2024 risks | Beginner’s guide to starting Airbnb business
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- Опубліковано 19 чер 2024
- Links mentioned:
My Airbnb Calculator (Free!) - lydiapatel.ck.page/f6c9cdd4f4
Airbnb hosting with me and my husband as your ambassadors - www.airbnb.com/r/mpatel207
Novo (fee free biz checking, awesome interface and app): novo.pxf.io/6ePnmE
Northwest Agent (discounted at $39 only for an LLC): shrsl.com/4869z
Pre-made checklists/templates for running your Airbnb: lydiapatel.ck.page/vault
Softwares:
AirDNA (free to start, $ if more granular data needed): airdna.grsm.io/l9vq3854x0eh
Hospitable ($30 credit): hospitable.com/?grsf=htt7vt
Lodgify: www.lodgify.com/?afmc=1nq&utm...
Minut: minut.grsm.io/y038at04wf00
Pricelabs ($10 credit): pricelabs.co/users/sign_up?re...
Upwork (For finding help e.g. assistants, staff): upwork.pxf.io/q4WYNb
Insurance (Steadily): lydiapatel.steadilypartner.com/
Business credit cards:
American Express Blue Cash ($500 cash bonus, 0% APR 12 months, and 2% cash back on spend) - americanexpress.com/en-us/ref...
Chase Ink Unlimited (up to $900 cash bonus though usually $750, 0% APR 12 months, and 1.5% cash back on spend) - www.referyourchasecard.com/21...
Favorite furniture store for modern homes: bludot.pxf.io/c/4245172/18597...
My short term rentals playlist: • Tiny House Airbnb | Ho...
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Gear:
DSLR camera: amzn.to/42yAeWK
Wide angle lens: amzn.to/3CqBosJ
Ring light: amzn.to/42LIpiV
Microphone: amzn.to/3qGbFKc
Music: share.epidemicsound.com/1hnc21 (FREE 30 day trial)
IG: lydiapatelll
Business inquiries: hello@lydiapatel.com
All ideas, opinions, bad jokes are my own. Not sponsored content. Links above contain affiliates - which means I get a small commission for telling you about the product/service and feels like a little tip jar for me. This is at no cost to you, and independent of the opinions I've already formed on these products/services prior to making the video. :-)
#shorttermrentals #vacationrental #airbnbhost
@PriceLabs-DynamicPricing @amex @Hospitablecom @airbnb
The piece of real estate I bought in 2023 has appreciated by $60,000 since my acquisition. However, the downside is the diminishing value of the dollar. I am currently contemplating strategies to reinvest $300,000 in the real estate market.
Portfolio diversification is most advisable in your investment career, well I think you need to get a financial expert to assist you with the best financial goal._
Right, I delegate all my day-to-day investing to an advisor ever since suffering a major steep-down late 2019, amid rona-outbreak, and as of today, I'm part-retired with barely 30% short of my $1m retirement goal after subsequent investments.
Once you hit a milestone, the next one comes easier.. would you mind dropping info of your Invest-Adviser please? I'm in dire need of proper asset allocation in order to achieve an optimal portfolio till year end, thanks in advance,.
SONYA LEE MITCHELL is the manager I use. Just research the name. You'd find necessary details to set up an appointment.
Thank you for this lead. I searched her up, and I have sent her a message. I hope she gets back to me soon
In any business… trust the numbers. The numbers don’t lie! Thank you for your info!
Hi Lydia, Really hope you don`t change. Unlike hundreds of deceiving clips out there, Your video is simply mind blowing, honest and educational with no strings attached. Well done :)
Thank you so very much for your channel Lydia, tremendously great advice. Thank you for being so willing to share this knowledge and share your experience to help others.
Nice tips, a lot of people underestimate the homework that needs to be done prior to getting in the game.
Super happy to find a very technical approach to airbnb. Although we dont have such tools in the Philippines, im happy to see through your vids how it should be done the right way.
So informative and love all the recommendations Lydia. I’m listing our first tiny house we built ourselves in our back yard and can’t wait to watch your tiny house video next!
So exciting!
Loved this. Thank you for just giving info. I appreciate it
Love your energy. Honest, humble, clear to the point and calm. ☺
Thanks! 🥰
Outstanding information, so legit and straight from the heart..you can tell just based on how she's presenting it. Thanks again!
