My Airbnb Lost Money... Here's The Truth About Being an Airbnb Host

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Shelby Church

Shelby Church

Күн бұрын

Пікірлер: 1 900
@ShelbyChurch
@ShelbyChurch Жыл бұрын
Go to bit.ly/3O9NsCN and use code SHELBYCHURCH to get 15% off ClickUp's massive Unlimited Plan for a year! Start reclaiming your time for less than $5 a month. Hurry offer ends soon.
@thomass5169
@thomass5169 Жыл бұрын
That new HVAC system should lower your power bill to the point that you will kick yourself for not installing a new system at the start. In fact, you likely lost return business because your customers were not as comfortable as they should have been. Would love to know what percentage of power savings you experienced after one year. Just make sure the system is well maintained by a competent company so future problems are caught in advance when possible. Keep it clean and you will be happy with the performance. Congratulations on the venture; no better way to learn than jumping right in.
@JT0007
@JT0007 Жыл бұрын
You said that your home gained value and therefore taxes were higher than expected. That’s literally not how California works. Property tax is always 1% of purchase price, meaning tax is fixed. Why are you making things up on your video? You sound like you have no clue what you’re talking about 🇺🇸
@alunmorgans
@alunmorgans Жыл бұрын
Passive income = being a leech
@JT0007
@JT0007 Жыл бұрын
@@alunmorgans Nope. I make my tenants homes better than they were and work with them however they need, within reason. 🇺🇸
@thomass5169
@thomass5169 Жыл бұрын
@@alunmorgans Have you lost your mind? How did you come to that conclusion?
@KylaJames
@KylaJames Жыл бұрын
I feel like airbnb used to be such an affordable and trendy way to stay places, but the reputation is definitely getting worse with everyone trying to make it their main source of income. Airbnb’s in general are getting so wildly overpriced, they expect the customer to basically clean the place and also pay a cleaning fee on top of giving the customer a chore list to do lol. Not saying Shelby does that, but I see it a lot! Where are hotels, which used to be the overpriced “worse” option, people are leaning towards again because they clean, there is housekeeping daily, breakfast often included, no additional cleaning fee, no expectation to do chores before you check out, room service etc. just something I’ve seen a lot of people talk about on TikTok and stuff
@chilicheesecakefilms
@chilicheesecakefilms Жыл бұрын
The cleaning fee is wild in some places. I've seen the place be super cheap like $50/night but then the cleaning fee is like $120/day and I'm like..... wait a minute, cowboy
@tamwilfred
@tamwilfred Жыл бұрын
The pademic might have something to do with it especially if people want a super clean and sanitized place. Labor costs have gone up, cleaning supplies prices have gone up, and maybe with the drop in bookings owners need to recoup some of the cost by increasing prices if they want to stay in business. Hotels have the advantage of economy of scale, a full time staff, and cheaper overhead cost. It cheaper to house 100 guests compared to homes that house a handful of guest every few days. Pricing on everything is all screwed up. I think once things normalize, hosts will realize they can't charge that much or that hosting Airbnb isn't that easy as they thought it was. Look at big companys like Zillow who exited buying homes and reselling them. They lost a lot of money when they realized they can't sell houses for prices that the market wasn't willing to pay.
@Callmebigwilly
@Callmebigwilly Жыл бұрын
My buddies stayed at one in Vegas with a pool. If they wanted to use the hot tub the owner said there was a $50 charge per day.
@beverlyweber4122
@beverlyweber4122 Жыл бұрын
@@Callmebigwilly That's insane! Gee, I wonder why the greedy owner isn't making as much money?? "Honey, why won't anybody use our hot tub?" "Did you forget to fill it with sparking water from France and include the caviar?"
@SensoryTime
@SensoryTime Жыл бұрын
I think air Bnb's (can be) "worth" more though because at the end of the day you're getting a different experience. With a hotel you get a single room and a bed and bathroom. There isn't alot of room to "roam around" or relax in other areas. With an air bib you get an entire space with a kitchen and the ability to cook food and the privacy that comes along with it.
@veronica.baker1
@veronica.baker1 Жыл бұрын
Great video! For 2023, it’s hard to nail down specific predictions for the housing market is because it’s not yet clear how quickly or how much the Federal Reserve can bring down inflation and borrowing costs without tanking buyer demand for everything from homes to cars.
@hunter-bourke21
@hunter-bourke21 Жыл бұрын
There is no greater freedom than handing back the key to a airbnb apartment knowing someone else has to maintain it. If you enjoy renovating and decorating then perhaps home ownership is for you. For me, property is another way we get tied down
@Believer292
@Believer292 Жыл бұрын
@@hunter-bourke21 I suggest you offset your real estate and get into stocks, A recession as bad 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 is not financial advise but get buying, cash isn’t king at all in this time!
@edward.abraham
@edward.abraham Жыл бұрын
@@Believer292 You are right! I’ve diversified my 450K 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.
@james.atkins88
@james.atkins88 Жыл бұрын
@@edward.abraham Glad to have stumbled on this conversation. Please can you leave the info of your investment advisor here? I’m in dire need for one.
@edward.abraham
@edward.abraham Жыл бұрын
@@james.atkins88"Julia Ann Finnicum, is my adviser and she is highly qualified and experienced in the financial market. She has extensive knowledge of portfolio diversity and is considered an expert in the field. 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.
@NursesToRiches
@NursesToRiches Жыл бұрын
As someone who is looking into purchasing a short term rental and can only find videos of owners talking about how much money they're earning, and not about the challenges they've faced in only breaking even or making a profit, thank you for your transparency!
@ShelbyChurch
@ShelbyChurch Жыл бұрын
sure thing! I still think it can be worth it, but it would be VERY tough to make the numbers work with how interest rates are right now, and the possibility that many people could be cutting back on travel for the next couple years... it can still be a great business in the long term but I think it is important to have a savings in case there's a low season
@guysumpthin2974
@guysumpthin2974 Жыл бұрын
@@ShelbyChurch ❤️❤️❤️❤️❤️❤️❤️
@sandyrose2398
@sandyrose2398 Жыл бұрын
Shelby has managers taking care of the bookings - and other people are handling the clean-ups, repairs, etc. You also need to pay them. This house is in a good location - since many of her future travellers will be from California. As she stated, they might not be travelling across the country due to very high plane fares. People still like to "get away" from their every-day lives. It is now risky to purchase a property and expect to make money - with the high property taxes/maintenance, the price of the home - and the times that the home will be vacant.
@lydiapatelll
@lydiapatelll Жыл бұрын
100% agree! Such useful perspective. We also started hosting not long ago and feel the market has slowly shifted.
@fortyozsteak
@fortyozsteak Жыл бұрын
Airbnb makes a ton of money. You need to know what you’re doing
@abbyhigh4326
@abbyhigh4326 Жыл бұрын
Airbnb's are absolutely wrecking the rental market. It's also way cheaper now to just get a hotel room again. I hope Airbnb changes its predatory ways soon. It's pretty hard to feel sorry for people losing money on Airbnb's when In some cities (like the one I live in) it's literally causing people to become homeless.
@chilicheesecakefilms
@chilicheesecakefilms Жыл бұрын
Everywhere I travel to - even small places that have one or two hotels, airbnb prices are INSANE. I've found hotels with breakfast and a pool at a cheaper rate than airbnb backyard room at someone's beat up house. It's insane
@xcf1614
@xcf1614 Жыл бұрын
This 100%!!!
