The key to the success of any real estate investment business is finding the right property in a top location. The same holds true for investing in an Airbnb rental property.
Airbnb property can be a great short term rental investment opportunity for people looking to invest into real estate. This can turn out to be a really good passive income. If you have the capital and feel like you are too busy to manage it yourself, you can always hire a property manager to manage it everything for you. Contact your local realtor, Edgar Torossian who will be able to help you out in buying a short term rental property and then setting up everything for you.
California, especially Los Angeles is a tourist hub and we experience millions of tourists every year from around the world. Some are visiting family or friends, while others are here for tourism or business activities. While they are here, they are always looking for an ideal place to stay in. This is when your new short term rental property will come in handy.
When you have a fully furnished apartment for rent and it is listed on airbnb, the people will come hunting for it. You just have to show your hospitality skills, get the right property at the best location and manage it properly. The money starts to inflow from Day 1.
But now you must be thinking, why would someone rent your apartment rather than going for a hotel? Well, hotels are mostly expensive. Most of the people prefer to stay in airbnb considering its flexibility, ease of stay and affordability. You can get a nice place to live in at a fraction of a price compared to a hotel.
Lets proceed to discuss on…
Investing into an Airbnb real estate can be rewarding and risky at the same place. It can provide great returns in short period of time, but only if you have everything right. Yes. You need to be 100% accurate on each decision in order to get the best return from your Airbnb rental property.
Lets discuss the pros and cons of buying an Airbnb vacation rental property in California:
If you are an enthusiast to enter into hospitality industry, then these are some focal points that you need to check before buying your first airbnb property. Your in-depth research will help you prevent from tripping over and succeed in the business.
As an experienced realtor in the California region, I assure you that if you follow the above steps carefully, do your proper research, you will be able to pull up a successful airbnb business model.
Searching for the ideal property for highest yield is the main thing. Hence do your research before proceeding. Capital growth, high rent, foot fall, walk score and location must be taken into consideration before purchasing any real estate. Your best bet is to consult a realtor in Los Angeles to access the insider listings and news.
Your research shall be quantitative and qualitative. Look into the upcoming neighbourhood developments, household income, tourist spots, public transport and gross rental yield, annual return and ROI.
Some highly demand neighbourhoods in California among short term tenants are Beverly Hills, Santa Monica, Near Rodeo Drive, Palm Springs, Big Bear etc.
Airbnb is a rapidly growing market in every city of the world. These cities are an attraction to tourists, businesses and new immigrants. In order to have higher occupancy rates, these locations are a hot spot for Airbnbs.
Before acquiring a new property, the data points to study must include average daily rental, ROI, initial capital cost, annual revenue, maintenance costs, city taxes and occupancy rates.
Need help with your real estate matters in California? Contact today to get the expert advice and choose the right property at the right time.