Income
02:10 Con 1: Qualification
05:01 Pro 2: Speed
07:07 Con 2: Issues
09:57 Pro/Con: Business
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