Have you ever experienced or heard about problems for long term stays (example: over 14 days in California) in which someone could declare residency? What happens when someone stops paying AirBNB or their credit card gets declined on a renewal in those particular cases? Does AirBNB come to bat or are you left to normal eviction proceedings?
In theory, the Airbnb Trust and Safety team should be able to assist. But if you’re very worried about it either 1. Put a lease in place or 2. Don’t invest in California (a much less sexy answer).
@@the_camschafer i feel this way from what different friends have told me who have been at it longer than me, they said its gotten very competitive in some areas. ive already been seeing houses for sale that come furnished, this says a lot, ive checked out photos and you can tell the entire investment was geared towards airbnb. i feel too many investors got comfortable with it and kept going full steam ahead. i watched a lot of oiut of town investors jump to other markets only on the basis they saw deals they felt were cheap yet didnt live there and have boots on the ground experience in those markets
Allowing pets can be a differentiation depending on the market. Out listing in FL only has a handful of pet friendly places, and we are a lot of bookings simply based on this fact. Don't get me wrong, you still need to invest in design and photography, but between pet and infant amenities we probably added 30% to our bookings
I'm just starting with airbnb and my question is, should I use my LLC to run/own the airbnb business even tho the property is under my name and should I put the house under my LLC also to make it easier? Its a sole member LLC so for taxing is the same, I think.
That may a little niche for this channel if it’s only specific to one city. What’s going on there? Maybe I can look into it and try to figure out an overarching lesson.
@@Robuilt The Dallas City Council has decided to proceed with prohibiting short-term rentals (STRs) in residentially zoned areas, classifying them as lodging businesses. This move is expected to impact approximately 95% of Dallas' STR listings. Surprisingly, only a handful of property owners attended the council meetings to advocate for their STRs, while numerous neighbors expressed their opposition, primarily due to a few problematic hosts and listings. Interestingly, some owners have already begun liquidating their short-term rental properties through Facebook STR groups in anticipation of these changes.
I agree with Rob if only for tax reasons. Instead of paying myself an "income," the STR pays for expenses like my cell phone, office supplies, travel expenses to and from the property--and the list goes on. Ask your CPA how to make this biz work for you best. Good Luck!
When you are penciling out a new construction property, do you consider if the property would work as a traditional rental? Trying to do a new construction but it would be pretty much break-even if we ever had to rent it traditionally.
I hear all the time that you charge a mandatory mid stay cleaning fee for your midterm rentals. I believe that’s a great idea. However, how do you practically do this? Do you disclose it on the listing or in your auto messages? Lastly, do you only do this only for stays over 31 days?
I require a Mid-Stay Clean on any stay over 14-Nights. Guest pays Housekeeping directly for this service. This requirement is spelled out in the Rental Agreement.
Rob, thanks for all the knowledge you drop with each video and BP podcast. I just bought a house in October with the intention of house hacking by listing the primary bedroom and bathroom on Airbnb. In the two months since our listing went live, we’ve done pretty well. Now I’m wondering if you could go back in time, would you have built the tiny house in your backyard still or looked for another property to turn into an STR? Our property is in LA, about ten minutes from SoFi.
My HOA states that the houses must he used for "residential use." Does this mean I can Airbnb it out? No where does the guidance state that it can't be used for STR. Thanks!
I pay myself about 1500-3000 a month on average from a property that grosses 80-100k a year. But as Rob said I wouldn't recommend that. Best to reinvest everything. Time freedom is essential though.
I do think this is totally fine. Take a small little something that rewards your hard word and buy something that makes you happy. But don’t make a habit out of spending all your cash flow. You’re doing it right 👍🏽
Rob this is entirely unrelated to the video but has anybody ever compared you to TH-cam legend Steve Zaragoza before? I can’t unsee it now, haha hope all is well
Hi, im looking to purchase a condo to start my real estate journey and I want to list it on Airbnb. Just curious if there is a special contract Ill need to legally short term lease the property?
Rob, you and David should come in on the property that I am buying in Costa Rica next month. Reach out to me and I’ll send you a video I did on it and the pitch deck.
We are expanding a family lake resort in northern MN. Would you do glamping tents with a seperate bathhouse or jump straight to building unique cabins that cost more but give you more equity and cashflow in the long run? Or both?
In that market, I’d likely try to build a unique cabin. Specifically because the elements can be very brutal on tent/canvas structures. It’ll be a lot of management and headache for you to roll that route. Could you do tiny A-frame structures?
@@Robuilt Thanks for the feedback! Yes, we could do A-frames and were actually thinking of doing that, we just wanted to maybe test the potential and pay for them with a few quick tents.
You mention making 50 Offensive Offers to get one accepted. How do you work that with your realtor? Are they getting compensated for doing work they know will likely not bear fruit?
