The Ultimate Guide to Airbnb Property Investing

With the rise of Airbnb and the sharing economy, an increasing number of real estate investors are turning their attention to Airbnb property investing. While there is a lot of potential to make money with Airbnb rentals, it’s essential to research and understand the unique considerations involved in this type of real estate investment.

In this Ultimate Guide to Airbnb Property Investing, we will cover everything you need to know. The steps are simple: acquire an Airbnb property, then manage it really well. We’ll break it down into two parts and also share some insider tips from years of experienced Airbnb hosts so that you can hit the ground running.

What is an Airbnb Property Investment?

The term Airbnb investment property is applied to an investment class most technically known in the real estate industry as Short Term Rental property (STR). The term “Airbnb” has become colloquial to refer to an STR due to the popularity of the brand name (kind of like Kleenex is to a tissue). You might also hear them referred to as a vacation rental, vacation rental home, second home, or Short Term Vacation Rental (STVR). These asset classes differ from Long-Term Rental (LTR) properties because they have short tenant terms, usually less than 30 days. While LTR properties typically have a minimum 6-month written lease agreement in place. In addition, STRs are furnished, while it is usually the tenant’s responsibility to furnish an LTR.

Airbnb property investing is not classified as a passive investment strategy unless you have the property under full-time property management. Airbnb investing requires considerable work on behalf of the owner and should be looked at as a business as much as a real estate investment. Once a property is established with strong reviews, it is possible to automate much of the management so that it requires less personal time.

More and more investors are getting into Airbnb and STR investing because of the unparalleled profits these properties can generate and the idea that someone else is paying for their vacation home. With the right business plan and management strategy, STRs can be more lucrative than LTRs.

PART I: Acquiring an Airbnb Property in 6 Steps

Acquiring the right Airbnb investment property requires more than just finding an attractive house to buy. Savvy investors know there is a lot to consider when deciding which Airbnb investment property to purchase. These six steps can take anyone to the Airbnb investment property closing table:

1. Determine the Type of Property to Purchase

This guide will only focus on real property with permitted improvements on permanent land. We won’t be delving into unique Airbnb offerings like tents, yurts, or treehouses. Instead, we will focus on buying and owning real property including full-occupancy single-family homes, condos, and multi-family properties (not shared room rentals, or “Airbnb arbitrage”) in order to create a long term path to financial freedom through real estate investing and building a solid STR real estate portfolio.

What kind of property are you looking for?

Before you can purchase an Airbnb investment property, you need to decide which type of property works for your investment strategy and management style.

Single-Family Home

A single-family home is a residential house. This is the most common vacation rental home and airbnb property type. More and more families are choosing to stay in single-family homes while traveling instead of a hotel due to more space for everyone to spread out with a larger kitchen to cook in. They are home-away-from-homes.

These investments are highly sought-after by investors because they have high monthly income earning potential while simultaneously increasing in value to generate long-term appreciation as the local market changes. One disadvantage of single-family homes is that they often can require more maintenance and repairs.

For those guests who really want to get away, consider purchasing large parcels of land with single-family cabins. Although the land will require the highest level of management, these tend to be very unique and more affordable properties that have the potential to make a higher rate of return on your investment. Buying a house in a well developed neighborhood will only make as much nightly rate as the house next to it. Buying a single-family home on a large tract of land is unique. And, for the past few years, “cabin” was the most searched and requested type of vacation rental property.

*Expert Tip* Be sure to check the HOA rules regarding minimum lease restrictions to see if STRs are allowed if the home you are purchasing is in a residential neighborhood, before you buy it.

Condominium

Condos are residential units that are individually owned but which are a part of a larger complex of units. This residential asset class can have great short-term rental potential because they are often positioned close to city centers or oceanfront and have desirable amenities that Airbnb guests seek (elevators, gym, pool, etc.). Additionally, the maintenance costs with these units are often lower.

The main disadvantage to condo investments is the high HOA costs and HOA lease nightly restrictions. Some condo associations require a minimum stay of 30 days at a time which makes it impossible to do weekly rentals.  Therefore, before purchasing a condo, investors should be aware of any HOA restrictions that might impact their Airbnb business plans.

