3 Problems With Owning An AirBnB That No One Talks About!

[@scottswann]

Dave is right about one thing. Short-term rentals are a lot of work. I have been doing it since 2017 and currently own four properties. I've decided that I'll have to retire from teaching if I buy another one. It takes a lot more time than you would think. As for renters destroying your place, my experience is nothing like what Dave describes. The only damage that a guest has done in one of my places for the past five years is when a dog chewed a hole in a rug. The guest told me about it and even offered to pay to replace it. I haven't had one other instance of damage. Not even a broken plate. I have developed a system for managing my property. My rentals are in vacation destinations and are anywhere from 2-4.5 hours from my home. I have family that helps maintain and clean some homes and it hasn't been a problem. It actually works better for me than when I hire professional management companies. Short-term rentals in the right location will make tons of money. I choose locations that will pay for themselves in four or five years. I also don't borrow more than I can afford to pay back if the house doesn't rent.

[@IftheShewfits]

Exactly! Location and expectations are key. In about a year and a half we also haven't had damages like Dave describes. We hired a management company. The resort town where we bought our condo has at least a dozen if not more to choose from. We interviewed several and chose one when the owner met with us and we could tell we were on the same page. He does everything and takes 30%.In all honesty, it seems he should get way more since we're two states away and he's taking care of everything! So far, our condo has not been breaking even but we're newish owners and with more reviews we expect to have greater occupancy. We're so glad we did this!

[@injanhoi1]

I've just done a quick read of AirBnb. Whilst I've heard of it I knew little about it. Appreciate your thoughts about it. I'm overseas and rent my property out long term. I don't think I want to give my elderly father the hassle of managing one. Sure there is money to be made but there are hassles that come with it. If you don't mind it good for you.

[@ronsromperroom1572]

@@injanhoi1 I am a big Airbnb fan, but I would agree with you that your elderly father is probably not going to enjoy trying to manage one. Besides the required housekeeping and maintenance, you also have to be on call all of the time. All landlords are on call - but just for their tenants. If you run an Airbnb you also have to answer the phone for all of your prospective clients, who will have questions about the neighborhood, things to do, and on and on. It's not for everyone.

[@Dud-in9iu]

Solid plan overall

[@A_A_Ron_Burgundy]

Perfectly said.

[@jenniferd9713]

I own an Airbnb and haven’t yet had them trash the place. I would highly recommend pricing it high to eliminate college parties.

[@tracywatts1459]

I have low fees and give large discounts to longer term. I get travelling contractors nurses and students. I make more on longer term and its less work. It’s an attached suite so parties don’t happen. I’m in the main house. I’ve had non paying tenants and past tenants that trashed the suite and a hoarder. Never going back to regular renting. With B&B you get paid for sure as well as insurance on repairs for damages you don’t get with renters. Ramsey exaggerated . Renting is no different. I had one tenant cost me $5000 in repairs and stiff me on rent with no landlord rights in BC Canada 🇨🇦 tenants have all the rights and evicting them can be impossible. My mom quit her B&B because she was collecting cleaning fees and doing it herself and it became too much work. She ended up renting it for a 3 year term and the tenants completely trashed the place. With air B and B you can keep it up keep it clean and made aware of what’s going on inside. It’s very rare a tenant will do anything about wear and tear so after three years there was a-lot of fixing up it was in bad shape. Air B and B is so much better.

[@ujayet]

Yeah but pricing it high is Also not get anyone wanting it.

[@jenniferd9713]

@@tracywatts1459 completely agree. My place gets professionally cleaned at least 2x per week and there’s just normal wear and tear. There’s been times when my family is in the area and I don’t pay to have it cleaned and I come in and can barely tell anyone was there. I also like that you get the $ before they ever step foot in the door so you aren’t paying legal fees and evictions. The arrangement has worked out well and we definitely make enough from it to justify keeping it in our portfolio.

[@kathykobos8980]

I totally agree, that has also been my experience as a host.@@tracywatts1459

[@janetmccoy7945]

Ramsey exaggerated! Whenever I stay out of town I always leave the suite immaculate.

[@j.f.6072]

Here's my words as a sister in Christ, and I really hope the pastor reads this...Trust in the LORD with all of your heart. Lean knot on your own understanding. In all your ways acknowledge HIM. HE will make your path straight. If this is in your heart to you, and you've sought the LORD, then go for your dreams!!! Dave Ramsey might have a financial ministry, but he is only one man, and he's not greater than the LORD. Do what the LORD tells you to do and HE will make a way for you. 🙏✝️💜

[@rebeccaburgess5333]

@j.f.6072: Absolutely!

[@lauraboughton1506]

I own both a long term rental with year leases and short term rental I list on Airbnb. I enjoy both. The long term rental is more passive income, but the Airbnb has been a great experience. Our guests have been respectful of our property, it gives my family a free place to vacation a couple times a year and I have loved hosting people and getting to know our guests. It hasn’t taken up too much of my time. Currently looking for another property to purchase and I am open to either another long term or short term set up.

[@ivantejeda]

💡Thanks for sharing Laura! Maybe I should make a video on this 🤔

[@flelite3994]

No you don't stop lying lol

[@gregjohnston3504]

Agreed! 6+ years in, and our experience has been similar. Prior experience in motel operation, so that's been helpful. We've had great guests, and it's been a joy and privilegeto meet them. I do all cleaning and maintenance.

[@-k5703]

​@@gregjohnston3504do you feel your airbnb income is dropping? There has been overflow of Airbnbs since covid which I have heard has taken a toll on bnb income?

[@tamarunitamaruni4724]

Currently just finishing up reno-ing an adorable space for air b & b for minimum short term rentals (30 day minimum). We've been wondering and so perhaps you could share, what method we might use to collect the funds if they stay longer than 30 days?

[@danjacobsen7645]

I’ve owned several rental properties over the years and this is what I tell people who say they want to start investing in real estate. Writing down on paper how things should work out always looks great but then once you actually are doing it you have to add in dealing with humans and that’s when your plan can go bad quickly. It’s amazing how some humans can have total disregard for your property. I’ve done very well overall with real estate but it’s not always a bowl of cherries.

[@double_joseph327]

Use a management company lol you can get Airbnb management for cheap

[@Faithlovehope1]

@@double_joseph327 it’s not cheap it’s at least 20% and people do treat it as a camping ground

[@Normalhowaboutyou]

Yep- Carlton Sheets never brought this up lol

[@double_joseph327]

@@Faithlovehope1 try 10% which is peanuts for peace of mind and the opportunity to make more then Long term tenants

[@lexbraxman9270]

Only rent to Asians

[@InternetUser._]

If your cash flow numbers only work under a best case scenario, your numbers don’t work.

[@hihaters2004]

^^^

[@InternetUser._]

@john Smith He was wrong or you were lucky?

[@InternetUser._]

@john Smith Sounds like we’re in agreement then. One should build wiggle room into their investments, such as putting 30% down.

[@nikk3251]

RIGHT ON

[@ericgullett8122]

An actual discussion. Don't see those in the comments often.

[@ElaineBennettEmbraceYou]

I had an AirBnB in AZ for about 3 years. It's a LOT of work no matter which way you cut it. Overall I had great experiences and met some awesome people from all over the world, but had a few nightmares as well. Good money but it's not an easy venture, at least in my experience. It became almost a full-time job.

[@Criptoartificial]

Besides cleaning.. where it takes full time? Automate the check-in and check-outs... make online support for any questions...

