I'm not a financial adviser and taxes are very personal depending on whether people have one rental or 10 and how their account crunches the numbers. If you are paying taxes you are making money so thats good.
I own a cabin. I'm a superhost in other markets and do well there but Big Bear is tough. No matter your pricing strategy and marketing. Too much saturation. Not a good investment. I made 4k in 2023. The renewal permit fee is high. However, we enjoy it for the lifestyle it affords our family. Only a few hours away, and we are in fresh alpine air.
Everything is more expensive here, including paying people to clean. Don’t forget we have to pay taxes to the city. Property management is more 15-30% depending on what is needed.
Be careful when it comes to looking at price reductions. Many times it is a con. A person can list a home for any price. Then they can remove the listing and then list it again for 20% less. The original listing price means nothing.
Love the video Matt, only thing I’m questioning is if you should include the $90 cleaning fee in revenue. The way you’ve calculated income (I think) assumes all 200 nights in the year are one night stays and thus collect the $90 fee (which I would guess won’t be true) and I’d assume unless you live in big bear you’ll have to pay someone to do the cleaning.
Hi Michael From what I have seen if you stay for two days the cleaning fee will be higher and its just a way to make extra income. Yes a cleaner will be needed but really just to do some laundry as most airbnbs make you wash up the dishes now and take trash out so I do believe you can keep a lot of this cleaning fee as income. Also I did the numbers so conservatively that I think you will still come out around $1000 a month profit.
Thanks for the response! Totally agree about your numbers seeming conservative, I’ve checked big bear Airbnb rates for a few months and seen them a lot higher! And good insight about the cleaning fee, we haven’t short termed before so interesting to hear. @@TheBritishBlokeRealtor
@@michaeleidem2524Lol you have NO clue. His numbers can’t be any further from the truth. Trust me from A cabin owner. It’s a terrible investment now. I bought in 2018 and down about 6k a month. A neighbor bought a year ago and he’s in the hole about 20-25 k a year!!! If you’re ok with forking out on average 2k a month to keep it running then be my guest. If you’re looking to break even or make money… it’s not going to happen
Way tighter I can break it down. I’ve had a cabin up there since 2018. I used to make good money on rentals… then after the 2022 I just broke even. Then came 2024. I’m Actually negative and have to put in on average 500-750 of my own money monthly. Keep in mind I got the cabin for 334k and it’s a 3b/2b in a prime location. Waking distance to Shuttle pick up for slopes, waking distance to coffee shops, dank donuts and a short drive to downtown village. So it is definitely not profitable anymore. April , May , and June I had a total of 5 bookings !! Yes 5 bookings in 3 months. Granted I’m a superhost. Nobody is paying $90 to clean most 3 bedroom cabins are 150-200 on average. 200 days a year was before it got oversaturated. Now you’re lucky to get 100 days maybe 125 if you’re lucky. Now a days it is NOT worth it. Airbnb taxes you. Big Bear lake taxes you. You will not make 11k lol You forgot lots of expenses. Ask me. I’ll tell you all the expenses he forgot to include. My neighbor bought his cabin with the high prices. He’s averaging $2,000 a month out of pocket to cover. So he’s in the hole $24k a year. NOBODY is renting more than 200 days a year. To lie to people. Join a BB group on Facebook, they’ll tell you the real numbers. The numbers are nothing like this guy is talking about.
"Does Buying A Rental Property In Big Bear Still Make Sense?" No, AirBnB is dying due to excessive fees, and the housing market bubble is going to pop. Oh yea, and those high interest rates.
I don’t know why you think it’s possible to rent 200 days per year! Most people only rent on weekends and holidays. Cleaning fees are at least $150. When renting it people turn up the heat so that’s extremely expensive! People also break furniture, create wear and tear ect. Definitely not worth doing as an investment in 2024
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How come you don’t mention the taxes for California
I'm not a financial adviser and taxes are very personal depending on whether people have one rental or 10 and how their account crunches the numbers. If you are paying taxes you are making money so thats good.
I own a cabin. I'm a superhost in other markets and do well there but Big Bear is tough. No matter your pricing strategy and marketing. Too much saturation. Not a good investment. I made 4k in 2023. The renewal permit fee is high. However, we enjoy it for the lifestyle it affords our family. Only a few hours away, and we are in fresh alpine air.
That is why I want to do it. To enjoy with my family and maybe make a little. Overall was it worth it for you?
