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Thread: Airbnb questions

  1. #1

    Airbnb questions

    I know this probably isn't the best place to ask, but you never know.

    Does anyone have experience operating an Airbnb unit? I'm thinking of buying a condo of some sort (probably in Alberta) and renting it out via Airbnb. I'm wondering if it's worth doing, and the complexities of management from afar (perhaps I'll be living in BC, or perhaps in another country).

    Any thoughts?

    Thanks!

  2. #2
    Senior Member KinkyKatey's Avatar
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    Better than in Vancouver, but short answer no, it’s not worth it.

    First, whether a rental or a license, offering your unit to the public for accommodation redefines it as a public place for the purpose of Alberta health legislation. This means you must maintain your unit in accordance with minimum housing, health and safety standards, and you may be subject to heavy fines should you fail to do so.

    Second, you need to maintain sufficient insurance in the event your guests cause any damage to the common property, other units, or the property of other unit owners of the condominium. Ideally that insurance will also cover damage to your own unit. Rental websites may claim to provide such insurance for you, but the chances of being fully compensated by that third party insurance for the acts of a guest are slim.

    From a zoning perspective, operating your unit as a short-term rental could require you to obtain a business license and possibly development permits. This may take several weeks or more to complete, and may require a site visit from local fire and rescue staff and/or public health officials. The zoning for your condominium unit may even prohibit you from operating short-term accommodations in your unit. These are all things you need to check in advance of listing your unit on AirBnB or VRBO.

    Finally, you need to check the bylaws of your condominium corporation, and ensure that you and your guests abide by them at all times. Every condominium is different, and each province has its own unique condominium legislation. We recommend consulting a legal expert in your particular area for more information on operating your condominium unit as a short-term rental, or if your condominium corporation needs assistance dealing with unwanted short-term rental units.

    If you choose to move past that, take into account strata fees, utilities bills, cleaning fees, maintenance and IF guest required assistance will you go there or have a property manager? When renting anything (especially short terms) it’s always best to be close to your investment. For example renting out units in a duplex/triplex you own, top floor suites.... teach you for asking a question like that here of course I am no expert, so continue to ask and do research, good luck with your endeavours.

    Xo
    Katey
    Like Erotic Stories? I will be reading one on pornhub dressed to the nine’s every Saturday, feel free to submit yours. Does your story have what it takes to get me hot and bothered? https://www.pornhub.com/users/kinkykatey

  3. #3
    Personally, if I had some cash to invest, I'd buy a few small fixer upper ranchers and rent them to reputable sp's. They would be your mortgage payments and fix the place up real nice I bet.

  4. #4
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    The AirBnB market is great for people looking for places to stay; not so great for owners. Way too much competition so prices have dropped substantially. Maintenance and cleanup costs between each visitor gets costly as are all the other guidelines you need to follow. Only real bonus is you're not locked into a lease and can take back the property almost immediately.
    Rental properties can be a good idea but you have to know the market and what is worth buying. Buy the wrong house and it's going to be money coming out of your pocket every month even with a tenant renting it.

  5. #5
    You could open a discount brokerage with your own bank and trade real estate investment trusts on the Toronto Stock Exchange. All that you'd have to worry about is a melt down in whole stock market that financial blogs have been warning about since 2011. Some trusts are paying better yields right now than REITs, particularly bank trusts that lend cash for mortgages if you like the real estate end of things.

  6. #6
    i wonder if any of you replied negatively of airbnb/short term rental have actually hosted. I can't speak of other countries or cities, but in Vancouver, where is a highly sought after location, basically any unit that is close to transportation will be 90% booked throughout the year. And yes i have hosted both long term and short-term for multiple units in Vancouver.

    And its not all that bad to maintain. After the initial setup, its pretty easy to clean after guests. Of course itss important to choose your guest, and don't accept anyone you are not comfortable with.

  7. #7
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    Not sure if I replied negatively, but I have run Airbnb, short term and long term rentals. Of course Winnipeg is a very different market from Vancouver, or even Calgary. Airbnb is typically more work than the others (although some rentals do go sideways quickly) but income generated per month can be much greater, at least it used to be. The last 2 years prices have really been tanking in Winnipeg. Had one house that went from almost $200 a night all the way down to $110 before it was time to pack it in. I've seen brand new condos in a great location for $70 night.
    Looking at $110 per night at 75% occupancy gives you close to $2500 month. Still good money but... pull your mortgage, taxes, insurance, utilities, cleanup, maintenance, etc... it doesn't go too far. Far less work and further ahead to have a single tenant paying around $1500 or $1600 month, IMO.
    Of course this is Winnipeg.

  8. #8
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    From some of the horror stories I have read or heard about on the radio where the place gets completely trashed I dont think I would take the risk.Insurance companies wont payout unless you took out a specific policy that covers short term rentals and that is an expensive policy I am sure.

    SR

  9. #9
    Thanks, everyone, for such thoughtful replies! I really appreciate it!

  10. #10
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    Quote Originally Posted by storm rider View Post
    From some of the horror stories I have read or heard about on the radio where the place gets completely trashed I dont think I would take the risk.Insurance companies wont payout unless you took out a specific policy that covers short term rentals and that is an expensive policy I am sure.

    SR
    From what I understand Air BNB have their own insurance policy that'll cover any damage done while the dwelling is occupied by their clients,......I've also heard they will tend to side with the paying client in a dispute, and not the home owner who had the supposed loss, and is the person they are paying funds out too.

  11. #11
    I did this last year for about 3 months. Opened up to take reservations for towards the weekend (Fridays to Monday) so I could a higher price and it worked well for me. Lots of work though. Cleaned before the guests came and after for my personal use again. I would screen and only book people who I felt comfortable with. Never had an issue fortunately. A friend of mine does the same and hasn't had issue either thankfully. Licenses are very inexpensive. But you do have to be careful with the insurance as most, from my understanding, don't allow this sort of thing in their policy unless explicitly stated from the landlord or strata that its allowed.

  12. #12
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    What about a bed and breakfast with a slightly kinky theme.... BDSM
    A bedroom or 2 with furniture in it, the renters would have to provide own handcuffs/tiedowns/whips.
    Have an SP that likes to cook breakfast, she can rent a room too (room could be a dungeon). ideally 2 sp one for weekend and 1 for weekdays etc...
    locks could be electonic or rekeyable numbers (done daily).

    equipment could be cage/st andrew cross/ bench/ a swing (probably set up with steel frame etc)

    A credit card needed with prepaid amount of (600-800??) in case of damage and only charge room fee + clean up fee for total of rental/night. If no show, full room and cleaning fee apply. Cash would be acceptable for payment next morning or on credit card.

    Bear in mind a good hotel room in Vancouver is 300+ a night in summer months and 150+ in off season....

    Options for renters, hire the sp for a dungeon, a little store in case they forgot something, lube, condoms, whips, handcuffs, rope.

    Tv options, how to videos, for rope tying and bondage....

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