Multi-family Properties

Multi-family properties include anything more than a single-family home such as duplexes, quadplexes, or larger apartment buildings. These investments have the potential to generate higher profits than single-family homes and condos because they often have more units and higher occupancy rates. Multifamily properties are a good option for investors who want to build an Airbnb business but still have reliable cash flow. These properties also offer the flexibility of diversifying a multifamily property with LTRs and STRs to provide stable income.

2. Set a Budget for Your Airbnb Purchase

Just like any other real estate purchase, you must first understand how much you can afford to buy. Consider these questions: Will you be purchasing the property in cash or leveraging it through a mortgage? If you will be using a mortgage, how much cash do you have to put down? Most second-homes and investment properties require a minimum down payment of 20-25% since you will not be occupying it full-time. Buy don’t let that deter you! As in any real estate investment, there are a multitude of creative financing options you can use to purchase your property (we mention some in step 6). Other things to take into consideration when determining your property affordability are the additional expenses associated with Airbnb ownership. We will discuss those in step 4. 

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3. Determine the Location

Where your Airbnb investment property is located will significantly impact how profitable the property is. Don’t fall into the trap of thinking that the best option is a condo in the center of a major city. The more popular a vacation destination is, the more oversaturated it can be with Airbnb listings, which can negatively impact your occupancy rate, your ADR, and your overall NOI. Having said that, location is not black and white in Airbnb investing. The middle of rural America could be the most lucrative Airbnb because it is the only one in the area. Or maybe you already know the lake that you want a vacation rental home to be located on and you are just here to find out how to make it into an Airbnb. Let’s take a closer look at some of the factors that determine finding the best Airbnb location:

Market Comparison

If your goal is maximum cash flow, a comparison of multiple Airbnb markets is key to understanding the best return on your investment. Here are the major factors to consider in Airbnb market comparison:

Tourism Demand

One of the first things to research is the demand for STRs in the area where you are considering purchasing a property. Look at data on the number of tourists who visit the area. Does this location yield itself to high rates of tourism? What is the reason people travel here? What activities does this location offer for guests to do?

ADR – Aka “Average Daily Rate”

This is the price you will rent your property out per night. Your Airbnb goal is to achieve the highest ADR possible, rented for the most number of nights (known as your occupancy rate). Utilizing Airbnb data platforms, or Airbnb itself, you can research the ADR in a given location based on the number of rooms that a property has, in order to better evaluate the best investment markets.

Current Supply in the Market

Research how many short term rentals currently exist in the market that you are considering. Some of the best opportunities are found in areas with high demand for rentals but a limited supply. On the other hand, if there is a surplus of rental properties, this may indicate that the market is saturated, and it could be more challenging to earn a good return on your investment because you will have a lower ADR and occupancy rate.

Developing Areas

Most real estate investors will say you have to pick either cash flow or property appreciation, but you can’t have both. But we like to think you can try. Since you are wanting to purchase an Airbnb investment property, you’re most likely in this for the cash flow. As a rule of thumb, developing locations (think lots of new construction, increasing population growth, etc.) will have the best property appreciation potential. A Google search of the top Airbnb markets for a given year is also easily accessible.

*Expert Tip* Use the data-driven platform AirDNA to evaluate different Aribnb markets.

Weather: The local weather does matter

The climate in the location that you choose can affect your property income. If your ski house property is pummeled with snow five months out of the year, you will need additional snow removal services, extra salt so your guests don’t fall, and increased liability insurance. If your property is oceanfront, you may have to cancel bookings for hurricanes and carry flood insurance. Not only can these costly events damage your property, but they can affect your vacancy rate.

Government Regulations: Are Short Term Rentals allowed?

Not all places allow short term rentals. Purchasing in a county, city, or neighborhood that does not allow STRs will completely derail your business plan. Before buying a property, investors must understand the city and county regulations. In some regions, STRs may be completely unregulated, while in others, there may be strict licensing, taxation, and zoning rules. In many areas, cities have implemented specific regulations for STRs in an effort to balance the needs of homeowners and neighbors with the demand for tourists to have affordable and convenient places to stay. These regulations may include requirements for hosts to obtain a short term rental license per property, pay hotel taxes, and adhere to zoning laws that dictate where STRs are allowed. Additionally, some cities have implemented caps on the number of nights that a property can be rented out and have established penalties for hosts who violate these rules.