You guys are the reason us big bear locals had to move out of our hometown. Thanks....
Yup, rather posh isn’t he😏🇺🇸
Everything is more expensive here, including paying people to clean. Don’t forget we have to pay taxes to the city. Property management is more 15-30% depending on what is needed.
its not cheap
how much is it to get a cabin cleaned? 2 bedroom 1 bath 800 sq feet-ish
Be careful when it comes to looking at price reductions. Many times it is a con. A person can list a home for any price. Then they can remove the listing and then list it again for 20% less. The original listing price means nothing.
yep agreed.
Forgot about Big Bears 11% Hospitality Tax lol........ maintenance?
Hello,
I’m wondering what regulations Big Bear has on those short term rentals.
Thanks!
Hi there.
Shoot me an email at matt@thebritishbloke.com
More than happy to help.
Love the video Matt, only thing I’m questioning is if you should include the $90 cleaning fee in revenue. The way you’ve calculated income (I think) assumes all 200 nights in the year are one night stays and thus collect the $90 fee (which I would guess won’t be true) and I’d assume unless you live in big bear you’ll have to pay someone to do the cleaning.
Hi Michael
From what I have seen if you stay for two days the cleaning fee will be higher and its just a way to make extra income. Yes a cleaner will be needed but really just to do some laundry as most airbnbs make you wash up the dishes now and take trash out so I do believe you can keep a lot of this cleaning fee as income. Also I did the numbers so conservatively that I think you will still come out around $1000 a month profit.
Thanks for the response! Totally agree about your numbers seeming conservative, I’ve checked big bear Airbnb rates for a few months and seen them a lot higher! And good insight about the cleaning fee, we haven’t short termed before so interesting to hear. @@TheBritishBlokeRealtor
@@michaeleidem2524 yes still money to be made in big bear that is for sure.
@@michaeleidem2524Lol you have NO clue. His numbers can’t be any further from the truth. Trust me from
A cabin owner. It’s a terrible investment now. I bought in 2018 and down about 6k a month.
A neighbor bought a year ago and he’s in the hole about 20-25 k a year!!! If you’re ok with forking out on average 2k a month to keep it running then be my guest. If you’re looking to break even or make money… it’s not going to happen
numbers are conservative i believe real numbers are tighter
yes you might be right.
Way tighter I can break it down. I’ve had a cabin up there since 2018. I used to make good money on rentals… then after the 2022 I just broke even. Then came 2024. I’m
Actually negative and have to put in on average 500-750 of my own money monthly.
Keep in mind I got the cabin for 334k and it’s a 3b/2b in a prime location. Waking distance to Shuttle pick up for slopes, waking distance to coffee shops, dank donuts and a short drive to downtown village.
So it is definitely not profitable anymore. April , May , and June I had a total of 5 bookings !! Yes 5 bookings in 3 months. Granted I’m a superhost.
Nobody is paying $90 to clean most 3 bedroom cabins are 150-200 on average.
200 days a year was before it got oversaturated. Now you’re lucky to get 100 days maybe 125 if you’re lucky.
Now a days it is NOT worth it. Airbnb taxes you. Big Bear lake taxes you.
You will not make 11k lol
You forgot lots of expenses. Ask me. I’ll tell you all the expenses he forgot to include. My neighbor bought his cabin with the high prices. He’s averaging $2,000 a month out of pocket to cover. So he’s in the hole $24k a year.
NOBODY is renting more than 200 days a year. To lie to people. Join a BB group on Facebook, they’ll tell you the real numbers. The numbers are nothing like this guy is talking about.
"Does Buying A Rental Property In Big Bear Still Make Sense?"
No, AirBnB is dying due to excessive fees, and the housing market bubble is going to pop. Oh yea, and those high interest rates.
I have been trying to reach you but your phone is not active.
Hi Cruz
Call me at 323 350 5770
Thanks
The reason they are trying to sell it is because they aren’t making any money on it.
interest rates are 7%+
For now. 2024 there will be a good amount of relief
I don’t know why you think it’s possible to rent 200 days per year! Most people only rent on weekends and holidays. Cleaning fees are at least $150. When renting it people turn up the heat so that’s extremely expensive! People also break furniture, create wear and tear ect. Definitely not worth doing as an investment in 2024
I'm going on data provided by airbnb for the 200 days.
Why are you counting cleaning fees as income, that’s such an egregious oversight or intentional padding of numbers.