[@wrdennig]

I'm a handyman (45 years in the field) in Santa Cruz CA . . . Many of my clients have Air BnBs . . . the successful ones use a real estate firm that specializes in managing Air BnBs . . . the bottom line is that they still make a boatload of money and the professional manager deals with all the problems. For those clients of mine that use such services, it is hands free and they just watch the deposits accrue in their bank accounts. I've had a few clients that did it on their own . . . lasted about one season and they were ready for the nut house . . .

[@alexsteven.m6414]

Asking a real estate agent whether you should buy a home right now is like to asking an alcoholic whether they think you should have a drink lol. Homes in my neighbourhood that cost around $450k in sales in 2019 are now going for $800 to $950k. Every seller in my neighbourhood is currently making a $350k profit. Simply unreal. In all honesty, deflation is what we require. The only other option is for many people to go bankrupt, which would also be bad for the economy. That is the only way to return to normal.

[@mariahudson9939]

Home prices will come down eventually, but for now; its best to offset some of your real estate investments and get into the financial markets or gold. The new mortgage rates are crazy, add to that the recession and the fact that mortgage guidelines are getting more difficult. Home prices will need to fall by a minimum of 40% (more like 50%) before the market normalizes. If you are in cross roads or need sincere advise on the best moves to take now its best you seek an independent advisor who knows about the financial markets.

[@Tanner-c2m]

indeed the mkt & economy has gone berserk, price of great assets like real estate, dividend paying stocks, or gold never comes down easily, in my humble opinion, buy what you can afford today, and working with a financial advisor certainly helps

[@belobelonce35]

who is your advisor please, if you don't mind me asking?

[@Tanner-c2m]

Her name is “Rebecca Nassar Dunne’” can't divulge much. Most likely, the internet should have her basic info, you can research if you like

[@antoniaribeiro8073]

She appears to be well-educated and well-read. I ran an online search on her name and came across her website; thank you for sharing.

[@nicolepea7911]

Fortunately, I don't have any of these issues, and I actually have enjoyed being a host these past 2yrs. I live in Atlanta Ga and my Airbnb stay booked every week. It has not been a hassle, I manage with a full time job, and I clean it every Tuesday which I purposely block off Tuesdays just for cleaning. I have had a couple, like literally a couple of issues, and the guests paid out with no problems. I am a super host and I do own my home. I do look at it as a one day a week PT job but I enjoy it. I never have to promote because Airbnb and my super host status do that for me. I am greatful and thankful. This is the best investment I have ever done. The only big issue I have is with the long term guests, so I cut long term stays down, and have no problems with weekly guests. Thank God!

[@imnitguy]

Superhost here too! Four years in in Charlotte, NC. Extended stays for travel nurses and folks relocating or coming for work. Four properties all owned outright, I owe $197k on my $450k house. On AirBNB since 2017. Life is good.

[@nicolepea7911]

@@imnitguy Life is Good!!! Cheers 🍻

[@lauraclark4542]

Very rare but if we do have a long term guest we make it that they have to have the property cleaned by us once a week or every other week (that way we are better able to keep an eye on the place)!

[@nicolepea7911]

@@lauraclark4542 that's exactly what I honestly do. A midstay cleaning.

[@HrishiPathak]

likewise !! Superhost here, my thought is , whats the problem in cleaning your property either yourself or by paying someone else ? Especially when you are making substantial amount that eventually goes towards other expenses like either maintenance of the property or even contributions towards the mortgage ? Is that not one of the ways towards financial freedom eventually ?

[@janewerner4002]

I have owned long term and short term rentals for years. I found the short term rentals were a lot easier to manage. On occasions, I had the short term renters leave me gifts! I find people on vacation are in a good mood and 99% of the time left my properties in great shape.

[@davidd.8256]

Thank you for helping destroy the housing market.

[@janewerner4002]

@@davidd.8256 I owned these rental properties years ago. I have been retired for a while. I took foreclosures or fixer uppers that nobody wanted that brought down neighbor’s property values and fixed them up for rentals. This was way before the current housing market. I believe improving these properties helped the local real estate market and made the neighbors very happy. 😃

[@Dimka2012Bo]

@@davidd.8256you must be one of them woke people

[@kennygsmooth83]

​@@davidd.8256🤣🤣🤣

[@Robertfrost2]

What's your secret

[@BryceLovesTech]

We bought our dream home on a beautiful river and then a few years later two Airbnb opened up next-door to us. It’s a complete disaster sometimes dozens of cars in the yard and driveway constant drug use and loud music outside. Just try living next to one of these nightmares.

[@JanetKohl]

As a host, I strongly urge you to talk to the host/owner. What is going on is not ok and they might not know about it. Suggest to them to personally check in guests (cuts out parties), get cameras and sound detection machines for the interior and list quiet hours and no smoking/no drugs on property in their house rules. Also, a max limit of guests should be limited to the amount of beds they have on their listing. Airbnb doesn’t allow parties any longer and doesn’t cover any damage from them under “air cover”. If the owner doesn’t respect your wishes or suggestions, then contact the city ( is it licenced?) and/or police. Dont tolerate this. You have a legal right to peace and enjoyment of your property. Good luck!

[@ronbaxley8105]

Owning an Airbnb has been one of the best investments I have ever made. I think it all depends on the individual properties themselves.

[@quintondavis3492]

Yes because the people are in and out.

[@johnwright6102]

And ... living next to an Airbnb has been the worst nightmare of my life. Please make your money without ruining once quiet residential area.

[@davidb2206]

@@johnwright6102 There have always been noise ordinances in every town and city across America, long before Airbnb came along. It's generally something like between 10pm and 7am and applies to construction contractors and such, as well. If they are in violation of the town noise ordinance, why didn't you simply report them? It's no different than fireworks at 2am.

[@davidd.8256]

Thank you for helping destroy the housing market.

[@truthseeker-t8d]

for now just wait thing will change . you will not able to remove the people who live in your home. just like usa

[@chamixone]

I disagree. Once the Airbnb is setup NICELY, you have a good cleaning company and a couple of handy men, it’s pretty much cruise control. I really emphasize on setting up very nicely. In my experience, People tend to take much better care when things are really nice. I opened up my first Airbnb in a decent location in Tampa and I currently live overseas! My cleaning company are my eyes on site. My best performing property so far and it has been really easy to live with.

[@ivantejeda]

💡Thanks for sharing Javier! Maybe I should make a video on this 🤔

[@bostonredsox482]

One bad rent will change your mind when the place gets trashed.

[@murph1329]

problem is 99% of the people out there don't know how to do this nor do they know the market or how to navigate the landscape. My wife is a successful real estate agent with over 10 years of experience and ~25 transactions a year. She manages our airbnb and rental properties. Her industry experience has been crucial.

[@75pdubs]

@@bostonredsox482doesn’t the owner of the airbnb just sue the renter?

[@fauxbro1983]

Real estate is never "cruise control"

[@javaskull88]

Fourth big problem with Airbnb-type operations: I’m an accountant who works with owners of short term rentals, and the tax situation drives them crazy. You’re competing with hotels, so you are responsible for the same taxes they are. Monthly lodging and sales taxes, annual personal property taxes on the furnishings, business licenses , etc. The lodging and sales taxes are fiduciary taxes (like payroll taxes) and both the city and state will chase you to the grave for them. They can pierce the corporate veil to collect them, and you can’t bankrupt your way out of them. There are at least 20 different rental platforms; some collect and remit the taxes for you, but others don’t. If they make an error, YOU are on the hook for them. Most owners really don’t make that much, and many regret they ever started.