The following regulations should be researched in your local area so you know exactly what requirements you have to satisfy to run an Airbnb business in your preferred area. You can also search local news articles in the area you are interested in to get a feel for the pulse of the STR market in that location.

• STR license requirements
• Building codes
• Zoning regulations
• Occupancy restrictions
• Airbnb taxes

4. Evaluate Properties Using Airbnb Investment Analysis

As a potential Airbnb investor, several key factors must be considered before making a purchase. By conducting thorough research and using data from existing rental homes, you can make informed decisions and increase your chances of success in the STR market.

Income

There are two metrics that contribute to the amount of money you can make when owning and operating an Airbnb investment property. They are calculated together to get your total annual gross income estimate.

Average Daily Rate (ADR)

ADR, or Average Daily Rate, is the amount that a property is rented for on a nightly basis. As we mentioned this in the previous section, your Airbnb goal is to achieve the highest ADR possible, rented for the most number of nights. By calculating the ADR for a property, investors can get a sense of how much they can expect to earn on a daily, monthly and annual basis, on average. This information can be helpful when comparing different properties or setting your nightly pricing on a rental property.

To calculate ADR, you will need to know the total amount of revenue that a property was or can be rented for over a given period, such as a month or a year. You will then divide this number by the total number of days the property was rented during that period. The result is the ADR for the property. Another way to estimate the potential ADR for a property is to research what other comparatively similar properties with the same number of bedrooms are currently renting for, closest to the exact location you are looking to purchase.

If your property is heavily seasonal, we recommend to take the total months of high ADR and average it with the total months of low ADR to get an average annual ADR.

Occupancy Rate

An occupancy rate is the total percent of nights the property is occupied in a given time. To calculate the occupancy rate in a month, take the total number of nights the property was rented and divide by the number of days in that month. To calculate the occupancy rate in a year, take the total number of nights the property was rented and divide by 365. You generally want to target an annual occupancy rate over 60%. Occupancy rates are also a good indicator of how strong a rental market is when you are evaluating properties.

Estimated Gross Annual Income

Once you have a good estimate of your ADR, multiply it by the total number of days you anticipate being rented in a year to see how much annual income you can anticipate on your Airbnb, before expenses of course.

*Expert Tip* The 240 Day Rule

Oak Avenue Real Estate uses their own formula to estimate occupancy rates and gross annual income. It’s called the 240 Day Rule. We have been extremely accurate in our income projections for investors utilizing this formula. We work off of the assumption that on average, the property will be rented 20 days per month x 12 months = 240 days also equal to an annual occupancy rate of 66%. To calculate estimated annual gross revenue,  take the ADR and multiply it by 240. Even in the most seasonal heavy vacation rental markets, it averages out to work for forecasting revenue, assuming your property is under great management. Using this as a benchmark, you can get a rough estimate of your potential income.

Expenses

In addition to income estimates, it is also to the success of an investment that the expenses associated with owning an STR property are carefully calculated. While estimating potential costs might be time consuming, it’s a vital step in assessing an investment’s profit capacity.

Here we explore the additional expenses that can go into an Airbnb property:

• Mortgage PITI (principal, interest, taxes, insurance)
• Repairs and Maintenance
• Supplies
• Cleaning
• HOA fees
• Utilities & Wifi
• Lawn Care, Pool Care, Pest Control
• Furniture & Decor
• Damages
• Additional Insurance
• Property Management
• Dynamic Pricing Software

Any additional monthly fees or services you pay for operating the property

Plan for periods of vacancy during which you may not have the income to cover your expenses completely, especially if your property is heavily seasonal. Make sure you know the costs of owning an Airbnb and how they may change over time, not just the initial purchase price.

Budget for Startup Costs of an Airbnb Investment Property

Airbnb investment properties can have higher costs upfront to get them off the ground, just as a business has to spend money before they make money. Having an accurate estimate of upfront costs is necessary to determine your potential returns.

