becoming and airbnb host and exactly how I did it
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- Опубликовано: 7 сен 2024
- Here is the entire story on how I became an AirBnB host at 19 years old! If you have nay more questions check out my TikTok or DM my Instagram @askinem !! Feel free to comment the rest below!
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Wowww with that New Yr weekend! 😊 thanks for telling us in story format unlike a typical RUclipsr!
This was such a well informed video. thank you for this!
This is a great video in terms of illustrating the time-line & considerations before buying your first STR.
That said, I think BY FAR the most challenging/biggest barrier to entry for anyone going for their first property is securing a mortgage/getting a loan, partnering with the right lender, underwriting the property, etc., and as such that would be the most valuable thing for you to share.
Posting another video diving into the financial side of this deal would be very valuable for people considering this.. And, for example, if you could also include your Mom's credit score, current other assets (homes? cars? etc, for collateral on loans), income, etc, you would really give people a great idea of what it takes to do this, AND what kind of people in their network they could potentially partner with that a) would see value in this, and b) can actually afford it.
As an aside, you said the next property will be in your name, but I gotta point out that because the FIRST property is in your mom's name, technically, you still have no assets/collateral. As such, you will face major challenges getting approved/getting favorable loans on this next acquisition. It made more sense for your Mom to acquire the property with her assets and credit score because the banks know that she is reliable and they can take something from her if she stops paying, but really it's her AirBnb and you're the property manager..
That said, the experience here is great and you're young - looking forward to following you and seeing how this goes!
For people who do not have a cash or a parent/family member to partner with for a mortgage, here is your best bet:
Get a decently well-paying W2 and a high-credit score, then go online and secure a Hard-Money (ie Cash) Loan; with a credit score of 750 and a W2 of $60k+ you should be able to get approved for $30-50k. You can use this cash loan for the down-payment on a property. If you secure a mortgage like this, you will then have two monthly payments: your mortgage and the payments on your hard money loan.
You MUST do your research and secure a very positively cash-flowing property if you do this, because you will be very leveraged/in-debt, but if your monthly profit from the Airbnb exceeds your debt-service payments, then you're profitable and in the green! AND you will have a property in your name that can be used for collateral on future loans/mortgages (something that Emily has not yet achieved,) which will open significantly more doors for the future and more properties.
Bonus Points: fix up the house, make it nicer, do general upgrades to raise the appraised value of the home, then you take that new number to the bank and you can cash-out the difference to pay off your initial hard-money loan.. Do all of this with business credit cards and expense every cost for maximum returns.
i need a video from u
can you mentor me
@Jonathan …. In taking that new number to the bank and cash out the difference, are you talking about a refi or a second mortgage? This is a great strategy of not for the 6% interest rates now. Would not make since to refi now. What is the back up plan to pay off the hard money loan?
You're all missing the biggest obstacle: How do I, a 23 y/o, even get more than 100'000 dollars to buy an extra house on top of the home I already have. And in this economy? I'm a lot of steps behind here haha
As an Airbnb cleaner raise that pet fee I'm telling you it's really hard when there's back to back pet stays it gets crazy and if you miss it the next guest will complain. Also anyone looking for a side job becoming a cleaner is not a bad idea it will help
Question: How do you search for a AirBnB cleaner in the area?
This was very helpful been searching up alot about it and you were very informative!❤️😆
Can you talk about the Taxes part when it comes to doing your income tax?
Yeah, and home insurance, but I'm pretty sure they're all built into the mortgage, that's normal.
Thank you for your valuable information!!!!
Can you talk more about your social media management company? Your content is awesome!
I’ve been interested for so long but you made me so motivated!!! Thank you so much for the information!
Hi how are you
Awesome very smart young lady ,thank you very much informative
do you think this is realistic for someone who is 20 and might not be able to go half with someone else/how’d you afford this at 19
This video is super underrated. Potentially something I would like to do as well. Hopefully I can be your florida neighbor one day.
This is so helpful! Thank you for making this video! ✨
Congratulations 🎉
Please link it! Id love to take a look and see if I could book for a trip coming up. I didn't see it when I looked
I did research and it showed St. Petersburg only allows up to 3 short term rental stays per 12 month period. Did you technically do a different city?
How did you get a mortgage on an STR with no business history? I’ve heard the main barrier to entry for STRs/ Airbnb is you typically have to pay in all cash bc it’s so hard to get a loan or good mortgage terms if you’re able to get one.
She had to had help. Especially here in cali, its way too restrictive here
cant you just act as if you're buying a house for yourself and get a normal loan?
Well she didn’t get the mortgage her mom did. Depends on the state, some states will require you to have a business history for a STR some won’t
@@ashleyczarnecki6608 sorry if I was unclear. I'm wondering, why even bring up the fact that you'll be using a property for STR. This way you don't need to provide a biz history.
how did you do research on good areas for airbnbs
How did you prove ownership so quickly and get approval to list from airbnb if you need a utility bill and those don’t come immediately?
Also you didn’t say how much percentage of your revenue goes to airbnb
So motivating and inspiring to get me started on my own journey ! Idk if you mentioned but what percentage of nightly rate does Airbnb take as their profit fee?
Love this thank u for this educational vid
This is awesome!
Great video, lots of info👍🏼
Thank you for so much info ! :)
Hi ! :) I am Jason and I wanted to thank you for this video. I also wanted to ask where did you aquire the information for short term rentals for Saint Pete's? The information seems to be conflicting when I research so I was wondering if there is a reliable spot to maybe research or where did you do yours?:) thank you very much!
Your voice is lovely, your attitude is even better, you look like Jules from euphoria but to watch all these videos knowing there's a catch? No it's not daddys money - it's moms. I grew up in a small rich burb but some of us weren't exactly at the top of the income bracket.. we've watched a lot of people in this city get an entire career like you just from their parents investment.. not everyone has that and we're just here struggling...
So you just made this sound easy like anyone can do it but in reality, you needed a decent amount of help from your mom, her realtor, the fact that she lives there and you'll already be visiting etc. you're better off looking for views with modeling content than this bs
First comment ♥
Where from you please reply me
Creep