@shannonparahi5600
@shannonparahi5600 Жыл бұрын
I feel like if it’s just a couple staying somewhere 100% staying in a hotel is cheaper but I also feel you don’t have the luxury of what a home has eg. Proper kitchen, extra living areas, etc. I think Airbnb is a great option and worth the price for families or a group of people due to the extra space, privacy and multiple bedrooms
@NSiFe
@NSiFe Жыл бұрын
Companies are buying houses lile crazy too... to rent it back to us. We will own nothing and be happy
@chisquared100
@chisquared100 Жыл бұрын
AirBNB takes zero risk. You're stupid to be a part of it.
@jasonsmithers2448
@jasonsmithers2448 Жыл бұрын
Here is some advice. I’m the slow months you should price your home agressive enough to compete with hotels and other Airbnb’s to the point you get the revenue closer to peak season. Although you may be worried about utilities, you are getting potential repeat customers if they enjoyed staying at your place. Furthermore, you can offer discounts for longer stays in your advertising. Just tell them to contact host. Make sure you ask those who stay with you for a positive review and give them 10% off next visit if they do. Furthermore, offer them 20% discount if they refer people and limit that 20% off to slow season. You have to step up your operational acumen as this house could make you far more dollars!
@X99Zero
@X99Zero Жыл бұрын
She or her management are doing a poor job at revenue management to react to monthly price and competitor movement and it’s costing them a lot of money. Mismanaged property.
@kandiali
@kandiali Жыл бұрын
I was about to say the same thing. Price should have definitely been adjusted after 2 months of loss.
@IMMERSIVEVOICE
@IMMERSIVEVOICE Жыл бұрын
This is poor financial management.
@bertrankin
@bertrankin Жыл бұрын
This
@saalank
@saalank 9 ай бұрын
Her costs were simply too high to lower prices all that much. They got excited at the prospect of huge profit margins but hired out all the work. A property manager for their only single occupant/group property? Pest management for a single property? You can get those things when you scale up and get a bulk discount per property. There's no such thing as free money and easy money doesn't last long and quickly gets divided up as people start to crowd around fresh prospects. I turn a good profit on my airbnb because I do 100% of the work (managing the listing, cleaning, repairs, updates, etc) also I don't have any mortgages at the moment. It's definitely not passive but it fits me where I am now. Definitely plan on scaling up and doing long term rentals once I get enough properties. If she wants a passive income, long term is the only LONG term way (rental wise) or scaling up big time (which even that isn't working out as cities start to clamp down on short term rentals). Simply put, she didn't do enough market research and didnt fully run the numbers. For example, the electric bill history of a property is frequently available for the past year even if you weren't the owner back then.
@andydrew3320
@andydrew3320 Жыл бұрын
Hate to say it but the truth is many folks simply don’t have the money right now to be splurging on things like this. If someone absolutely needs to stay somewhere they’ll opt for a small place at a fraction of the cost or crash at friends or families. It’s just the reality right now. Anyway great video as always Shelby. Seriously, it takes courage to talk about our failures and losses in life. We live in a world filled with highlight reels, filters and W’s. People forget to talk about where those wins came from and how much pain and loss were associated. These losses are incredibly important and it’s times like these that we learn and grow the most. Not to mention you get to share this wisdom with thousands of people to also learn. It’s great all around. Keep up the incredible work.
@amandab8433
@amandab8433 Жыл бұрын
This is true. My husband and I are heading for a week in Monterey, and first looked at Airbnb thinking it'd be cheaper than hotels. It isn't. We were able to get a "Boutique" hotel (downtown) stay for $71 a night, as opposed to $150 for the cheapest Airbnb in the same area. Even including eating out it was by far cheaper just to stay at the hotel a two min walk from the area we were there for. We had thought of buying property here in the SF Bay Area for Airbnb rental, but the market here is already swamped with them.
@SensoryTime
@SensoryTime Жыл бұрын
I think air bib is moreso a luxury where people will go for vacations not because they need to just stay somewhere IMO
@andydrew3320
@andydrew3320 Жыл бұрын
@Liz bth what it’s supposed to be and what it has truly become are two totally different things
@megmathisen9072
@megmathisen9072 Жыл бұрын
I’m a successful AirBnB host and a Southern Californian. I went to Palm Springs one summer and it was 115 degrees. I was I intrigued as it felt like my skin was burning off my bones but damn… not exactly a place I would return for summer fun. My ABBs are in Santa Barbara and Rock almost all year but I don’t do automated. I’m hands on and available for every need of my guest. I wouldn’t say it’s passive income but I love it! 😊😊
@emilyromano4794
@emilyromano4794 Жыл бұрын
Hi Shelby! As someone with a hospitality business degree, I really think you/your property manager need to consider the rate fluctuating more. You can definitely raise it in the peak season and should lower it and increase your bookings (at least by a little) during the off season. As someone who travels, I have been wanting to go to Palm Springs and actually looked at going in September. If it was that hot and $500 a night, there’s no way I would go. For a cheaper price it makes more sense.
@emilyromano4794
@emilyromano4794 Жыл бұрын
Hopefully your property manager in evaluating the market for rates and increasing during events or high travel to the area. They should also be lowering to match other rates during the off season. It’s better to be getting SOME money than none at all and in hospitality as soon as someone doesn’t book that night, you can never make that money back. Just some tips!
@chesheekbs
@chesheekbs Жыл бұрын
Agreed!! Even by 50-100 that would put her in a whole new search bracket.
@FransceneJK98
@FransceneJK98 Жыл бұрын
So not fair but business wise it does make sense. 😢
@Neezabja
@Neezabja Жыл бұрын
Don't forget Pal Springs only permits a fixed number or rental contracts per year, lowering the prices considerably off season could not only be unprofitable because of higher summer utility bills but also reduces the quota for more profitable times of year.
@double_joseph327
@double_joseph327 Жыл бұрын
Probably using a bad property manager who is expensive lol
@rebeccas6674
@rebeccas6674 Жыл бұрын
As someone who used to be in the hospitality industry it's quite common to overcharge during peak to make up for the profit loss you'll experience in the off months. Some hotels will even shut down completely or almost completely during peak off-season. If your revenue for August continues to not even pay for the basic cost of operation then maybe it could be an option to shut it down for a month especially if you pay your property manager, pool cleaners, etc. by booking rather than a monthly fee.
@sterlingmarshel6299
@sterlingmarshel6299 Жыл бұрын
property managers are on year contracts and the pool has to be maintained monthly - those costs would not be cut.
@jasonsmithers2448
@jasonsmithers2448 Жыл бұрын
Terrible advice.
@factsdontlie4342
@factsdontlie4342 Жыл бұрын
Never close. Lower prices in slow season. Some income is better than none. Make sure you are financially prudent and have savings from the peak season to help during slow season. It just seems like a stupid idea to start a business in California, there is a reason business is fleeing that state.
@am22fcw
@am22fcw Жыл бұрын
This has probably been said a thousand times before but something that gets glossed over is at the end of the day the people that rent your house are still helping you pay the mortgage. So you aren’t technically sitting on as much of a loss as you think when you are gaining equity in the home.
@networth00
@networth00 Жыл бұрын
You could say the same about a long term renter. Why not buy a house with a $2000/month note and rent it for $1800? Why not... because you'd be an idiot.
@simoncoco1
@simoncoco1 Жыл бұрын
Unless your property price is underwater, for example, you are paying a mortgage for a $1m house that can now only be sold for $400k.