[@miketrav]

I’ve run an Airbnb for three years it’s basically income that’s it very easy and then I deduct repairs . It takes my account five minutes

[@lkj0822g]

Yep, one really needs to do their due diligence before getting in the short-term rental business.

[@houptee]

What area are you in that requires a business license for airbnb? Its treated same as a regular landlord in NJ. Some towns require a permit fee but only Atlantic city and Newark and few other towns.

[@javaskull88]

@@houptee in Virginia, “short term” is defined as 30 days or less for purposes of local lodging taxes. For state sales tax, it is 90 days or less.

[@wickedbird1538]

😊😊My state, Arkansas requires a high sales tax rate on any short term rental less than 30 days. But I believe the Air B&B may take care of that for the homeowner.

[@JuanGomez-jd1es]

I own a cleaning company and several Aibnbs. It's the best thing I've ever done to be honest.

[@abelworld]

He is TOO full of Fear Uncertainty And Doubt

[@drewshubeck3000]

@@JuanGomez-jd1es hiring a great cleaning company is the key to success with any short term rental! Keep up the great work.

[@lkj0822g]

Some other considerations: 1. If you live in a house two of the past five years, you can claim exemption on the taxes on the capital gains when you sell the house. Using the home as an AirBnB would jeopardize that tax break. 2. Liability. Most homeowners policies have exclusions for "business use" of the property. If someone got hurt and could prove negligence, such as a deck railing not up to code, then you are placing yourself at a lot of risk. Even if you were not negligent, you need to be diligent about getting the correct insurance coverage. 3. Liability part II. No way would I do an AirBnB without setting it up as an individual LLC. 4. It is very tough to convert a personal residence into a rental. There is often a lot of emotional ties to the property - especially if you have taken the time and effort to do renovations. I've known a couple of people who tried renting out their parents' house after they passed. It didn't turn out well for exactly those reasons - too many emotional ties.

[@linuxsurfer2002]

We converted our residence to a rental, but were warned about the emotional ties to the property - I agree that you have to know what you're getting into and detach yourself from any renovations, upgrades, etc that you have performed on the property. For liability insurance, yes, make sure to specify that this is for a short-term rental and get NO LESS than $1 million of liability coverage. If your insurance company will not provide that much coverage, either pick a new company or get an "umbrella" policy to get coverage up to at least $1 million. The IRS also has cracked down on people who lived in their home, converted it to a rental, then later on moved back in so they could claim the primary residence exemption. Now for a home you previously rented out, you have to prorate the time it was a primary residence, so you can only exclude that percentage of the gains.

[@ronsromperroom1572]

Agree with all of that. I am baffled at how some people think that running an Airbnb is some kind of free money scheme that requires no work, financial planning, or liability considerations. I am sure there are people that dumb, but how do you cure dumb? Some other considerations: When home prices go up, everyone in the neighborhood benefits when they sell. People in Airbnb's spend money in that neighborhood. Frat house level rent will attract frat house renters, whether it is an Airbnb or not. At least short term renters leave; and local ordinances should already be in place to deal with bad behavior. Most renters are good, kind, caring, decent people; and bumping into new people around the neighborhood is a great way to learn more about the rest of the world.

[@astroman30]

Great points.

[@ivantejeda]

💡Great idea Lee! Would you mind sharing more?

[@hollyclark690]

Airbnb was very good experience for me. No hassle. No damage, nice people

[@mikeshaw4610]

Very good points. A lot of people don’t even realize the headaches and costs of rental property, much less the additional things this brings.

[@ronsromperroom1572]

A lot of people don't realize a lot of things. Tell me when you find a cure for stupidity.

[@ivantejeda]

🔥 I’m with you on this Mike! This was a great video! P.S. If you have any other questions about starting & growing your Airbnb business lmk.

[@HazardonerFTR]

One thing I do like about Airbnb is they have Air cover so if a guest damages or trashes your home it covers it if you file your case on time and show proof, unlike long term rentals were your pretty much on your own

[@angelamilliken7270]

Dave, dear hubby and I manage our own airbnb in the upstairs of our home. 5 star rating for 2.5 years. It's our retirement income since we dont have any investments going into retirement. I love hospitality! We are good at what we do. Next step is to have an RV park on our adjoining property. Love your show.

[@jaymontelongo7368]

Airbnb is not real estate investing... it's entering the hospitality space PERIOD!!! Proceed with CAUTION!!!

[@SarahJames777]

This!!!!

[@alisonwalker8414]

Well said. I am in my mid 30s, and I am yet to begin my retirement plan. I have read through many comments and articles on retirement, but I still do not know where best to begin and how to go about it. I asked a friend of mine but couldn't give me the explanation I was expecting. So please I will like to have a good idea on where and how to begin. If possible a good recommendation.

[@phatgringo2.0]

The Blacktina has a $1,000 weave and a $50 water bottle praise the lord.

[@moneypro85]

Max out your Roth annually and your 401k annually. If you can put your 401k in a roth, do that. Don't over complicate this. Go to fidelity, open your Roth, and dollar cost average into the S&P500 until you get to the annual max

[@ladytradiej8027]

A friend of mine said, "just don't spend money on things you want but don't need".😅

[@metalrooves3651]

are you meaning AIR BNBs?RETIREMENT is not addressed here on this vid....or someday retirement VIA air bnb?

[@TheRozylass]

I really hate that others treat hotel rooms, or AirBNB's so badly. I leave any place I stay better than I found it. I want the owner to want me back!

[@Alistando3712]

Exactly!

[@alleykeosheyan4779]

As a former hotel maid, I appreciate folks like you!

[@jaimeim18]

Same here

[@katrinamiles9675]

Ditto.

[@chrisharris529]

You betcha!

[@linuxsurfer2002]

If he's going to keep the rental, I definitely recommend a management company. Unless you can be onsite to take care of things, you need someone (not your family!) to manage it for you. Also, unless this is a touristy area, he might be better doing a long term rental, where the tenant signs a 1 year lease, and again I'd recommend having a company do the management.

[@Presidentialrun2028]

💯

[@Elizabeth-yg2mg]

So many people have told me that dependable management companies are rare as hen's teeth.

[@stevenporter863]

Dave is right since hiring a management company defeats the whole purpose.

[@rto8103]

We had a management company and it was poorly managed. We were three hours away and when we went to check on the place in the spring, the place looked horrific. It was our vacation cottage and we rented it out to supplement our costs. We ended up stopping, it was not worth it to have our place trashed. There are some good renters out there but a majority of people do not care since it is not their place. Sad but true.

[@karlabritfeld7104]

There s good water of money.

[@azimuthbusinesscenter]

Dave cleans up people's mess and warns other people about what can go wrong. Nothing remains idealistic and goes the way you think it will

[@danielserica]

There is a great deal of trust and respect built into the AirBNB model. I’ve never had a guest ruin a rental and even if the guest causes damage, AirBNB’s aircover will compensate for the cost of repairs. I do long term stays which cuts out lots of cleaning work. But it doesn’t really bother me that y’all listen to Dave on this, less competition 😉

[@ginob615]

He seems to be a little off the mark on this.

[@peterbrendan8413]

AirBnb has secondary insurance, so your insurance needs to pay first typically

[@kimberiysmarketstrategy]

Exactly!

[@philipkircher2848]

Yea, lots of people think that until they have a claim.