Thanks for watching!
Thank you. You were thorough enough to give someone a place to start. I was just watching another video and she gave quite vague info and tried to sell her coach class. Thanks girl. God bless
Thanks for taking the time to leave a comment. This was what I was hoping to achieve!
Thanks so much for the no BS pros/cons of Airbnb. As a fellow healthcare worker I appreciate your content.
Thank you!
I’m new to your channel and as a fellow working mom in healthcare I love it! It is so informative and to the point.
Thanks! Great to have you here!
This was excellent, Lydia, thank you. Tremendously helpful
Thanks, Clarissa!
Love this video. Super helpful. It was confirmation that I'm on the right track and there was also helpful information that I didn't think about. Thank you!🥰
You are so welcome and I’m glad it helped! ☺️
Such high quality information ! I learnt so much in juts 20 minutes. You just got yourself a new subscriber
Thanks for watching!
Thank you so much for taking the time to share all this information. It is very useful and very well explained. I love your step by step details, this is exactly what I was looking for to satisfy my questions. Looking forward to your next videos and the best of luck with your investments.
Glad it was helpful! Thanks :-)
Great advice, 👍 However, I don’t advice to change the utilities, buy furniture, buy house insurance or do any improvements until escrow actually closes.
You’re by far one of the content creators I most enjoyed listening talking about this whole process, thank you!
Thanks ❤️❤️ so glad you enjoyed this
Great information!! Found you while searching for “how to start an Airbnb business”. So glad you popped up! New subbie!! 😊
Welcome! 🤗
Meri, merci, merci beaucoup! Thank you for sharing. Time to take action now.
You got this!
Great summary video! Thank you!
I really appreciate your video VERY Much. as a fellow healthcare professional, i do appreciate how your real estate journey has gone. I like that you are very upfront with the resources you used and has worked for you. Like minded, I do like that you mention that if you are laid off at work to have security money incase things go south and you need to use your reserve funds. I appreciate the real life expectations. these small details shows that you do care about sharing your knowledge and appreciate others like myself. THANK you. Please make more content!!
Thanks for the kind words!! A W2 income is so underrated in real estate UA-cam land :-)
Lydia, Thanks so much for sharing your experience. Just opened my first little listing....room in my home ;-)
Very cool! Best of luck 😊😊
Good job. Lots of info - presented well.
This was so helpful, thank you!
Thanks for the advice. Working on getting my first STR up and running. Remodeling/repairs is going longer than I would prefer, but still excited.
That is so exciting! Congrats on getting started. Where is your STR? Best of luck ❤️
@@lydiapatelll West Michigan, in a very rural wooded area. Lots of hiking and nature, but also about 20 minutes from popular beach towns. I am hoping the appeal is to get out in nature. Its about 2 hours from Chicago, which is probably where most visitors will be coming from. Also about 90 minutes from me, and I am excited to be using it as well when not booked.
@@arozi1391 love that! I still fondly remember a family trip to south haven, MI. Lovely area. Wish you all the best in your setup!
This is deep, I just subscribed to your channel
you are amazing! Thank you for simplifying this a lot
Aww thank you!
Great information. Thank you so much 👍
THIS WAS SO HELPFUL!
I would like to see how you furnish your next AirBNB .. Great video
This is so helpful thank you so much
nice job Lydia!
Thanks a mil!
Love how honest you’re. I am very new to this would love to contact you and work with you and your partners to learn more.
Thanks! Email and IG in description 😊
We just purchased a duplex unit at an island destination and really looking forward to the journey. Thanks for this informational video.
Congratulations! Best of luck with the duplex.
Skip to the 12 minute mark if you already own a home that you’re going to Airbnb.
Sending you internet points! Thank you for your service
Yep, THANKS!
Great video. Thanks for sharing the details and honesty. Not sure if you’ve already done video about how to use Hospitable to avoid double booking. If so, please share the link. If not, that’d be a great content for the next video.
Not yet. Thanks for the idea!
Thank you !
Thanks for sharing!
I’ve had guests ask, so Kim, what’s the best Keto diet place, or where do I eat if I’m vegetarian? Where can we go tonight to have fun? Be ready for it!