@ebo5739
@ebo5739 Жыл бұрын
Thats not really true. Take depreciation into account. Within 30 years you paid again for that house with your reinvests you must do. If you dont make it with your cash flow than its a bad invest. Also consider the total amount of invested capital.
@thatslumlordlife
@thatslumlordlife Жыл бұрын
I have a few rentals and after you pay loan, taxes, insurance, rental fees, basic upkeep, lawncare, turnover costs ( loss rent, painting, flooring, damages) you don't make anything. Many turn into money pits. This is why more are wanting to do airbnb. If its not a large rental property many times it's not cashflowing well unless you rent it way high. Small properties such as a house or duplex have way to much maintance and repairs to keep up on.
@ggcab5
@ggcab5 Жыл бұрын
I think a part of the reason bookings might be down is because people have realized how much better value hotels are vs Airbnb. For the same price (or cheaper) you get a way better experience at hotels.
@WooweeYT
@WooweeYT Жыл бұрын
ABB used to be a good deal. It feels like prices have skyrocketed lately. I suspect it's because early on it was just people trying to recoup costs for vacation homes and such, now it's an entire industry. There's a lot more competition and everyone is trying to not only turn a profit but also pay off the property from the rentals. Like even Shelby here thinks the property is kinda failing. If she lost $3300 every year, in 30 years when she pays off the mortgage she'll have paid $100k for what's likely a $1mil property. Which is ridiculously good.
@icantwiththis
@icantwiththis Жыл бұрын
I used air BNB 2 times and then I saw a thing on the news a creepy guy was putting a camera in the toilet and never again. I just realized it's actually dangerous no way. At hotels there's lots of people and security and background checks I'm not just going to some strangers house.
@sterlingmarshel6299
@sterlingmarshel6299 Жыл бұрын
@@WooweeYT over 30 years she would have paid well over 300k mortgage interest, 360k in property taxes (low end), plus maintenance, pluse the money the capital costs of putting money into the property, down payment, making up for losses, home insurance, etc. There will be some tax write-off along the way but when you sell you will pay gains and tax recapture taxes.. its a lot. Think of real estate as a piggy bank and not an investment - they will be lucky to breakeven if they are honest about the costs
@WooweeYT
@WooweeYT Жыл бұрын
@@sterlingmarshel6299 Ya but she was already calculating all that and she only spent $2500 for the year out of her pocket. And that was with a $15k repair (that wasn't out of her pocket). She's not paying the mortgage and property taxes, the renters are. If she only gets a few more rentals next year (and/or doesn't have a huge repair), not only will the renters have paid the mortgage, taxes, maintenance, etc, but she'd actually be making a profit on top of that.
@NatashaEstrada
@NatashaEstrada Жыл бұрын
Yeah especially in Palm Springs with all their resorts and local casinos that also have hotels etc. Coachella/Stagecoach would really be the only time of year where renting an AirBnB makes sense.
@kingbass21
@kingbass21 Жыл бұрын
A useful strategy for the low season could be to contact local businesses to see if they have any staff/contractors that need accommodation. You could get some longer term lets booked, 1/2/3 month durations at a heavily discounted rate, but enough to cover costs.
@MsVicky72
@MsVicky72 Жыл бұрын
Best advice so far!!!❤
@NatashaEstrada
@NatashaEstrada Жыл бұрын
@@fajrdn I think he was probably thinking along the lines of nursing/engineering contractors and not construction.
@ShellysMillions
@ShellysMillions Жыл бұрын
I had to travel for work to San Diego and short term rentals saved my company when I needed to stay somewhere during Comic Con!
@Manecazz
@Manecazz Жыл бұрын
I was about to state this exactly, I work at an Apartment service for about 8 years and you have to compete with the market around the area the property is.
@DerDudelino
@DerDudelino Жыл бұрын
Personally I'd just use her fanbase - offer to hangout, if they book her AirbnB. She is pretty massive on social media - properly advertised, the place should be full at all times - with fans or KZbinrs who want to shoot something with her. Win-Win :D
@Rebecca.Robbins
@Rebecca.Robbins Жыл бұрын
I like your attitude. You are totally right that over 5 years it will all be fine! The fact that you got to vacation there and were continuing to build equity, not just through your mortgage payments, but just because houses tend to appreciate, especially if you are maintaining them (like you are), makes it totally worth while.
@lossangeles
@lossangeles Жыл бұрын
Real estate is going down not up. It’s going to take a decade to turn around. Think: housing bubble 2.0 ☹️.
@mybrassmonkey
@mybrassmonkey Жыл бұрын
@@lossangeles if you could accurately predict the future you’d be making millions lecturing around the world, not writing KZbin comments.
@Rebecca.Robbins
@Rebecca.Robbins Жыл бұрын
@@lossangeles okay, but Shelby didn’t buy at the height of the market and she isn’t planning on selling anytime soon. So, I stand by my statement.
@Rebecca.Robbins
@Rebecca.Robbins Жыл бұрын
@@mybrassmonkey I wasn’t trying to predict the future, just stating that “typically” houses tend to appreciate. Historical data does back this up. Shelby didn’t buy at the peek of the market and she isn’t in any hurry to sell, so it’s reasonable to expect that her house is appreciating in value.
@SmashBrosBrawl
@SmashBrosBrawl Жыл бұрын
Housing prices are going to drop by 50%, returning to pre-covid levels at a minimum. It's going to take about 20 years for RE prices to return to covid-level highs
@lelannazalee2730
@lelannazalee2730 Жыл бұрын
Tip for improving bookings (if this applies)… I have to say that as someone who has stayed in a lot of airbnbs, the ones that stand out and return to multiple times are the homes that are extremely well stocked and have a personal touch plus communication. AKA not run by a property management company and sterile. Upkeep of furniture, competitive pricing (not under priced, just “fair”) and exceptional cleaning is my other must. If the home feels homey, unique, and the owner or sometimes manager makes it feel like you are staying in their home that they love and care for. If it lacks of personal touches in communication and no extras provided, I often don’t stay at those places more than once. Hope that’s helpful.
@kimberbell4238
@kimberbell4238 Жыл бұрын
As a content creator you and your sister were able to make money on your videos. Not something that the average person could count on, but if you figure that in, your way ahead of the game!!💞
@akastardust
@akastardust Жыл бұрын
This is such an excellent point.
@SmashBrosBrawl
@SmashBrosBrawl Жыл бұрын
KZbin == big money
@Muzeishen
@Muzeishen Жыл бұрын
Thank you for sharing your struggle with business. So many influencers say “take my masterclass” and make it seem like success is easy. There are twists and turns, but you’re certainly on the right path.
@TravisBryantNYC
@TravisBryantNYC Жыл бұрын
Thanks for sharing!! Mine in West Hollywood has just barely broke even this year as well so I was wondering if that was normal. It’s fun but certainly hasn’t been the cash grab I initially thought it would be! The transparency is much appreciated!
@annalu1778
@annalu1778 Жыл бұрын
It's honestly so cool how you're diversifying your risk profile by making content out your Airbnb, so that even if you lose money, you still come out ahead with the content.
@9thwonderjr
@9thwonderjr Жыл бұрын
When she says she brought a house to renovate FOR Airbnb...I knew there wasn't a long term cash flow plan for all four seasons
@DoYouLikeToastToo
@DoYouLikeToastToo Жыл бұрын
Yea it seemed like a bad idea from the beginning. I also feel like by only having a whole house for rent you are missing out on a lot of the market. I think there are a lot of single travelers that need a lot less space.