[@imnitguy]

I own four AirBNBs and quit a $100k IT job to do this full time at 50. We are in a great area where people are relocating and I have had far less damage on the platform than with annual lease agreements. We have never had anyone throw a party because we have a 30 day minimum. I think Ramsey is a little off here.

[@dsmlive3982]

I’m a very successful Airbnb host! I live in the same property as my guests! Been a blessing! Only way to do Airbnbs

[@monnieholanda8909]

How much do you interact with then? I'm gonna live in the same house as my guests. I'm a bit nervous about that. Not sure how much interaction should I show

[@dsmlive3982]

It all depends. You don’t require to. Just be there when they arrive. It’s much easier to meet them and then discuss the WiFi and make them comfortable. Just mention if they require anything your availabile. 90% of thine they do their own thing. Common areas are usually avoided but I have had to manage my house at times. Good luck. 🍀. I look at it as Kingdom building as if my house is the Lords.

[@dsmlive3982]

Money is ok but if you’re not a people person forget it. You will hate it

[@expo1706]

I’d hate to have so many strangers in my home. No way!

[@kelleydonovan770]

I have had over 1000 stays since 2015 and absolutely would say the ‘hassle’ is worth the income. I do it all myself. But it’s not that big of a deal. Annual major cleaning by a company and my places are small so no big groups. Also only have a microwave and toaster over so I don’t have big cooking weekends to clean up after. Visitors are the loveliest and I have had nothing but respectful people. I do see leftover drug and alcohol use but it’s minimal. I very much enjoy it and the money is 30% annual return before tax on my equity.

[@barbie3139]

I like this co-host. She complements the advice Dave gives and doesn't compete. She also seems to have quite a bit of experience and knowledge and communicates well.

[@ivantejeda]

🔥 I’m with you on this Barb! This was a great video! P.S. If you have any other questions about starting & growing your Airbnb business lmk.

[@nicholeknight1893]

Some insurance companies won't cover your home if it's an airbnb

[@scarpfish]

For the same reason they won't cover your car if you're using it as a rideshare. You enter a whole new realm of liability when youre using your personal assets as a commercial venture.

[@MikeColburn]

you need to have a STR policy/rider. Some carriers just don't offer this product.

[@MichaelJames-lz7ni]

Insurance companies are National organizations- go with another company that does.

[@bondpit8750]

Zoning is a big issue and Dave is right about the potential impact. Many municipalities, as well as condos and HOA’s, already have zoning laws or covenants prohibiting short term rentals. As AirBNB’s have become more common, those with existing rules have moved to aggressively enforce them and those without, are drafting the necessary zoning restrictions to prohibit short term residential rentals. If you buy a vacation property thinking you can AirBNB it when not using it to help defray the cost of ownership, better think again.

[@davidb2206]

I will vote against any little fiefdom tyrant who wants to impose the scam called "zoning" on a free American property owner.

[@lucythepug3116]

As they should. Most neighborhoods don’t want to have strangers coming in and out of properties all year long. My neighbor decided they wanted to travel and rented out their house on air b n b. They later sold it to an investor who didn’t even live on the property. That person didn’t care who they rented to and eventually it had turned into a party house. I also know of other air b n bs in the area that have become a place where thieves could scope out the neighborhood and sell their fenced goods and eventually a place where pimps and prostitutes would conduct their business with Johns. We have been to the police many times and reported the owners and nothing is being done about it. It appears when people decide to invest in air b n b that no one is considering the long term consequences to the neighborhood or to the impact it has on the people in that community. That home could be going to a paying tenant or an owner who actually lives there and contributes to the community. Now its just a cash grab. At some point, something is going to happen where governments and also air b n b itself is going to be a lot more strict about air b n b. I get people want a second source of income and while there’s nothing inherently wrong with that, you have to look at the bigger picture.

[@davidb2206]

@@lucythepug3116 You don't own other people's property. They have property rights. Keep your eyes on your own property. It has nothing to do with the scam called "zoning." If they are a "party house," there are already ordinances against noise late at night. Drugs are already illegal. Enforce THOSE. Instead, you turn to busybodiness and other peoples' business.

[@gdcvacatons5457]

Having just sold two short term vacation condos, I can attest to the work involved! I do take exception to the wear and tear issue. I found most guests to be respectful of my property and in some cases, I couldn't hardly tell that a guest had been in the condo! Messy guest were not in the condo for a long enough period of time that it made much difference in turnover. The best part of short term rentals is that you don't EVER chase the money....You are paid in full 30 days prior to guest arrival. No deadbeats like you can get in long term rentals. Oh yeah, the Income is much more lucrative with short term rentals over long term....in my case 3-4 times the annual income that I would have received if leased long term.

[@mosunmolaoyeleye1097]

Hello what location would you advice i look into

[@Kay-hg2vo]

I live next to an airbnb and it's a living hell for the full time residence.🤬

[@RogerPack]

What happened? :)

[@logger4711]

Systems can be built to take the hassle out of it. But I love Dave and he’s right about having the AirBnB in your backyard is probably a good idea.

[@hightide1500]

It's generally advisable to decline the opportunity. Engaging in business with family members can often lead to complications and misunderstandings. The personal dynamics at play can turn financial decisions into emotional ones, which might strain relationships. It’s important to consider how potential disagreements over business matters could affect family ties in the long run. Taking a step back and choosing to keep family and business separate might help preserve the healthy boundaries necessary for both personal and professional well-being.

[@gregdebacker3569]

Every job is hard work if you want to succeed. Airbnb and VRBO, never had the STR trashed. Long term rentals tend to get settled in and tend to do more damage and trash it. Been a landord since 1978.

[@jonlieberman997]

I had family members managing my vacation rental for me and it seriously damaged that relationship. I was taken advantage of and she saw me as an uncaring cousin and the poisoned to other family members. DON'T DO IT.

[@williamj.dovejr.8613]

I would never ask or hire family members for anything... sorry that you went through that.

[@jimmywalters3071]

Hopefully you paid your family members for their work. I would never ask a family member to clean my Air b n b .. only if I was in a big trouble with something. I have one and hired a cleaning service company , bought a maintaince plan on my AC/HVAC system and have a plumber lined up in case I have problems.

[@cathiematthews1359]

I can understand why family members would be a little pissed off about managing a vacation rental. Managing a vacation rental isn’t a ‘set and forget’ investment. You need to be there when they arrive to hand off keys (and no one ever turns up on time), and you need to clean when they are gone. You also need to be within distance while tenants are there in case of emergencies- so going away is out of the question. And most owners feel that all it take is 10 minutes before and half an hour after. It doesn’t!

[@ahavrilla9577]

@@cathiematthews1359 I travel full time, almost exclusively Airbnb, and rarely will anyone have to show up to "hand off keys". Most people have coded entry access (LOVE having no keys), or they have a lockbox to access keys. So why would they care if you don't arrive "on time"? The ones that have met me were just because they like to meet their guests and not because they have to. And some of us "evil" Airbnbers actually try to leave the place better than it was when we arrived.

[@richardhislop-harvestthena4882]

My parents have had an Airbnb for years, they have not had any major issues and they crush it per month with their rental. So it has been a God send and major retirement blessing for them. They are doing amazing and have been and still are for years with their Airbnb!

[@elizabethblane201]

Airbnb is not 25X the hassle, compared to the normal rental; it's more like 100X or 300X.

[@Elizabeth-yg2mg]

It sounds awful--nightmarish. Ugh, ick.