Hi! What type of entity do you not pay yourself from?:) Llc/s/c Corp? Do you have a W2/payroll set up? Basically hoping for insights on how you structure ur real estate business :) Thanks for sharing you’re great:):)
Haha. My company is structured as an S-Corp. But I also have like 8-10 streams of income and multiple companies. So that’s what fits me the best. It’s going to be best to talk to your CPA about this question because they are much cooler and certified than me.
@@Robuilt haha thank you, totally get that I have talked to Many and they all have different ideas lol 😂 Does your S Corp. own your real estate or do you use llc to hold title? Are you able to share your CPA’s contact information? :-)
@@AngelicaStarMusic my LLCs hold title. My CPA is Matt Bontrager over at Truebooks! He’s the best in the biz and really takes care of my audience. Here’s a link for ya: app.truebookscpa.com/robuilt-4738
I love people who are disciplined enough to rent a home and buy a rental property. That’s a good trait. Could you meet in the middle and house hack? Check out last week’s video for more insight into this strategy.
Just sayin' -- I've been renting a cheap apartment while getting my first STR up and running. Now I'm gonna sell a MH in a cooler summer place, which is a sacrifice for me. But then I'll be able to get my next STR or other rental property. It takes discipline to get what you want in the end -- freedom.
What??? You didn't want to put the hot tub in a tree?? LOL Is it just me or was it ironic and iconic that Cruella De Vil asked a pet question??? Hmmmmm And what about ESA animals??? The market is a bit of a beast right now for sho!!!!
Is it possible that you can you include timestamps in your videos? We enjoy your content, but we don't really enjoy or share your sense of humour, we find it a bit distracting and tedious to get through all the puns and clips.
Gotta make money before I can even take a paycheck. 😅
We’re gonna get you there, Bud.
Your videos are always super helpful and hope to one day be at your level.
Thanks for the shoutout brotha! I owe ya John Mayers guitar 🎸
Have you ever experienced or heard about problems for long term stays (example: over 14 days in California) in which someone could declare residency? What happens when someone stops paying AirBNB or their credit card gets declined on a renewal in those particular cases? Does AirBNB come to bat or are you left to normal eviction proceedings?
In theory, the Airbnb Trust and Safety team should be able to assist. But if you’re very worried about it either 1. Put a lease in place or 2. Don’t invest in California (a much less sexy answer).
@@Robuilt Thank you
Rough road ahead for Airbnb host coming shortly. Don't get too far ahead of yourself, it can be tempting
Why do you think this??
@@the_camschafer i feel this way from what different friends have told me who have been at it longer than me, they said its gotten very competitive in some areas. ive already been seeing houses for sale that come furnished, this says a lot, ive checked out photos and you can tell the entire investment was geared towards airbnb. i feel too many investors got comfortable with it and kept going full steam ahead. i watched a lot of oiut of town investors jump to other markets only on the basis they saw deals they felt were cheap yet didnt live there and have boots on the ground experience in those markets
Allowing pets can be a differentiation depending on the market. Out listing in FL only has a handful of pet friendly places, and we are a lot of bookings simply based on this fact. Don't get me wrong, you still need to invest in design and photography, but between pet and infant amenities we probably added 30% to our bookings
Great video - my fav part the wolf of wall street scene 😂
Thank you so much for sharing your knowledge!!! Really appreciate it!
I'm just starting with airbnb and my question is, should I use my LLC to run/own the airbnb business even tho the property is under my name and should I put the house under my LLC also to make it easier? Its a sole member LLC so for taxing is the same, I think.
AirBnB 2023! Let’s do this!!!
Do you believe the market is saturated in certain areas?
AMA’s?
Are you buying house using Subto ?
Any updates on amenities!
Do you pay your mortgages with the money you make?
Can yo please make a video explaining what's recently going on on the dallas market for short terms .
That may a little niche for this channel if it’s only specific to one city. What’s going on there? Maybe I can look into it and try to figure out an overarching lesson.
@@Robuilt The Dallas City Council has decided to proceed with prohibiting short-term rentals (STRs) in residentially zoned areas, classifying them as lodging businesses. This move is expected to impact approximately 95% of Dallas' STR listings. Surprisingly, only a handful of property owners attended the council meetings to advocate for their STRs, while numerous neighbors expressed their opposition, primarily due to a few problematic hosts and listings. Interestingly, some owners have already begun liquidating their short-term rental properties through Facebook STR groups in anticipation of these changes.
I get the growth aspect but you have to pay yourself at some time or what's the point? Running these STRs is no fairytale.
I agree with Rob if only for tax reasons. Instead of paying myself an "income," the STR pays for expenses like my cell phone, office supplies, travel expenses to and from the property--and the list goes on. Ask your CPA how to make this biz work for you best. Good Luck!
When you are penciling out a new construction property, do you consider if the property would work as a traditional rental? Trying to do a new construction but it would be pretty much break-even if we ever had to rent it traditionally.
What is a reasonable net (range?) to expect on a short term rental?