@samanthabarron8481
@samanthabarron8481 Жыл бұрын
Yes, this is why people lost money. You can’t just do something like this on a wing and a prayer, you have to have a plan and if it doesn’t add up, you don’t do it. No emotions, all business.
@patrickstarrfish4526
@patrickstarrfish4526 Жыл бұрын
Shelby seems really personable, but clearly a bit of an airhead and not a businessperson. Absolutely insane video with multiple internal contradictions. in the 3:30-4:30 window, she complains she only rented out 2 bookings in June, the "nightly rate wasn't that high, it was $4 or 500 dollars" it wasn't that bad, it was kind of what I was expecting " are you kidding? one booking in July, renting $500 for night, for only $1500 . then at 3:50 she says we could lower our nightly rate but it would get eaten up by the AC? again, are you kidding?!? at 6:00 she says her "building manager" had left the AC on all month June and July and the electricity was $850 per month. Then in August and September it was turned off when the home wasn't being rented out. (duh), which resulted in a $300 drop in electric. So one additional night rented out at $300 would have covered the entire month's entire marginal additional electric. Not what Shelby made it out to be (it would be $2,500 if we had the place rented out every day!) The "property manager' is incompetent, and something Shelby should have done on her own. if you have to hire "pest control" instead of getting some ant traps from Home Depot, you really shouldnt' be in the business of If you are NOT a DIYer, and can't fix anything or maintain anything yourself, running an airBNB with a POOL and pricing yourself out of the market is insane, and will guarantee to lose money. what rate are you paying on your mortgage? when is your mortgage due for renewal? Good luck getting the same rate. Anyone who has no business sense and buys a home with a pool, trying to rent it out for $400-500 per night to large groups of people is an idiot, sorry. Was any consideration given to breaking the house into two sections, or renting out individual rooms rather than renting out the entire house all as one unit? I mean, what is the market for renting an entire $400-500 house with a pool? Surely there are 3-4 bedrooms in the home, and 2-3 bathrooms, and each bedroom could have been rented for $125-200 depending if they had their own bathroom or not. This is atrocious property management, and the property manager is incompetent (or just plain lazy). Pretty, but pretty stupid.
@colorbugoriginals4457
@colorbugoriginals4457 6 ай бұрын
Yes, they are exactly the problem. Find a nice thing, pump it for money and ruin it for everyone. She is the problem.
@janecarhart515
@janecarhart515 Жыл бұрын
Thanks for showing the real situation that can occur with Airbnb’s. I sell real estate, have my own Airbnb and many clients that are searching for these types of properties. Having your video to share with them is really helpful! Thanks! ❤
@CaseyFerguson
@CaseyFerguson Жыл бұрын
I'd look at AirBnB and rentals more as a long-term investment. Even if you break 'even' it's a win, you have an asset (land/house), a tax deduction (losses). Every bit of profit after that is a +1 overall. This is assuming it's an alternate income stream. Also solar is WAY more pricey than the estimates / websites want to make it out to be if you want a backup/battery reserve. Still a great choice, but not a 'no brainer.'
@networth00
@networth00 Жыл бұрын
@@CaseyFerguson I used to think like that when I was a teenager. Nobody wants to go through all this trouble and invest lots of money to break even.
@colinchan1
@colinchan1 Жыл бұрын
I really appreciate you making these less business-successful videos even though they’re a lot harder to motivate yourself to make. I find that I learn a lot more from failures than successes.
@markj10
@markj10 Жыл бұрын
After 10+ years of owning many Airbnb’s with 80%-95% Occupancy, I’m experiencing record lows (40%-60% occupancy) too, maybe this is the new normal. Don’t lower prices, it will de-value your Airbnb, guest will think something is wrong with it! The solution is lower (or remove) your cleaning and booking fees, guest hate those and so by doing this guest think it’s a great deal by getting a super nice pricey home with no extra fees! It’s working with mine, even in Palm Springs!!
@davidlauer5436
@davidlauer5436 Жыл бұрын
Glad to see there’s a correction in the Airbnb market. I live in a tourist community and I’m sick and tired of having these homes all around me not knowing who they are and what kind of person they are. All the partying that goes on and then parking their vehicles on your side lot because they don’t have enough room at the house they’re staying at. We are having a hard time finding workers for this town because of the rent is so few and so high when you do find a place
@ren5397
@ren5397 Жыл бұрын
Yep, I live in the most popular beach town in Australia and the rental crisis is so bad there was a protest in town last week. The cost of long term rentals plays it's part but Airbnb means there is less competition in the long term rental market as well. Businesses can't find employees because the young people they hire can't find homes/afford to rent, we still have families who are homeless after the floods last year but can't leave the area because their businesses/extended families are here, and to top it off, a property manager friend of mine said this summer in our peak season 60% of the short term rentals are sitting empty, because everyone with money is going to Europe now they can travel again. It's a joke.
@jeanettemullins
@jeanettemullins Жыл бұрын
Yeah it's a huge issue where I live in the UK. Airbnbs have taken over properties in normal residental areas as well as the tourist areas and there's just nowhere for locals to live. You look at housing for long term rent in any town in the south west and there'll be about 2 to 3 properties available and so many have closed viewings because there's so many people looking for properties. It's having such a huge effect on local communities and places can't find employees let alone seasonal workers because there's nowhere for them to live.
@NatalieMarie917
@NatalieMarie917 6 ай бұрын
⁠​⁠@@jeanettemullinsI’m really thankful that my city places heavy restrictions on airbnbs (e.g., you’re only allowed to run an airbnb out of a home you actually live in, and you have to have a license to rent out rooms which they only give to about 200 people at a time).
@bethmccall9254
@bethmccall9254 Жыл бұрын
Bad idea to turn off the AC when not occupied. Mold grows in 12-72 hours. You need to keep the humidity down. Once you get mold in your place, it will be a total loss.
@b.l.8611
@b.l.8611 Жыл бұрын
You need Solar, and you need a solar water heater for your pool. Pool cleaning seems very high. Pest control should be quarterly and if you have an ant problem, they need to come more. Put all of your landscaping in drought tolertant plantings, with drip irrigiation. All of these items would be tax write offs.
@gwenstone9685
@gwenstone9685 Жыл бұрын
I stopped using air bnb because most are companies taking over rental property making it impossible for local people to find affordable housing. I hope they all go into bankruptcy
@kaitlynramirez4577
@kaitlynramirez4577 Жыл бұрын
Loved the video! Would love to see another series about the whole solar panel selection, installation + operation process whenever you install those! That would be SUPER interesting to see what it’s like to pick them out as well as how they perform and save money!
@Neezabja
@Neezabja Жыл бұрын
Yes and give a brief explanation of how the technology works too!
@shadow5281
@shadow5281 Жыл бұрын
3 notes about solar 1. The way Solar customers are being billed is expected to change in the near future (research NEM 3.0) so if you decide to wait on Solar, you might not get as good benefits as gettting Solar sooner and getting grandfathered on the current NEM 2.0 tariff 2. The solar tax credit increased to 30% 3. Solar panels do lose their efficiency when it’s really hot (it’s just a characteristic of inverters) and if it’s windy in Palm Springs the panels might get pretty dusty and lose their efficiency even more, so you might have an ongoing cost to clean the panels. I’d recommend talking to neighbors or others in that area to see what their actual output over time is just to make sure you cover your basis. Hope this helps !:)
@MsCdngrrl
@MsCdngrrl Жыл бұрын
I really appreciate your honesty. I’m from western Canada and I looked a flying down to Palm Springs and the flights were insanely expensive. The cost to security and airport improvement taxes were most than the flight itself. We used to be able to fly down for around $300 return and now it’s closer to $900.