[@ronsromperroom1572]

So why are you doing it then? Oh, you are not are you? Just sayin' stuff because it makes you feel good.

[@elizabethblane201]

@@ronsromperroom1572 I have had long-term rentals for more than 35 years; my sibling has multiple airbnbs. I know what's involved in both, especially with bad tenants and daily cleanup. Way too much work. I only have to do that about once every five years; airbnb owners do it every time it turns over. That's why it's 100X or even 300X or even more.

[@TomHardyHardly]

Funny how it's only women on here whining about the amount of work involved - just something I noticed​@elizabethblane201

[@elizabethblane201]

@@TomHardyHardly Who cleans your rentals, Tom?

[@jorged9353]

Airbnb host here. What the girls says at 4:50 is absolutely spot on. The mental factor is huge: if you are considering entering as a stress-free nonchalant side-income, think it over again.

[@tombarton1]

Dave is right on the Airbnb mostly. Although Airbnb has a great reporting system of checks and balances so damages are minimal. It is not passive income so being off premise will be a problem. Sell it. And do it in Oklahoma...buy near a hospital rent to nurses.

[@Hector-xe6xr]

100% about renting near hopitals. Some hospital staff are either travelers or students. And they hate staying at hotels and some lease apartments for 3-6 months

[@jasonkraus2831]

Hospitals or Air Force Bases. And get the name of any enlisted's "First Shirt" as them effing up your property is a problem with their leadership.

[@robinpigeon2070]

That’s a great suggestion

[@BionicOne]

That was a great response. Owning an Airbnb and long-term rentals in my experience, you're absolutely correct.

[@dialac1]

If you’re talking about renting to travel nurses, beware. Travel nurse rates have been dropping and people are slowly leaving travel nursing so if you’re banking on travel nurses it may not be viable in the long run as many hospitals are trying to move away from using travel nurses

[@kimaffleck7943]

My son has 10 Airbnb/VRBO properties. What we have found (2 are mine) is maint is LESS. People that stay for a night or 5 do less damage than renters. We have done this for 4 years. But it is a job. It doesn't take care of itself.

[@SofiaJames9H]

I think investors should always put their cash to work, especially In 2024, we'll start to see more market diversification. I'm hoping to invest about $350k of my savings in stocks against next year. Hope to make millions in 2024

[@ElizabethElijah2g]

Since risk is at an all-time high right now, perhaps you should be a little more patient and return when it has decreased. Alternatively, you can consult a trained financial expert for strategy.

[@RubyOliverm5l]

Yes true, I have been in touch with a brokerage Advisor. With an initial starting reserve of $80k, my advisor chooses the entry and exit commands for my portfolio, which has grown to approximately $550k.

[@SebastianNoah5e]

Glad to have stumbled on this comment, Please who is the consultant that assist you and if you don't mind, how do I get in touch with them?

[@RubyOliverm5l]

My CFA NICOLE ANASTASIA PLUMLEE a renowned figure in her line of work. I recommend researching her credentials further... She has many years of experience and is a valuable resource for anyone looking to navigate the financial market..

[@SebastianNoah5e]

I searched for her full name online, found her page, and sent an email to schedule a meeting. Hopefully, she responds soon. Thank you

[@buckybarnes3803]

Airbnbs are hitting a bubble they're becoming oversaturated and having many problems

[@donnaallgaier-lamberti3933]

Air B & B's in my town have been taken over by out of state investors. Our community JUST banned Air B & B's in residential neighborhoods in our town. They can only function in commercially zoned areas now. This is a HUGE change for out tourist community. Our residential community is facing a loss of homes that are available for purchase for families and the demand is high here. Air B & B's take single family home away from families who really need them. This is a small to medium size mid-western town.

[@Blueskydaisy000]

That’s great to hear.

[@courtneydebian]

excellent to hear

[@imnitguy]

They tried that in Wilmington, NC and if failed so disasterously that Charlotte, NC decided not to enact the same draconian laws for fear of having their pants sued off of them. Unless you live in a neighborhood with an HOA good luck telling property owners what they can and can't do with their properties without a legal battle.

[@davidb2206]

"Zoning" is a scam to benefit the local tyrants in city government and their buddies. THEIR property will always get a "variance" and permission when THEY want to develop something. It is only YOURS that will be "prohibited." Property rights. You either HAVE them or you DON'T.

[@youtubeKathy]

thank god, I wish that would happen nationwide. It should never have been allowed in residential zones in the first place. if Best Western can't build there, then it shouldn't be an airbnb.

[@Oneluck13]

Dave is 100% on the money with every point. I’m selling my Airbnb. Actually going under contract today. Do not do Airbnb.

[@bluewellATV]

Why are you selling?

[@miketrav]

I run a successful Airbnb for three years in a college town it’s been an absolute dream. You must not be doing it right. Sure it takes work but it can be highly profitable.

[@Oneluck13]

@@miketrav I was doing it right, then the laws changed on me.

[@miketrav]

@@Oneluck13 They made it illegal in your town?

[@geoffl]

Did you know you can defer capital gains with a1031 exchange? Happy to answer any questions

[@gitgeronimo9375]

My biggest issue is that they’ve turned available housing into a short term rental. In many areas, this drives a neighborhood’s inventory down and rental prices way up. The original idea of renting out a spare room has become unregulated hotels.

[@msme9790]

I agree. Prices are ridiculous now

[@imnitguy]

My house, my money, my plan. Why should other people tell me what I can and can't do with my property? Honesty question.

[@IftheShewfits]

It's very likely that the municipality will change the zoning laws and not allow Airbnb or short term rentals in residential areas. Because that, too, is happening a lot.

[@bcat8619]

I can relate to this but the small guy just trying to make a little extra income isn't the issue. It's the big corporate companies that are taking over multiple units.

[@gitgeronimo9375]

@@imnitguy like Cat B said, in many neighborhoods and cites, it’s larger entities turning swaths of available housing into Air B n B rentals. Yes, your money, your property, etc. Doesn’t mean it’s good for anyone other than you. A comparable situation is how the Chinese are buying up so much of the housing on the west coast and doing literally nothing with it. Regulations allow for it, so they’re doing nothing illegal. Only thing it does in the end, though, is artificially drive up housing prices for everyone else. But to your point, their house, their money, their plan. It’s unsustainable for everyone who didn’t get in on it though.

[@debrakrulewicz5103]

I own an Air b n b and I went in knowing these theee things, its how you choose to book it. I only do mid term. All is true but its my second job and its helping me proper. Sell in Texas and buy where you live. It is NOT passive income. My long term renters TORE MY PLACE TO SHREDS! I WILL NEVER GO THAT ROUTE AGAIN

[@Kay-hg2vo]

When you rent an Airbnb ask the neighbors how they feel about living next door to one. Airbnb's have made our lives a living a hell!

[@KathleenMcNe]

My neighbor turned his luxury lakefront home into a short-term vacation rental. His guests have trespassed on my property, tied up to my dock, and left beer/soda cans on my property.

[@Cannedtomatoforsauces]

​@@KathleenMcNe Call the police with pics .Scuse me but it's *YOUR* property . Cmon now !// And call those neighbours!!!

[@stevemiller7]

The motivation is usually ROI. Do you believe the really cares about their neighbors?

[@BryceLovesTech]

It’s worse than that we live on the river and we used to know all of our neighbors 10 years ago now I just feels like we live next to fraternity houses. It’s really sad we used to all get together and have dinner with all of our neighbors that was a really neat thing. Everybody looked after each other. That’s all changed.