Also..,some reallly good advice, be sure & white glove clean your property. I’ve had guests nit pick to get discounts. I take pictures & video prior to stays just for this reason. So many things to learn, pricing strategies for slow season, best elements needed for good guests, ( baby stuff of dogs, gift baskets, etc)
Great advice!
I’d like a deep dive on how to structure an STR business. Does it make sense to launch the first STR with a mortgage taken out in my own name on my personal credit, or through a business? If a business, how does one go about building the necessary credit for the business to even qualify for the mortgage? What is the most efficient in terms of tax strategy?
Thanks for the info..
Matsala. 😊 I'll follow👍😎
Thanks!
Very educational and organic video. Can you elaborate some on cleaning services to get the property ready before each visit, how you deal with visitors damaging property, etc. thanks!
Thanks! Next Q&A will have the guest question- doing edits right now 😉
Great info! It has been 2 months with my Airbnb, learned mostly in UA-cam, FB groups, and friends. Plus I am a Realtor in DFW Dallas Tx área, so that helped a lot😊. It is working well so far, much better than long term rental,
Wonderful to hear your Airbnb has been doing well :-) I'd love to explore the DFW area, we have family close by
Me too! I’m in ca going to do my second very soon!
I loved the way you explained the process in this video. Instant Sub❤
Do you invest in state or out of state?
Hey Mario! I’m Mario! I’m a realtor here in AZ. I’m looking to get into this airbnb biz. How did you get started?
Thank you for the education. I own 3/4 acre plot of land in the heart of Pahoa town in Hawaii. Gonna do a glamping/cabin airbnb. Hopefully I can fit 2 to 3 units on my property. We have a lot of tourists in the area for the lava viewing down kalapana and old flows in pahoa/leilani estates
Sounds amazing! All the best :-)
Loved your video great information!!What about safety or accidents at your property? Example we have a cliff over looking water but also flat area very beautiful on our property.
Definitely talk to an insurance person regarding that. There are other properties like this on Airbnb so I’m guessing it can be done!
6:55 had me dying 😂😂😂 good info though.
I’m owning it! 😂
Thank you
Thanks for sharing your experiences!
Thanks for watching!
Well done.
Thank you for being upfront and knowledgeable yet willing to share your experiences with us. Question. What are your thoughts on building a small home, 1500 SQ.FT., house on our land to rent out as an AIRBNB? We have 20 acres nestled in Amish Country and Wedding barns. Literally, there are three wedding barns less than 3 min. from our land. We currently live on the land and this home would be within 100 yds. of our home.
Love that idea! We have dreamed about doing the wedding barn + several small A-frames combo, but just aren’t personally in the country that often and hesitated on finding someone we can hire to help. If you already have the land and live right next to it, that sounds lovely!! (Of course, still so the math on how much it would cost to build, vs how much revenue you can make..) Keep me posted how this goes.
Great info. Thank you for sharing!
Thanks for watching ☺️
Very well done. Thanks for the info
u have a beautiful mind and character , u r really beau
That awkward moment when you end up here because you’ve been thinking of investing in a property around Lake Travis 🤭
Appreciate all the tips you shared!
Haha things may change over there in the future..?
Can you make more videos on business credit cards 💳 , and limitations on write offs at the end of the year. Great tips on this video, thanks. 😊
I'd love to add that to the list. Thanks for the idea!
Are you experienced in auctions foreclosures and preconstruction deals for flipping ?
Nice intro ! Appreciate it.
thank you lydia for sharing
Thanks for watching ❤️
Love your clips Lydia. Find them very useful in doing financial analyses. Just wondering how to get your Airbnb calculator as I've tried to download it twice, both times unsuccessfully. Thank you.
I’ll fix it the link tomorrow- thanks for letting me know!
Wow, so insightful! You mentioned tax benefits and keeping records of expenses. How would you suggest researching on what are the things you can and cannot write off or deduct? Especially when it’s a property that is also your primary residence, with an ADU or second unit.
I’m also looking for a CPA, but before then I would like to do some research and know what to expect. Thanks!
For ADU, separate out “whole house expenses” (eg utilities, property tax) and “specific expenses” (eg cleaning of the ADU, new tp for the unit). Whole house expenses you can deduct the percentage attributed to the ADU, usually based on sq ft. Definitely a lot to look into this topic, hope this gives you a quick overview!