@emilyhannon9546
@emilyhannon9546 Жыл бұрын
Thank you for being brave enough to tell us about your actual experience with AirBNB. You have a great attitude with this venture and I am sending positive vibes for your future success!
@mausieur
@mausieur Жыл бұрын
One thing I really appreciate about your channel is your honesty when things don't workout as you expected. I do think that over the long run your place is going to be profitable
@jaspersmythe6014
@jaspersmythe6014 Жыл бұрын
Its very obvious that the primary reason you lost money was that your daily rate was insanely too high. Lower your daily rate, and you will get more bookings.
@Snail_Nailz
@Snail_Nailz 7 ай бұрын
Some thing I’m suprised not to see on the expenses sheet; •Internet •Cable or Streaming Serviced •Landlord Insurance •STR Business License and/or TOT •Cleaning staff •Paper Supplies •Replacements (stained towels, worn textiles, etc)
@isabeltapia1262
@isabeltapia1262 Жыл бұрын
Most people are realizing what a scam AirBnB is honestly.. all the extra charges are ridiculous. Most people are going back to hotels.. I live in Palm Springs and for a staycation I’d rather stay somewhere like the Ace Hotel then an AirBnB because cost is much better
@BradColemanisHere
@BradColemanisHere Жыл бұрын
Shelby, you two have grown so much in this experience. Everything you've laid out here is really detailed and smart. You're doing great, and I love your perspective on this being a great house to enjoy for your family and I firmly believe when you do decide to sell it you will come out on top.
@emmaodey1999
@emmaodey1999 Жыл бұрын
Thanks for watching and showing love.!❤️ by leaving a comment let's talk in👆private✍️ Text📝 via telegram you're selected among my Christmas ongoing giveaway 🎁🎉!
@davidduaneh
@davidduaneh Жыл бұрын
Love you, Shelby. I have the feeling there are going to be a lot of stories like yours over the next few months. I just bought my first short term rental home in St. Augustine, Fl recently, and I'm not feeling too good about it at this point. For one thing, there have been so many additional STR properties added to the mix this year, that that fact alone would cause occupancy rates to decline, not counting the negative effects of the current economy.
@vivienhantosi9369
@vivienhantosi9369 Жыл бұрын
Fingers crossed that you get more bookings soon! The house is so beautiful and you did an amazing job with the renovation & the process of turning it into an airbnb.
@KV-vj8pd
@KV-vj8pd Жыл бұрын
Shelby I appreciate the honest video! One of my properties is in PS and after a couple years of Airbnb I went the alternative route and converted it to a long term rental. Less hassle, one consistent tenant, tenant pays utilities and you know what rent you get monthly😃
@austJW
@austJW Жыл бұрын
a lot less risk and hassle. Airbnb works only if you are earning 'super' profits above rental.
@peace5647
@peace5647 Жыл бұрын
One of the challenges that happened during 2020 and on was the Moratorium in NYS. Really turned off the prospective Landlord. I do not know about other states, but Airbnb seems like a better option.
@kataclysmic4350
@kataclysmic4350 Жыл бұрын
Thank you!!! For being brave, truthful, and honest on the expenses when it comes to running Air BNBs . The market is saturated with Air BNBs. As of right now, we’re breaking even.
@networth00
@networth00 Жыл бұрын
It's time to sell before other list theirs also.
@Jeroen74
@Jeroen74 Жыл бұрын
You could also consider installing solar collector pool heaters to help keep the pool water warm and reduce gas usage. They're basically nothing more than black pipes with pool water running through them.
@Richard-oq5ti
@Richard-oq5ti Жыл бұрын
Thanks for being so transparent and showing the ups and downs. Not everything is rainbows and butterflies. Hope you have better coming months!
@Lucysil1970
@Lucysil1970 Жыл бұрын
Air bnb rates are getting out of hand. All the fees are making hotels seem cheaper.
@ShelbyChurch
@ShelbyChurch Жыл бұрын
a hotel is cheaper, but can only sleep 2 people. Are 3 hotel rooms cheaper than 1 Airbnb, though? That's usually why I book an airbnb- I'm staying with a group. Otherwise I agree and prefer a hotel room if it's just me or one other person.
@lorenzograssi3637
@lorenzograssi3637 Жыл бұрын
You also don't usually get a kitchen if you book a hotel
@MrDwalks
@MrDwalks Жыл бұрын
I think the trick is to keep the fees low enough and the "Airbnb experience" with enough amenities that it becomes worth the added cost
@boyleheights9280
@boyleheights9280 Жыл бұрын
Cleaning fee’s and rules making me go back to hotels 😮
@tabithathewholistic
@tabithathewholistic Жыл бұрын
Absolutely!!
@catherinemack6355
@catherinemack6355 5 ай бұрын
Thank you for being so honest. You usually hear about hosts making thousands and even millions and never hear about the negatives. You really don't know who to believe. In business, there are usually ups and downs and we need to hear more about both so we can know what to expect so that we can better prepare. So once again, thank you.
@PJwithheart
@PJwithheart Жыл бұрын
Sorry it took me so long to watch, but thanks for the honesty! Truth is, There will be a point when there are too many Airbnb’s and not enough customers. I’m not saying this has already happened, but investors should be realistic. Also, have you looked into insulating the house better? It might be cheaper to insulate and save on electricity, rather than install a full solar system.
@deniseweimer1031
@deniseweimer1031 Жыл бұрын
I truly appreciate the honesty and I hope others do too. I bought an Airbnb in 2021 and the advice that my real estate mentor gave me is that there should always be another benefit, just like how you love to vacation there personally. If you bought a property where you already live in town or you did genuinely don’t want to go it’s not worth it you need to choose a place that would benefit you ad well! Thank you for making this video. It’s nice to see you. I watched your videos when you were just starting out and just recently came in contact with you again. You’re an incredible adult and putting out great content.😊
@brianxyz
@brianxyz Жыл бұрын
Shelby, have you considered dropping Airbnb and doing your own booking and promoting? In one of your first "Checked-In" videos the owner did that and it seemed to be a very wise move. As long as you could figure out how to screen renters I think this would save you a ton of money.
@azservices
@azservices Жыл бұрын
Shelby, let us manage it, I guarantee you won't loose money anytime in your life on that property. It is not passive income business.
@k_money
@k_money Жыл бұрын
100%
@birdness
@birdness Жыл бұрын
I wouldn't trust anyone with money that doesn't know the difference between loose and lose.
@aleenazia2965
@aleenazia2965 Жыл бұрын
People are also no longer interested in booking airbnbs - the company is in a lot of trouble, airline costs are higher because people ARE travelling, American reported that 80 percent of their first class cabins get booked. If you do a deep dive with Airbnb on the internet, people are done. Probably not the time now to start a new one
@tabithathewholistic
@tabithathewholistic Жыл бұрын
Yep!!
@josephaugello1527
@josephaugello1527 Жыл бұрын
People like going to big cities or the beach now since everything costs alot
@mfranc1971
@mfranc1971 Жыл бұрын
There are more platforms other than Airbnb. Also Airbnb made more this year than previous year so they're fine. The STR platform isn't going anywhere.