[@youtubeKathy]

yep, I hate it. one moved in next door to me, completely negating the reason I chose to live 55 minutes out of the city. Now there is a parade of strangers, in and out. I don't care that they are quiet for the most part, it's not compatible with home life. period. If best western couldn't build a site in a subdivision or residential zone, airbnb doesn't belong there. The general public doesn't fit in with people living their day to day life. it feels like I went out to Walmart, and the general public came home with me.

[@jonathantaylor6926]

AirBnB has never existed at scale during a recession. We can debate when a recession will happen (or if we are in one now)…but it will happen 100% at some point and I don’t think many Airbnb “host” are well positioned for a downturn.

[@suzamac3260]

I returned all paid rentals to guests during the start of COVID. Guests literally were not allowed on the Island. They all travellers had to show proof of two vaccinations. I rented the house on a 12 month rental and got what I could renting the seasonal cottages. It was a bummer but I survived and no one had to hound me for their money back. I agree that short term is a lot of work, but I am close to my rentals and I am a retiree. I am not getting rich but I don’t have to count my pennies and I can keep my places up so they can be sold for top dollar someday.

[@kathykobos8980]

I have been hosting on Airbnb for 13 years. I have never had a bad experience with any guest. They have also been the most pristine and respectful people I have in my home. I have never had crazy parties or wrecklessness or damage. I recommend it over having regular rental tenants for many reasons. Regular renters are much more of a hassle. Yes I do my own cleaning and it is also my own personal home, not a separate investment . I am a very hands-on host. I have been grateful for the much needed extra income. However, I don't like how big time investors are scooping up a portion of the housing inventory, being remote owners, making it extra expensive to pay out for maintenance and also artificially driving up the nightly rates not to mention artificially driving up the price of residential property meant to be used by people who need to place to actually live in.

[@unasperanza9803]

we have been on 6 moths have had one psycho and now we are banned forever.

[@elijahcovarrubio234]

I own a Airbnb and it is a lot of work. I couldn’t imagine living in a different state. And people will complain about anything. Dave isn’t that far off here.

[@triathlontimmy]

Another problem with hosting/owning AirBNBs is when your guests don't leave. It's happened to me multiple times. How am I suppose to get the property ready for the next guests? AirBNB doesn't help hosts with this either. Big headache.

[@redscorpion9325]

If they don’t leave can’t you charge them again since their Card is on file 🤷🏾‍♂️I understand your situation that they have to leave on time then you get someone clean so it could be ready for the next Guest and it won’t mess up the Schedule they set to rent for a few Days and so you won’t get bad reviews but Im just wondering if People are staying knowing they’re getting charged or is it that you can’t charge them since 2 or 3 Days is over on the Set Schedule for them 🤔

[@Jillousa]

And if an Airbnb is illegal because it goes against zoning laws then that owner should not receive help from the government because they are the ones that took the risk.

[@bethanyboothe4817]

We have an Airbnb literally in our backyard, a garage apartment that we remodeled. It works greats, and the hassle factor is very low, but only because we live on the property.

[@dancalmpeaceful3903]

And yes..ONLY because you LIVE on the property. You are an anomaly....and NOT the rule....

[@MikeColburn]

You have a small apartment and it's in your backyard. Try having a 4 bedroom 1800 Sq Ft house that's 2 hours away from you!! Its a lot more work and money

[@norbertbajgyik1607]

He is 💯 wrong. He have an Airbnb and is great

[@ronsromperroom1572]

@@MikeColburn Yes captain obvious

[@ec8787]

@@norbertbajgyik1607Thank you, I need encouragement.

[@naytid]

Ive done airbnb and can confirm all the cons Dave mentioned. It is a lot of work.

[@ronsromperroom1572]

Yeah, work sucks. You should not have to do that. People should just give you money.

[@double_joseph327]

@@ronsromperroom1572 you can literally pay a management company 10% and they will make you more money then you can do it yourself lol

[@ivantejeda]

🔥 I’m with you on this Nay! This was a great video! P.S. If you have any other questions about starting & growing your Airbnb business lmk.

[@user-lc2zi4dl2o]

@@ronsromperroom1572 Dude, she not complaining, just pointing out that is is more work than people think. Your comment smells like jealousy.

[@brianhurley8617]

I rented a AirBnB on the beach in Florida. Never again. Airbnb never backed me when renters break things. Ton of work, little profit was my experience. The word hassle doesn’t even begin to tell the story.

[@picadosinferno]

Airbnb is the major cause of house shortages for local renters, with enough pressure, governments will start cracking down on airbnb rentals, like happened in Amsterdam in Europe and Prague.

[@Garywhitetrumphobgobbler]

Have you seen America's stance on renters? that's not likely.

[@mannyjeanpierre4062]

How are airbnbs causing a shortage in homes? Landlords already own that home

[@danielvalenzuela8814]

@@mannyjeanpierre4062 because the property is not available to long term renters which reduces the housing inventory for normal (non ABB) people.

[@wreckingopossum]

This happened in Colorado as well and Dallas, TX recently had a city wide measure on the ballet to classify Airbnb's for tax and zoning purposes as hotels so they could only be in commercially zoned areas

[@PersonalGrowth-Lab]

Fake news put out by politicians who were lobbied by the hotel industry. Please do research before becoming a victim of propaganda.

[@leeteamgigharbor]

I am an Airbnb owner. The people that stay are far less likely to do much damage -They are easier on the house than my former longer term renters. It stays in better condition. Choose a platform like air bnb or vacasa - they help minimize the work.

[@kylendmiller]

Completely agree... people treat it like a hotel so they aren't doing cartwheels into drywall.

[@dr.bradshaw]

Air BnB only makes sense in touristy areas. Other than that you’re probably not going to get enough renters to make sense of it.

[@avarice5071]

Where I am it entirely makes sense tourist regular come here and there's essential an entire hotel and tourist business around it.

[@Man_in_a_Gucci_Suit]

Yea only makes sense downtown or on a lake as a lake house or something

[@semosancus5506]

BS. I'm not on a tourist area. Airbnb cooks here. College town.

[@victoriasaiditalot]

Not true . Military town!! Extremely profitable.

[@Playersclub415]

Not necessarily I know a few people who do air bnb in a small city. They do well especially with traveling nurses. They get a lot of long term air bnb residents

[@legalmexican]

I hosted a condo on AirBnb for about 12 years. He is so right about the hassle, which is what pushed me over the edge. No more AirBnB for me.

[@grandbabieslarosa5793]

Instead of Air BNB why not traveling Nurses set up? Generally quiet and responsible people renting short term at 13 weeks a stay?

[@alinatamashevich3354]

Corporate rental only! Bingo

[@scbane]

A friend of ours bought recently wildfire burned land on the south side of Lake Chelan for a song 5 years ago. Used every penny to build a nice little cabin, airbnb'd it. Five years later, she has 5 cabins and quit her job, and has plans for 5 more cabins she is going to pay cash for. Anything worthwhile is work.

[@deannagiles3576]

I have had an AirBNB for 5 years. It has been wonderful. Profitable and minor damages. Plus AirBNB has the 3 million host guarantee for damages. It's easy money and an amazing service. It's also been a ministry for me.