@@lydiapatelll Thank you! This is super helpful as well as all of your content!!!
Thank you so much.
My question would be what insurance as a host should I require my guests have?
I don’t have a requirement on my end for guests to carry insurance
So for the beach house, after expenses you’re only going to net $10K?
How much would you say to spend on furniture?
Would you need to put together a business plan? Like, what was your "planning process" in the beginning? I'm stuck on planning, like sheets, security, etc.
Great idea for a future video! In short, I break it into chunks- legal/admin, furnishing, setup, assembling team, softwares, maintenance. I use asana to help make a giant categorized to do list and stay on task (and delegate 😉)
Can you share your personal thoughts about your experience with VRBO versus Airbnb? We only have one listing, but are looking to list it on a second platform in addition to Airbnb.
Vrbo is a great addition! Just make sure you use a % markup (from your Property management software or dynamic pricing tool) for VrBO because the commission is higher there.
great video, thank you!! which app/site do you use to sync calendars between airbnb and vrbo, for example?
Hospitable ($30 credit): hospitable.com/?grsf=htt7vt it really helps me out when you use my link, so thanks in advance!
What is the APY on each of your property?
I have 3 empty properties overseas and wanting to see if I can AirBnB them.
Where at in Florida? I just bought mine on the Florida Atlantic coast.. would love to hear about your success
We’re in Jax beach, you? Congrats on the purchase!
I really want to stop my three part time jobs and do this not looking to make millions just want to be comfortable. Have two kids 18&14 and me … I’m in the UK.Been doing long let’s for 6 years for private landlords seem to be scarred to do this for myself worry about renters leaving heating on all day as I’m the one that is going to have to pay …
This is very useful. Your link to the spreadsheet appears to be broken however.
Thank you for letting me know! I think I fixed it. :-)
Dumb question, but would you send me the link to your spreadsheet? I can’t find it. Great video. I took lots of notes!
The link is in the description!
Lydia - great informative video! I’m curious about the benefits of working with a realtor. Do you think you could have achieved same results with doing your own research via airdna (or similar) and Zillow and researching str regulations?
Hey Denis! I did both- realtors can be a great resource but I can’t rely on them to work as my fiduciary 😉 STR regulations have been pretty straightforward from calling/emailing the local govt offices! They’ve been very helpful.
Looking to sell my Airbnb with superhost status , I’m going into the construction industry.
do you have a video about how to start listing a new property on Airbnb? what are the pointers etc
Detailed tips | EVERY section of an Airbnb listing explained
ua-cam.com/video/axxkShYgMqw/v-deo.html
I'm thinking about starting my own - abitrage..can you help me find a place ?
New home developers also tend to want to only build high end expensive homes. Where I live, no one builds basic, inexpensive homes anymore. There seems to be no more starter homes being built, and any such homes on the market are bought up as investment property. FRankly im trying to do something simikar but im having doubts about how to get started
I'd suggest you offset your real estate assets and get into stocks, A recession as bad as it can be, provides good buying opportunities in the markets if you’re careful and it can also create volatility giving great short time buy and sell opportunities too.
This was true for me! I’ve diversified my portfolio across various market with the aid of an investment coach, I have been able to generate a little bit above $830k in net profit across high dividend yield stocks, ETF and bonds.
Do you mind sharing info of the adviser who assisted you?
“Sonya lee Mitchell’’ is ther name. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a meeting.
How to raise airbnb customer check in's
Since you can set up automated messages on AirBnb and VRBO and you can sync your calendars on those platforms, what is the benefit to paying for Hospitable?
fair question- it helps if you also use booking.com and you get to use a centralized inbox, but certainly you could accomplish some of the automation just on the native platforms as well! (there have also probably been some improvements since the time i started a couple years ago).
HI, thanks so much for what you post. Couldn't open the calculator :( :(
so sorry! send me an email hello@lydiapatel.com and I'll get you the copy.
Hi Lydia - love your work! Keep it up! I’m looking to pick up a 1.4m property in up state NY, - I’d love to build a relationship with someone seasoned in the space. Let me know if we can connect I have a few questions to run by you. Thx- Mike
Hi Mike! So awesome to hear about your plans. I don’t do coaching at the moment. If it’s simple questions I can try to answer them here, or do you think you’ll need more extensive support?