@knightthezero
@knightthezero Жыл бұрын
Use it as a rental which will help add homes to the rental market bringing down the rental costs in that area or just sell the house to a person who will actually live there because we’re living through an extreme housing crisis and making money isn’t everything…
@kevinwilson9278
@kevinwilson9278 Жыл бұрын
Shelby thank you for sharing your honest experience. I am running into the same results and need to make adjustment or possibly just go back to long term renting. I think your channel is one of the best because of your transparency!!
@Malc4dead
@Malc4dead Жыл бұрын
Thanks for the transparent video as I've considered doing an Airbnb to be able to have a property when visiting family and making money during the rest of the year. I think you are spot on, the beginnings of a recession and inflation are hurting people. I'm curious about how your Airbnb will do next spring so please give us an update, because inflation tends to stick around and this recession will probably digging it's heels in by then. I hope that spring does bring you plenty of guests nonetheless. Great video Shelby!
@ivantejeda
@ivantejeda Жыл бұрын
🔥 I’m with you on this @Malc4dead! This was a great video! P.S. If you have any questions about starting & growing your Airbnb business lmk.
@blmichal
@blmichal Жыл бұрын
Please take in to consideration turning off your air conditioning completely during the summer is really hard on your electronics and any wood furniture in your home. We have a vacation home in Palm Springs and learned the hard way.
@camcam3087
@camcam3087 Жыл бұрын
How is it hard on electronics? The moisture?
@implodingslowly
@implodingslowly Жыл бұрын
Yeah this is asking for mold too.. yikes
@NormanF62
@NormanF62 Жыл бұрын
I think Shelby should shut down the Palm Springs property in the slow-moving months of the year. Not worth to keep it open because the few bookings made are outstripped by the expense of keeping it open. It makes more sense to open it in in the months when full occupancy is a certainty and that’s a sound business decision. Anyway else, I guess you could keep an Airbnb running all year around in other regions but Palm Springs is such a hot place maybe its not where most people want to spend their summer.
@glk5960
@glk5960 Жыл бұрын
Yes, really tough on wood. I had wood floors and subfloors buckle due to humidity build up after turning off the AC. Maybe in the desert you can get away with with it. Maybe a dehumidifier would solve this issue at a significantly lower cost than AC.
@healthywealthywise
@healthywealthywise Жыл бұрын
Shelby, how do I find your property listing? I’ve mentioned before that I am there in PS every 5-6 weeks (from nearby Huntington Beach) and I had family there just 2 weeks ago and booked a property for 6 days through Vacation PS (about $3000) and I normally spend about $2k for 4-5 days for my stays. I’ve never don Air B&B. Hope to book your property sometime.
@jovans510
@jovans510 Жыл бұрын
Thanks for being honest Shelby! It’s so important to understand the reality, not only this situation but with all things in general. I’m sure that bookings will pickup in the winter seasons! Wishing you the best 🤙🏽
@TheUkrainianStar
@TheUkrainianStar Жыл бұрын
It takes a lot to come out and being honest about your investments. Thank you for doing so. This is priceless. Others just yell how they return their cash in one year. Just unrealistic.
@samanthabarron8481
@samanthabarron8481 Жыл бұрын
You keep the AC on to prevent mold and damage from condensation, systems actually break down when they are not being used, you will ultimately spend more starting it up again to heat a house that went up to the high 90s and now has moisture because the weather is humid.
@ivantejeda
@ivantejeda Жыл бұрын
💡Thanks for sharing Samantha! Maybe I should make a video on this 🤔
@Shelbzz
@Shelbzz Жыл бұрын
I feel bad for the people who missed out on this home for themselves and/or their family because you and others like you wanted passive income…NOT you
@keithwingo514
@keithwingo514 Жыл бұрын
There will be a tidal wave of selling, forfeitures, abandonments, and foreclosures when the escrow recalculation letters go out Q1 23. AirBNB will be bankrupt. There won't be any market for expensive rentals. You should really cut your losses now and get out of mortgage debt before that happens.
@TheBigdutchster
@TheBigdutchster Жыл бұрын
I'll bet that you'll never really turn a profit on this property and covering the mortgage should be your highest goal. Also, get out of Cali and research places that have cheap utilities, property taxes, , cost of living, etc., and that are not strictly seasonal in use. Always use a home inspector and always focus on the condition of the roof and HVAC, which are always big ticket items that have very finite lifespans.
@jhonsmith5710
@jhonsmith5710 Жыл бұрын
Hey Shelby. Just want to say I also recently started an Airbnb so I will definitely be signing up for your newsletter. If you could make more videos like this that would be great!
@murraypollard
@murraypollard Жыл бұрын
I have watched this with interest because I am a former landlord, and have lived through various economic cycles. I can only praise you for what you are doing. The risks, you were not fully aware of, but you really qualified it correctly with your comment of "over 5 years". The economy will turn around, it always does, but you have to have reserve money on hand to weather the storms. You are smart to have done that.
@aprilsullivan2405
@aprilsullivan2405 Жыл бұрын
I'm a Realtor so watching this it was obvious your Realtor and your mortgage lender did not properly prepare you for the uptick in property taxes. The extra bill you received was a supplemental tax bill, this bill is triggered when the person that sold their home was paying on a purchase price that is lower than your purchase price - in CA it's 1% of the purchase price and then goes up depending on the rate of inflation but is capped at 2%/yr. What I always let clients know is #1, they will get a supplemental bill and #2 I have the lender calculate the new tax bill rate so that the mortgage starts off with that amount so it's not a big surprise later on. The other thing is that Palm Springs has incredibly high temps during the summer so rates should reflect that, I think $500/night was way to high for summer months, I'm a CA girl born and raised so I can take summer temps but honestly the Palm Springs summer temps are on another level. Lastly, the solar panels there are three ways to go #1 get a power purchase agreement from a solar company - they put the panels on and then sell you the power generated from them at a lower rate than the power company, #2 a solar lease - you lease the panels and then pay the lease payment and then some of the electric cost or #3 buy the panels outright. The plus of the power purchase or the lease options is that the solar companies need to update the panels regularly and they do that at no cost to you, but if you buy panels then you will need to pay the cost to update and they need to be updated and maintained regularly in order to keep up electricity production. Also I would suggest getting a smart thermostat such as nest or something similar that you can actually track and run from an app.
@user-ok6ef9zn4f
@user-ok6ef9zn4f Жыл бұрын
Leaving the thermostat at 86 degrees seems pretty minimal. Damage can occur to the home if the AC does not run for extended amounts of time during hot weather.
@kristinajohns961
@kristinajohns961 Жыл бұрын
I've been doing Airbnb for 5 years, I have a spare room and bathroom in my home, the original idea was to offer up a spare room space, so it is affordable for travellers, I love being a host ❣️
@emmaodey1999
@emmaodey1999 Жыл бұрын
Thanks for watching and showing love.!❤️ by leaving a comment let's talk in👆private✍️ Text📝 via telegram you're selected among my Christmas ongoing giveaway 🎁🎉!
@ivantejeda
@ivantejeda Жыл бұрын
Hey Kristina 👋 I’m thinking about making a video on this. Let me know if that’d be helpful. P.S. If you have any questions about starting & growing your Airbnb business lmk.
@joycarroll7545
@joycarroll7545 Жыл бұрын
The recap was my favorite part and we appreciate your transparency. You and your family are building a legacy.
@Constellasian
@Constellasian Жыл бұрын
Something I learned from other AirBnB hosts were that they also saved a lot of the profit from the busy season to cover for the slow season. Basically, if they made enough in the busy season to cover the mortgage for the year, they're pretty much set.