[@ohiogma]

I have rented many airbnbs and always left them at least as good as when i got there. I rented several in Scotland and Northern Ireland this year all were very well maintained and several said on the check in you will be charged and extra cleaning fee if you leave it excessively dirty. I made sure I it was clean. No one wants to deal with fight over an extra cleaning fee

[@CJ2023Incognito]

My area is BLOWING up (tourist attraction)! Everyone is doing Air BnBs, so much so that people don’t have anywhere to rent. It’s nuts. If you find a rental the cost is the same or more than a mortgage!!!!!

[@pieintheskyarenal]

But without ABB you think rent would be cheap? The neighborhood is doing great, so prices are going up. That has nothing to do with ABB.

[@CJ2023Incognito]

@@pieintheskyarenal my point is there are less places to actually rent from because everyone is doing short term rentals.

[@Press8]

We always had high-end rentals. Never a problem with renters. They usually left us gifts. And use a local cleaning service. It worked great even for our rentals that were out of state. We had 2 of them.

[@joycecox8285]

Only have had high end rentals as well as form long term rentals and haven’t had any issues in the 12 years I’ve been renting.

[@sneakyquick]

I am on a local city council. Most cities are making or have rules regarding airbnb rentals. Keep in mind these are usually in residential areas so surrounded by people who want peace and quiet and also it is usually considered a business so you probably need a business license for renting for profit because it basically is a business.

[@linuxsurfer2002]

This is true, and some city councils are somewhat hostile to short-term rentals, as they will enact stricter and stricter rules with more fees and penalties as time goes by.

[@johndone8045]

Theres no guarantee peace and quiet if the owner lives next to u Its not a business its a home sharing option and its a way to break the hotel monopoly

[@Dave-tz9zx]

I don't think it is right that your neighbor can turn your neighborhood into a hotel next door. Especially if you have kids playing outside.

[@Blueskydaisy000]

@@johndone8045oh no not the hotel monopoly!!

[@ronsromperroom1572]

A business license. Yes. So that they have to pay you taxes to keep you employed.

[@yank4334]

i have a 4 family house in Greece , right near the beach and thinking of doing air b and b..I agree! its gotta be in your backyard... since is seasonal, my goal is to move there 4-5 months out of the year and managing it. ..The houses there are concrete, tile and stone well built.!! NO SHEET ROCK , WOOD AND CARPETING. - don't have to worry about flooding in basement , tenants bashing the place and termites, unfortunately building a house like that in the states can run you big bucks!

[@pieintheskyarenal]

Also, just so you know, there are other platforms besides ABB, like VRBO. My property management company uses a program called Ciirus to manage bookings across many properties, and that program has hooks into all of the major rental platforms. If you list on more than one, you absolutely NEED something like this, or you will end up with double bookings, which is the worst nightmare you can have. Good luck. And pura vida!

[@davidb2206]

I would live in that myself! WOW! What a gem!

[@MrPrediluted]

I know a number of people with Air BnBs that I work on their financials...almost none of them truly make much money on them. Expenses and time demands are way higher than a standard rental property.

[@PI1901]

Then they are clearly pricing their AirBnBs too low

[@sitcomchristian6886]

Rent it out traditionally, and pay a management company a percentage of the rent to deal with the ins and outs. Don't presume on your family, that's a huge ask. Stuff comes up like you wouldn't believe (and my AirBnb was a private basement studio apartment).

[@Syxxtyn]

I own an airbnb and he's right. The money isnt worth the stress

[@teresagreen81]

Just do year lease rentals. I do and barely have to manage it. I do a good screening process (minimum requirements and never deviate) and do an inspection 2x a year (I explain that I'm checked for any repairs after the spring storms or winter months). Never had to evict anyone after 14 years.

[@angelinajacobson283]

How much profit do you make / yr?

[@experienceswithrmcken8326]

Agreed about airbnb. It is not so passive. You hire cleaning and still have to check behind them to keep your stars up. Most guests don't really care...buy if you have time monitor then it is not a bad idea...

[@philipkircher2848]

I live next to two houses in the ABB program. They are party houses 24/7. We have the police there at least three or four times a month. The homes are absolutely trashed.

[@ronsromperroom1572]

And if they were not ABB, the owners would have even less money, and who would be staying there then? At least short term renters leave. Your problem is not ABB, it is your neighborhood.

[@yoshit9819]

My buddy bought a cottage in st Augustine to Airbnb it out. Dave is right about a lot of the issues. And the rules that the city put out there has hurt his ability to short term rent.

[@Brad88ford]

Living in Vegas. I see the Air BnB places on our street. Broken Furniture out on the street often for trash pick up. But to each his/her own

[@Stephan2P]

Been using Airbnb when I travel since 2015. Love Airbnb. Way better than hotels. Then again, might be different as a host.

[@calebniederhofer6529]

Of course, It is different as a host lol. You own the property, and liable for maintenance, property, and safety.

[@JBCookies8885]

Dave is spot on with the reference as a part time job! When we had an Airbnb, it was constant work. We made very good money, but it was earned. This is not passive income. Got out of the business once we had kids. Didn't have the energy for the upkeep. Airbnb is great if you do the work yourself and have the time. Don't put your family on the hook for cleaning that bathroom for every changeover.

[@SamuelClemente7718]

You hire a property management company.

[@JBCookies8885]

@@SamuelClemente7718 and lose profit margin? If you are in a hot tourist area, where margins are high it might work. For many cities, they charge way too much. We interviewed several and it wasn't worth the money.

[@SamuelClemente7718]

@@JBCookies8885 I guess I'm super lucky!

[@JBCookies8885]

@@SamuelClemente7718 if you made it work, more power to you! That is awesome!

[@SamuelClemente7718]

@jessicabrown9663 but I bought in 2016 . My mortgage is $600 a month for a 3 bedroom condo in Florida.

[@adaytoremember225]

I love my Airbnb. I'm making almost 3x the amount I would if I rented it long term. Sure there's always gong to be worry with the city shutting you down, but make sure you're in an area that they allow it 🤷🏻‍♂️

[@ivantejeda]

💡Great Experience Russel! Would you mind sharing more?

[@adaytoremember225]

@@ivantejeda what else would you like to know?

[@johnouellet4099]

Airbnb is over-done. The money is not that great. You have to have multiple properties to really scale it. I have one property that I rent out out of state and make about $1000 a month on but I have to spend $300 a month cleaning and maintaining the place. When you consider the fact that I have to pay property taxes the $700 a month net profit is not really worth it. I’m going to sell the property next year. I think it makes a lot more sense to get long-term rental in your backyard like Dave is saying

[@melefante6]

Daves advice is always great for staying average in life or finances. I own six short term rentals that do $80-100k per MONTH. I can tell you first hand this has changed my life. First off a little extra hassle for 10-20x the money - do not go park your cash into a mediocre long term rental all cash. You can automate much of the day to day. Checking guests in and out and scheduling cleans is nearly 100% automated and the least of your worries from a time commitment perspective with Airbnbs. No idea if Dave owns or operates short term rentals but be careful taking advice from people who don't have skin in the game themselves and can vouch based on personal experience.

[@MrJacobOlson]

Completely agree with having the Airbnb in your backyard. The hassle is fun but it’s a hassle. We turned our Airbnb into a long term rental.

