Why I Don't Do Short Term Rentals

✅ Check out my website at www.darrenvoros.com
Have you ever considered diving into the world of Airbnb and short-term rentals? Before trying to double or even triple your rental income overnight you may want to fully understand some of the pitfalls. Now, don't get me wrong, there are certainly pros to this approach, but I believe the cons often outweigh the benefits.
Platforms like Airbnb have changed the game for many investors. Turning their rental properties into boutique hotels has been very lucrative for many investors but I’ve never jumped on board. Not because I don’t think it’s a viable option but more because I feel it’s a fad and as quickly as it’s come into play, it could just as easily be taken away. With that, here are the 5 reasons why I avoid short term rentals!
00:00. Intro
00:57. #1 - Regulations Are Always Changing
01:36. #2 - Furnishing Units Can Be Very Expensive
02:13. #3 - Mixing Short Term and Long Term Tenants
02:51. #4 - Wear & Tear On Your Unit
03:14. #5 - You're Now Running A Business
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****DISCLAIMER:
With any and all investing you should always obtain independent legal, taxation and financial advice from a licensed professional before investing any of your own money.
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Darren Voros
Darren’s diverse skillset has taken him to many stages around the world. He has been featured as an on-air renovation expert on “The Goods” (CBC) and “CityLine” (CityTV). Darren was also the behind the scenes contractor on “Save My Reno” (HGTV) and “Game of Homes (W Network).
Darren is an accomplished real estate investor, trainer and coach. He controls a portfolio of properties worth just over $30,000,000 and has travelled across North America educating, inspiring and motivating audiences on the subject of real estate investing, financial independence and financial literacy. Darren’s willingness to give back prompted him to launch his TH-cam channel in 2020 in order to have a wider reach in educating investors.

[@taylorgarrett191]

Absolutely! My wife and I bought our first home and are using our basement suite as a STR. We strategically bought within a few minute drive to the local hospital, within walking distance to the lake in the centre of our city, and within walking distance to a full service grocery store, restaurants and coffee shops. In our first year we generated just over $32K in bookings. AMAZING for only using half of this property. When we eventually move out and have both units running as STR's - this single property should cashflow +2,500 - $3,000 each and every month, on top of the principal pay down and home appreciation.
This has been one of the best investments I have made in my life (I am 31 years old). Getting into STR's (strategically), has allowed me to clearly see the path to financial freedom and boy does the future look bright. Can't wait to scale up and do more!!

[@DarrenVoros]

Sounds like you're killing it with STR's. Congrats.

[@ivanpojdl1620]

there are more and more units available in our neck of the woods which means less booking. Prices are dropping significantly. I see a lot of rentals available for the upcoming high season. I also discussed this with a nearby hotel manager and he confirmed less bookings for the upcoming high season.