@ShelbyChurch
@ShelbyChurch Жыл бұрын
yep that’s what I did too- I didn’t spend any of it
@wademoore2101
@wademoore2101 Жыл бұрын
Great info. I just recently starting doing vacation rental with our lake cabin. We hadn't been able to use it as much as we would like so we decided to try the rental option so it would hopefully, at least pay for itself. I've watched several of your videos during the process of getting ours ready and really appreciate your transparency. Our listing went live 2 weeks ago and we have already had it rented 7 nights. Hopefully the trend continues.
@lowmanagain
@lowmanagain Жыл бұрын
I have a lakefront home that I'm not at often. I'm getting ready to airbnb it also. 1:45 min. From Chicago
@GetItWithBecca
@GetItWithBecca Жыл бұрын
Hey Shelby! Get a smart WiFi thermostat where you can control temperature from your phone and it can automatically change to a default temp when movement isn't detected.
@MillaExplores
@MillaExplores Жыл бұрын
This was such a good video and I'm sure everyone watching appreciates the honesty! I think so many Airbnb hosts make it seems like an easy and low-risk investment which can lead to people making decisions they later realize they actually can't afford. Money transparency in general is the way to go! 😊👏🏼
@sandyrose2398
@sandyrose2398 Жыл бұрын
People could make money on Airbnb, if they're renting a room(s) in the property they live in.
@MissBrri
@MissBrri Жыл бұрын
@@sandyrose2398 This is exactly what my boyfriend and I have been doing for the last 2 years. We own a 3 bedroom house and we live in the attic that was converted into a bedroom. Since we have no children this has been a great way for us to build equity because the money we would have spent on mortgage/rent goes to fixing up the house.
@GavinSeim
@GavinSeim Жыл бұрын
Good info. Insane taxes, insane regulations, insane land costs. No one wants to go to California because the idea of paying $500/night for an Air BNB is insane. In other destinations, we can get 3+ nights for the same price.
@laurihines300
@laurihines300 Жыл бұрын
It’s really hard to make a profit when you have management fees, which is why I have always managed my own properties. I understand that’s not possible for everyone, but perhaps your co-host can take a more proactive role in helping with pricing and occupancy. That is 100% their job. Did they suggest that you pivot to mid term stays during the slow season? That would be my first response to one booking a month. And you are correct, in the long-term, if you love this property and enjoy staying here, than even a break even is a Win.
@ivantejeda
@ivantejeda Жыл бұрын
💡Thanks for sharing Lauri! Maybe I should make a video on this 🤔
@laurihines300
@laurihines300 Жыл бұрын
@@ivantejeda Hi Ivan, it is certainly timely. With all of the new regulations constantly rolling out limiting STR’s and people who are struggling on Airbnb sitting there with fully furnished houses, I think a lot of people will be looking at this option. We run mid-term at a couple of our properties and they stay pretty full.
@cyrilroxas
@cyrilroxas Жыл бұрын
new sub. love how transparent and authentic she is. a lot of ppl would appreciate this kind of information
@OurLadyLaLa
@OurLadyLaLa Жыл бұрын
I used to rent Airbnb’s exclusively but now hotels are more affordable for short term stays. Key is SHORT TERM STAYS! I find Airbnb very convenient for month to month rentals and always look at Airbnb first for these.
@CassandraEvergreen
@CassandraEvergreen Жыл бұрын
I wonder if you've thought of other ways to monetise the Airbnb in the off season? One way is to hire the house out to photographers and film makers. Another option is hiring it out to local artists who want to run workshops. Even allowing local swimming instructors who use public pools, to instead hire your pool for their clients who are anxious about learning to swim in public. Not sure if any of these will work for your situation, but thinking outside the box can sometimes be really lucrative. You have a space here... what else do people need spaces for? 🙂
@johannnafunk
@johannnafunk Жыл бұрын
for real tho even kids birthday parties
@kristinunpoisoned
@kristinunpoisoned Жыл бұрын
I don't know how you do it Shelby- every time there's a sponsor ad on a video I'm watching I'm always like "ok time to fast-forward" but with yours I'm like wait, I want to hear about this one though. Every time!
@shyennebahar
@shyennebahar Жыл бұрын
Thank you Shelby, for sharing and your transparency. It's always fun to share the wins and profits, but I'm really glad you did a deep dive into where things could have been better and what were the major expenses. I am an Airbnb host as well, and I definitely had to play around with pricing. I didn't expect in the fall I would have to lower my pricing up to 20 to 50%.
@johnnywang206
@johnnywang206 Жыл бұрын
My dad turned off the AC for his house in Phoenix when he left for three months. Came back and found the house just cracking everwhere. Leather couch was trashed. Can’t just let the house bake
@BronwynAlexandriaa
@BronwynAlexandriaa Жыл бұрын
Easy fix is matching the market. Peak season = charge more, 3 day limit. Down season = charge way less with 1 night minimum, or two night minimum. I would also do research for conventions, events, or anything that is "happening" located in palm springs during the low months. If you can find events, competitions, anything in that sort, you could set a promo code for them, or reach out to those events and try and parnter with them. something of the sort. also, the solar pannels are a great idea.
@hodoree457ho
@hodoree457ho Жыл бұрын
Wth is 1 night min? Are there places you book by the hour? Lol
@mirko5707
@mirko5707 Жыл бұрын
make it cheaper in the low season as most of your cost is fix cost. You need more customer in the low season. Reduce your mortage cost. Keep in mind that you might to renovate the house after some years.
@dimka310
@dimka310 Жыл бұрын
Thanks Shelby! Honest review is well appreciated! As a 10 year host, I have noticed lots of youtubers pushing Airbnb as a get rich quick and it is so not true.... it all depends on location, property and your cost acquiring it.... and lately after pandemic you have way more competition.... so, think twice investors!
@pattyg7244
@pattyg7244 Жыл бұрын
I think doing the solar would be so worth it! It would be interesting to know if by documenting the process it would pay for itself. Maybe a video idea? Either way love your vlogs!
@ShelbyChurch
@ShelbyChurch Жыл бұрын
definitely want to make a video about it!
@johnkerg1960
@johnkerg1960 Жыл бұрын
I know their will be plenty people saying it but in the slower months. You have to lower your cost. People are traveling but they are looking for the deals on the stay and where they eat because the flights cost so much. If you lower the cost you will be okay. Its more about volume at that point.
@franksanchez9355
@franksanchez9355 Жыл бұрын
you must drop your prices. its better to make some money rather than no money at all. with the AC you can connect it to your phone so when people leave you can turn it off from your phone to help keep the cost down
@commuterbranchline8132
@commuterbranchline8132 Жыл бұрын
Solar is a very good idea and a new AC unit should run more efficiently next year, reducing your electricity bill. Get a promotional deal done with a solar panel and house battery installer using the power of KZbin to have these items fitted asap. Consider smart monitoring to monitor energy use and a better property manager. Good luck👍
@alexanderanastas-hill5487
@alexanderanastas-hill5487 Жыл бұрын
honestly, good. nothing against Shelby but not EVERYONE can just airbnb. we need longterm housing everywhere
@amirk.2148
@amirk.2148 Жыл бұрын
Thank you for being transparent!! Go Seattle!!!
@ivantejeda
@ivantejeda Жыл бұрын
Hey Amir 👋 I’m thinking about making a video on this. Let me know if that’d be helpful. P.S. If you have any questions about starting & growing your Airbnb business lmk.
@Athandatu
@Athandatu Жыл бұрын
Finally a realistic AirBnB video showing that it’s not all profits. Thanks, Shelby! Loved it!