[@Matt-cr4vv]

I’ve only used Airbnb a couple of times. The first time I used it a few years ago I was able to rent an apartment downtown in KC that was decently less than a hotel would have been (maybe $15-20 a knight) and we had an apartment to ourselves which was nice. I’ve also used one with a group of friends where renting a house is a cool option. But recently I went to use it again and the prices were much higher than hotels in the areas I was browsing so it kinda took me out of using the service. If the cost of an apartment let’s say consistently is more than a hotel it’s unlikely I’ll ever use the service outside of traveling with a big group. But it also doesn’t really surprise me - kinda feels like the path of Uber which was much cheaper than taxis at the start but as it became widely adopted now costs the same or more.

[@sharroon7574]

Where I live the government has severely limited air bnbs. In any city you can only have one on your residence property.

[@courtneykoc3050]

This is so true! The stress is always going to be there and never goes away

[@GarageGamere]

Finally Dave Ramsey is making relevant content again and is outta the Dark Ages.

[@PersonalGrowth-Lab]

I love advice from someone who has no experience on said thing they are advising on. I wonder what other industries he has no experience in that he will teach us about next.

[@davidb2206]

Every job in the world is a "hassle," too ... except for Dave's, apparently. He should have joined the Army in his 20's and really learned what the word "hassle" means in a job.

[@summerjoy247]

Dave was literally a real estate agent before he started his company and he is a landlord 😳

[@davidlove1887]

That's a weird comment from someone with a "personal growth" channel with just 55 subscribers.

[@angelwings3128]

Completely agree! I have a friends daughter who has an AirB&B. The daughter has her mother running around doing the clean up & organising it most of the time. Daughter isn’t always around. Too much hassle! Wear & tear on the property isn’t worth it!

[@Elliott_Wave]

I have three Airbnbs and do 10 - 15k a month, every one has been respectful and I know its a great business for anyone that loves homes, its easy money. Airbnb handles the marketing, sales and finances all you do is focus on reviews, price and pictures and you will be successful

[@TF-2q1]

So true! The operational hassle of airbnbs is 5 times of a regular rental! Remote control from another state is not feasible. I have been constantly running multiple Airbnbs since 2014.

[@christopherdavison652]

I don't want any strangers in my house EVER!! Your home is your sanctuary. Too many horror stories I've heard.

[@JoelWende]

The point is it’s not your home. It’s a secondary investment property specifically for short term rental.

[@wendytravis6427]

@@JoelWende It’s done both ways.

[@youtubeKathy]

That is why people don't want them in their nieghborhood. if you don't want your "guests" in your house, don't put them in someone else's nieghborhood. If you want to open a hotel, do it in a proper zone. Don't exploit a building that was meant to be a residence. I hope this entire thing gets banned.

[@johnschlottman619]

Too many movies you've watched.

[@youtubeKathy]

@@JoelWende you buy your home because of the area, the neighborhood. If that wasn't true, y'all would put your airbnb in the ghetto. The fact is, the neighbors make the area safe, so 100% they have a right to voice thier opinion on hotels being allowed next door. Its not the proper zone. It might be a house, but if you are using it as a hotel, you are exploiting the community and the building and disregarding the zoning. Get a real job.

[@ventureswitham]

I run my airbnb remotely and in order for it to go well you need to hire great cleaners and maintenance people. Pay them well, realize how important they are, treat them that way with respect and appreciation and things will run smoothly!

[@lennoxmutterick6434]

Amazing video, A friend of mine referred me to a financial adviser sometime ago and we got to talking about investment and money. I started investing with $150k and in the first 2 months, my portfolio was reading $274,800. Crazy right!, I decided to reinvest my profit and get more interesting. For over a year we have been working together making consistent profit just bought my second home 2 weeks ago and care for my family.

[@BrandonIvan-c6e]

Hi. I’ve been forced to find additional sources of income as I got retrenched. I barely have time to continue trading and watch my investments since I had my second child. Do you think I should take a break for a while from the market and focus on other things or return whenever I have free time or is it a continuous process? Thanks

[@lennoxmutterick6434]

@@BrandonIvan-c6e However, if you do not have access to a professional like Clementina Abate Russo, quitting your job to focus on trading may not be the best approach. It is important to consider all options and seek guidance from reliable sources before making any major decisions. Consulting with an AI or using automated trading systems can also be helpful in managing investments while balancing other commitments.

[@BrandonIvan-c6e]

@@lennoxmutterick6434 Oh please I’d love that. Thanks!

[@lennoxmutterick6434]

@@BrandonIvan-c6e Clementina Abate Russo is her name

[@lennoxmutterick6434]

Lookup with her name on the webpage.

[@kirabraun]

It's a lot of work only if you do it yourself. I have plenty of friends doing it and they are very successful. You hire a cleaner and handyman. One of my friends does that and says she hardly has to touch it, but it is not without its headaches. Also she told me that Airbnb has insurance to pay for all damage. She just reports it and they take care of it

[@rayburnyarborough4695]

What about excessive claims?

[@ladysmith7747]

I had an airbnb for a short while. I quit because it is a lot of work and you get some real wack a doodles.

[@calebniederhofer6529]

I think, It depends on the area, and property also. You are definitely correct.

[@davidb2206]

The U.S. is full of wack-a-doodles now, on every street, corner, and in every neighborhood. It was intentionally done to you.

[@GusDom]

I used Dave's advice to get me to the point where I am now. I am currently closing in on a 4-unit rental property in Illinois. I plan on doing AirBnB and mid-term renting while living in one of the units. I wish he wouldn't harp so much on the negatives of some of these endeavors because he might be keeping someone from becoming financially free using these methods. He really goes overboard. I'm glad I stopped listening to him about not using leverage for financial freedom. He gives great advice on becoming debt free (from "bad" debt) though so I'll keep recommending his work to friends and family.

[@roshunepp]

I commend this man for wanting to be financially independent from the church. Paul made tents.

[@crimsontide4875]

Excellent advice. I have been in the rental business since 97 and I have stayed away from this space for the reasons you have outlined. Added items to consider insurance and fees to booking agent.

[@getinthespace7715]

Airbnb's in the small town we are moving to have driven home prices through the roof. Median household Income is $40k Median home price is $750k. Airbnb's make $40k-80k a season there. Instead of doing Airbnb's I'm going to get back to my construction roots and build houses. $250k in land and materials and lots of sweat will bring in $500k profit. See how it goes this year. Looking at property now.

[@pauldoherty5568]

I have had Airbnb‘s. I’m selling them one by one. The rental model is not as profitable as it once was I’m finding furnished Finder a better alternative to Airbnb. Furnished finder models itself on finding temporary housing for traveling medical personnel, which usually have assignments of 3 to 6 months. The clientele, for the most part is more financial qualified, and can be verified more easily.

[@ktefccre]

The great thing about running an airbnb is that it teaches you a lot of business skills: logistics, customer services, marketing, accounting, product development, home repair,... etc. But, yeah, it's a lot of work.

[@jermain716]

I have two airbnb rentals and it can be challenging but is worth it for me, 75% of my bookings are weekends only. Ive had two parties in two years, all due to instant bookings. My recommendations are: 1. Make sure you have exterior cameras to monitor the property and have proof for Airbnb reimbursement/ resolutions for any issues. 2. Absolutely turn off instant bookings because you cannot vet your guests for potential parties, issues or crappy guests. 3. Getting a good cleaner is challenging for me personally, most charge wayyyy to much. I do most of the cleaning myself but hire out when I'm not available. 4. Make sure you have several sets of bedding and towels to lighten the need to do too much laundry. 5. Charge a tad higher to avoid getting seedy guests. 6. Have lots of touch up paint on hand because guests tend to scuff up floors and walls with their luggage and general house traffic.