Do you think Vrbo is less protective and cant see much guests information?
For guest info, you’re right VRBO doesn’t have any photo and where they’re from, which are certainly nice to have!
Vrbo also has different coverage for hosts with third party insurance that’s optional.
Overall slight preference for Airbnb’s setup, but not enough to make me skip VRBO. Hope this helps!
I want to start but I do not know how much I should have saved in order to find a property and have a cushion in case I can’t get rentals in yk. Also the file wouldn’t load for me at all. My numbers things wouldn’t let me. How much should I save to get my first property? Do I need an llc or what?
How much you need to save is kind of personal preference and risk tolerance- for me that is kind of medium. I'm not qualified to give financial advice, but I share how I conceptualize portfolio risk/income sources here: ua-cam.com/video/dhniLuGeuj4/v-deo.html
LLC question answered here: ua-cam.com/video/TXmRiIwJXjI/v-deo.htmlsi=s4Q2w6hC26HKhqGV
Thanks so much. I’m setting up new Airbnb in Toronto now. I need help preparation for listing. Please advise
Best of luck! Feel free to post questions as you go through the other videos.
@@lydiapatelll
Thanks so much
설명하시는 모습이 저가 졍기적으로 상담 받은 의사 선생님이랑 많이 닮으 신거 같네요. 아름다우시네요.
❤️ thank you!
Lydia, do you think it is possible renting instead of buying an apartment for Airbnb purposes?
I haven’t tried this personally. There are lots of UA-cam videos out there that discuss the rental arbitrage strategy, take a look and weigh the pros and cons ❤️
hello, Thank u for the information! Question? I’m begginer in this of Airbnb I have a apartment in New Jersey, can i do Airbnb in West New York? Or is ilegal?
Hi Carlos! Check the local STR laws. I would google “west New York short term rental regulations” or any other neighborhood you’re looking for. In addition to existing laws I also like to look at news, in case it’s being debated and about to change. Good luck!
Can we rent properties and give it as sub rent in Dubai or you have to buy apartments then give on arabn on daily basis, if yes then government permission needed?
Yes you can sublet in Dubai just have to make sure you let the agent know before hand and get the go ahead from the LL they are representing
i know Lake Travis.. too funny..
Hi Lydia. I am also a superhost in Canada but will like to expand to the US market due to Canada restrictions. My major challenge is getting a rental property. Is this something you can work with me on. Thank you.
Send me an email hello@lydiapatel.com with what you need.
Hello beautiful
How are you doing. Please I need your help . I am thinking of starting Airbnb business but I don't know what to do.
Please can you help me
Thank you for your time🙏
Yes... please be myne. I would love to have you help me! 🎉
I have a long playlist on all the things I know about short term rentals. That would be a good place to start! If you’re needing more help after that please reach out (contact in description box) ☺️
Hello, I have been trying to view your Airbnb Calculator but it seems your website is not working as I dont receive anything in my inbox, any other way I can get a hold of it? Thanks!
hey there! send me an email hello@lydiapatel.com we'll get it sorted
Can you help me like nobody saying if you need a license like what all do you need to do it legal,like do I need to take a real estate course
I didn’t do any courses, and any licenses would depend on jurisdiction (eg none in my small town Mn listing, but like 5 licenses for FL..). Google “short term rental regulations ___(insert location)”
My question is how to do the initial pricing correctly for a new airbnb on market for 1st day?
As in.. how to analyze a market? Or how to project revenue?
Look at the properties around it
I did signup with my email , did receive the confirmation but can’t find the template where do I get it?
Send me an email at hello@lydiapatel.com and we will get you sorted!
I thought you could only rent out a property for 90 days a year with Air BnB? How do you get around this?
Depends on location! Check local regulations
For rental arbitrage, is it possible to pay the rent with a line of credit I open through my LLC?
Not sure, probably, I would arbitrage only after I have a few months of rent/operations available as backup
@@lydiapatelll thank you mam I was just confused on where you got the money to invest principally. Did you invest using money you saved? Or borrowed?
@@ProlificMarketingNELALLC this was our own savings for purchase of the property through a conventional mortgage. I haven’t done rental arbitrage before.