@ImNotMC
@ImNotMC Жыл бұрын
Hey Shelby, you should see some savings with your new AC unit, I can only imagine how much electricity your old unit was using. Also, I suggest a smart thermostat so you can control/monitor your thermostat from anywhere. Good luck!
@JonathanSorunke
@JonathanSorunke Жыл бұрын
Even though there are fears of a recession, people are still spending money on travel. I think the problem is that Airbnb’s are falling out of favor for people when they’re priced similar to hotels and don’t provide the same level of customer service.
@barrettorth8413
@barrettorth8413 Жыл бұрын
Fears of recession? We're already in a recession - soon to be worse than '08.
@Ghost-Ghost-Ghost
@Ghost-Ghost-Ghost Жыл бұрын
If you want to do a true "P&L" statement I would take out mortgage payments that apply to principal instead of principal + interest. You're more looking at cash flow, which is obviously important, but isn't really accurately capturing how much you're actually making. Thanks for the honesty and I'm really enjoying your content!
@gotyor
@gotyor Жыл бұрын
You probably already know this and did this, but just in case you hadn't heard there is a scam where people get a letter saying they owe extra property taxes on tax reassessment. Make sure you go to the official San Bernardino tax accessor website and enter in your address to make sure you really owe the deference.
@ShelbyChurch
@ShelbyChurch Жыл бұрын
ohhh what maybe that's what my letter was....
@StalePhish
@StalePhish Жыл бұрын
My eyes are bugging out at those utility bills. What!! Over here in New Hampshire, I work from home full time so I'm basically here 24/7. Electricity bill plus solar panel loan is usually $125/mo (includes car charging), water is about $25/mo, gas is $25/mo in summer and it can maybe get to $140/mo in winter when it's getting down to 0 degrees F. Also the mortgage stuff is so high! West coast stuff is crazy. East coast, bought my house 10 years ago, 1700 sqft, 2 car garage, 3 bedroom, mortgage, taxes, and insurance is under $2000 (45 mins outside Boston)
@Catch.716
@Catch.716 Жыл бұрын
This is an awesome video.. it’s not all highs in real estate and it’s a huge investment so learning these things prior to ventures is critical… props to you for having the confidence to talk about your lows too!
@ivantejeda
@ivantejeda Жыл бұрын
🔥 I’m with you on this Ben! This was a great video! P.S. If you have any questions about starting & growing your Airbnb business lmk.
@Ms431967
@Ms431967 Жыл бұрын
Good info! I live in So Cal. I would so consider your Air BB, but its just too expensive. Hopefully the solar panels will make it more affordable!
@carlosfrancisco6627
@carlosfrancisco6627 Жыл бұрын
Thanks for this wonderful video..I have incurred so much losses trading on my own....I trade well on demo but I think the real market is manipulated.... Can anyone help me out or at least tell me what I'm doing wrong?
@lawrencegabriel5294
@lawrencegabriel5294 Жыл бұрын
Same here, My portfolio has been going down the drain while I try trading,l just don't know what I do wrong
@andrewcharles5437
@andrewcharles5437 Жыл бұрын
I strongly advise you against self trading, it's really dangerous and had brought so many investors down, you need someone with the knowledge and strategies, someone dedicated to the crypto currency market business, and I will strongly recommend expert, Mr Nicholas
@samanthareahel8687
@samanthareahel8687 Жыл бұрын
Wow I'm just shock you mentioned and recommended Expert Mr Nicholas,I thought I'm the only trading with her
@davidwilliams8115
@davidwilliams8115 Жыл бұрын
@@samanthareahel8687 YOU DON'T NEED TO BE SHOCK BECAUSE I'M ALSO A HUGE BENEFICIARY OF expert MR NICHOLAS
@Danielleheather1648
@Danielleheather1648 Жыл бұрын
Here in Texas Expert Mr Nicholas carries out the both orientation and mentorship potentials
@quiveringmoist7558
@quiveringmoist7558 Жыл бұрын
Airbnb has destroyed the rental housing market in Hilton Head, Portland, ME pretty much everywhere they're prevalent. Then they over charge for their properties and ask guests to clean while charging cleaning fees. Not to mention many are located in the suburbs, who wants to pay high end hotel prices to drive into the city you're visiting.
@suriaya
@suriaya Жыл бұрын
Love how transparent you are when it comes to how much you're spending on this whole project! Please keep it up in your next one too!
@reneschaefer4027
@reneschaefer4027 Жыл бұрын
Thank you for this honest sharing. There are so many posers out the it is nice to hear the truth from time to time. I have a chain of apart hotels in Blackpool, UK. And I also realised that it is very impotant to understand the impact of a resession on your profit-turnover ratio. If you have a profit-turnover ration of 40% with most of it fix cost than a decline of you turnover of 30% can reduce your profit by near to 70%. But I am 4 years in this business and at the long term it levels still out to a decent profit that I can double my net worth every 3 years. However with the low quality of staff you get here in Blackpool it is never a passiv income.
@ivantejeda
@ivantejeda Жыл бұрын
🔥 I’m with you on this Rene! This was a great video! P.S. If you have any questions about starting & growing your Airbnb business lmk.
@seanharding
@seanharding Жыл бұрын
Lately I've seen various online discussions about shifting sentiment among travelers about Airbnb - frustration about fees (cleaning, etc.) and rules, worries about being burned by shady hosts, and so on. I'm curious about your perspective on this as a host (even though you haven't been doing it for very long). From your side have you seen any changes in guest attitudes or behavior? Are you concerned about bad hosts ruining it for the good ones? Or do you think the negative side is being overblown by a few disgruntled people?
@Holigrafik
@Holigrafik Жыл бұрын
everyone I know avoids airbnb like the plague now. they were only popular when they were cheaper than hotels. now hosts are asking guests to do chores and charging them like $100 cleaning fee per night! if you look at Shelby's listing on airbnb there are over $250 in extra fees per night. id rather stay in a hotel than book any airbnb nowadays
@TheUkrainianStar
@TheUkrainianStar Жыл бұрын
Still way cheaper than hotels. You can rent our beautiful townhouse in the resort and hot tub for about 1/4 of the hotel price.
@OurLadyLaLa
@OurLadyLaLa Жыл бұрын
@@TheUkrainianStar how do you keep your prices down? It’s been increasingly rare for me to find an Airbnb cheaper than a hotel.
@NatashaEstrada
@NatashaEstrada Жыл бұрын
Honestly I’d be surprised if AirBnB is around in 5 years as a company. The prices aren’t competitive and the customer sentiment is pretty poor right now.
@33Jenesis
@33Jenesis Жыл бұрын
I am a solo traveler thus no need to rent a whole house. If there is a party of 4 or more, renting a house or a condo at a travel destination is mor economical and convenient to have a kitchen and everyone under one roof. In that sense AirBnB is a good option. I had tried renting a room in someone’s house while in Orlando. While it is cheaper than a hotel room, it has limitation, too (had to share kitchen and common area with homeowners and other guests; hard to come and go at any hour).
@MarilynnTaylor
@MarilynnTaylor Жыл бұрын
OMG, don't turn your thermostat off completely. The house will get to triple digits and will ruin some of your furniture. I learned this the hard way. Use a smart thermostat that is connected to motion detectors that raise the temperature to 95 and make sure all of your window treatments are completely closed when it's vacant to keep the temps as low as possible.
@ivantejeda
@ivantejeda Жыл бұрын
💡Thanks for sharing Marilynn! Maybe I should make a video on this 🤔
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