1000$
I hear all the time that you charge a mandatory mid stay cleaning fee for your midterm rentals. I believe that’s a great idea. However, how do you practically do this? Do you disclose it on the listing or in your auto messages? Lastly, do you only do this only for stays over 31 days?
I require a Mid-Stay Clean on any stay over 14-Nights. Guest pays Housekeeping directly for this service. This requirement is spelled out in the Rental Agreement.
Rob, thanks for all the knowledge you drop with each video and BP podcast. I just bought a house in October with the intention of house hacking by listing the primary bedroom and bathroom on Airbnb. In the two months since our listing went live, we’ve done pretty well. Now I’m wondering if you could go back in time, would you have built the tiny house in your backyard still or looked for another property to turn into an STR? Our property is in LA, about ten minutes from SoFi.
My HOA states that the houses must he used for "residential use." Does this mean I can Airbnb it out? No where does the guidance state that it can't be used for STR. Thanks!
I pay myself about 1500-3000 a month on average from a property that grosses 80-100k a year. But as Rob said I wouldn't recommend that. Best to reinvest everything. Time freedom is essential though.
I do think this is totally fine. Take a small little something that rewards your hard word and buy something that makes you happy. But don’t make a habit out of spending all your cash flow. You’re doing it right 👍🏽
Rob this is entirely unrelated to the video but has anybody ever compared you to TH-cam legend Steve Zaragoza before? I can’t unsee it now, haha hope all is well
Hi, im looking to purchase a condo to start my real estate journey and I want to list it on Airbnb. Just curious if there is a special contract Ill need to legally short term lease the property?
Rob, you and David should come in on the property that I am buying in Costa Rica next month. Reach out to me and I’ll send you a video I did on it and the pitch deck.
Rob, you been working out buddy? Looking fit, way to go, keep it up!
We are expanding a family lake resort in northern MN. Would you do glamping tents with a seperate bathhouse or jump straight to building unique cabins that cost more but give you more equity and cashflow in the long run? Or both?
In that market, I’d likely try to build a unique cabin. Specifically because the elements can be very brutal on tent/canvas structures. It’ll be a lot of management and headache for you to roll that route. Could you do tiny A-frame structures?
@@Robuilt Thanks for the feedback! Yes, we could do A-frames and were actually thinking of doing that, we just wanted to maybe test the potential and pay for them with a few quick tents.
What are some of your top recommendations for financing an ADU build in SoCal if a heloc isn’t an option?
What about cash flow for in retirement ? I wanted to get into airbnb or house hack like own a home with mother in law house to rent.
You mention making 50 Offensive Offers to get one accepted. How do you work that with your realtor? Are they getting compensated for doing work they know will likely not bear fruit?
Wow! I feel fortunate to make, on average, $3000/month with a 600sf studio! 😊
Hi! What type of entity do you not pay yourself from?:) Llc/s/c Corp? Do you have a W2/payroll set up? Basically hoping for insights on how you structure ur real estate business :)
Thanks for sharing you’re great:):)
Haha. My company is structured as an S-Corp. But I also have like 8-10 streams of income and multiple companies. So that’s what fits me the best. It’s going to be best to talk to your CPA about this question because they are much cooler and certified than me.
@@Robuilt haha thank you, totally get that I have talked to Many and they all have different ideas lol 😂 Does your S Corp. own your real estate or do you use llc to hold title? Are you able to share your CPA’s contact information? :-)
@@AngelicaStarMusic my LLCs hold title. My CPA is Matt Bontrager over at Truebooks! He’s the best in the biz and really takes care of my audience. Here’s a link for ya: app.truebookscpa.com/robuilt-4738
should we buy our first home to live in or start with a rental properly while continuing to rent an apartment
I love people who are disciplined enough to rent a home and buy a rental property. That’s a good trait. Could you meet in the middle and house hack? Check out last week’s video for more insight into this strategy.
Just sayin' -- I've been renting a cheap apartment while getting my first STR up and running. Now I'm gonna sell a MH in a cooler summer place, which is a sacrifice for me. But then I'll be able to get my next STR or other rental property. It takes discipline to get what you want in the end -- freedom.
I've got an ama for ya. Why haven't you become a chipotle owner yet? What about a chipotle STR where you could spend the night in chipotle 😲
What??? You didn't want to put the hot tub in a tree?? LOL Is it just me or was it ironic and iconic that Cruella De Vil asked a pet question??? Hmmmmm And what about ESA animals??? The market is a bit of a beast right now for sho!!!!
What income do you use now that you quit your job if you don’t use your Airbnb money? I always thought you quit your job because of Airbnb???
10:30 you aren't wrong about pets! I usually don't allow students/youths, pets, blacks, or indians. I've never had good luck with any of those.
Is it possible that you can you include timestamps in your videos? We enjoy your content, but we don't really enjoy or share your sense of humour, we find it a bit distracting and tedious to get through all the puns and clips.