Initial expenditures include:

• Renovations or Repairs
• Furnishings and Decor
• Cleaning and Guest Supplies
• Deep Cleaning

Property Analysis

Once you have gathered your estimated income and expenses, you want to analyze the asset’s potential financial performance. Oak Avenue Real Estate utilizes a Short Term Rental proforma to evaluate properties.

Our proforma includes several key components, such as:

• Revenue: The expected income from renting out the property, based on factors such as the average daily rate (ADR), occupancy rate, and length of stay.
• Itemized Expenses: The costs associated with owning and operating a rental property, including mortgage payments, insurance, taxes, repairs, and cleaning expenses.
• Net operating income (NOI): The difference between the property’s revenue and expenses. The NOI represents the property’s profitability and can be used to compare the performance of different properties.

At Oak Avenue Real Estate, we use this data to generate all valuable investment metrics for our clients, for example:

• Cash-on-Cash return
• Internal Rate of Return
• Capitalization Rate
• Net Profit

Using an STR proforma, you can compare the costs and potential income of different properties to see which offers the best financial opportunities. The team at Oak Avenue simplifies the process for investors by generating detailed proformas for potential investments, making it easy for investors to make informed purchasing decisions. By carefully analyzing factors like demand, income estimates, expenses, and other key property investment calculations, you can choose the property that offers the best financial opportunities and minimize risk.

5. Find a knowledgeable real estate agent to help you navigate the purchase.

If you’re buying an Airbnb investment property, it’s important that you work with a licensed real estate agent who understands Airbnb investing and can help guide you to the right property. As a buyer, being able to articulate everything you want in a property from steps 1-4 will help your Realtor be able to narrow down potential properties. Oak Avenue Real Estate has an experienced Airbnb investment team who can help assess potential investments and guide you on the best course of action.

6. Buying the property

Real estate can be purchased using cash or by leveraging debt through financing options. How an investor chooses to pay for their Airbnb investment property largely depends on their financial circumstances and the available finance options.

If you are struggling to find the required cash down or getting prequalified consider these other financing options:

• Cash-out refinances on another property.
• Home equity line of credit (HELOC).
• Seller Financing
• An agricultural loan if your property is on a large tract of land
• Research STR specific loan companies that may have financing options that would work for you if a traditional bank note will not.

* Expert Tip * Discuss with your tax advisor if you should get an investment property mortgage or a second home mortgage – there is a difference for tax purposes, that depends on how many nights you intend to personally stay there.

Once you have selected a property market location, an Airbnb knowledgeable Realtor in that market, identified the property you want to buy, and have a financing option in place with the required down payment, it is time to get a property under contract!

How will you take title at time of closing?

An Airbnb investment property is a real estate business. Many investors choose to protect themselves from liability and decrease their tax obligations by using a legal structure such as an LLC to own their Airbnb business. Discuss your options with a real estate attorney. If you are using an LLC in your purchase, this entity needs to be established before the property purchase closes. Ideally, it would help if you had the LLC set up when making offers. Once you have created an LLC, you’ll need a corresponding EIN and bank account.

*Expert Tip* Keep in mind, you cannot purchase a property with an LLC if you are using a traditional mortgage to finance it. Traditional government-backed mortgages require that the mortgage be in your personal name, they will not fund LLCs. 

PART II: Airbnb Property Management

Setting up and managing an Airbnb takes time, attention to detail, patience, and considerable cash investment – but it can certainly be worth it once the property starts generating income! Here’s the process to get your Airbnb started, rented, and profitable.

Set up the Airbnb property to attract guests and maximize profits.

Once you have purchased your Airbnb investment property, it’s time to set it up for guests. When setting up an Airbnb investment property, your goal is to maximize profits. Therefore, carefully consider the furnishings and supplies that you’ll need. Here are a few tips to keep in mind:

1. Consider your target guest. Who are you trying to attract with your Airbnb? Different types of guests will have different expectations and needs, so owners need to tailor furnishings and supplies to their target market. For example, if you’re targeting business travelers, invest in a comfortable workstation and high-quality WiFi. Or, if you’re targeting families with young children, you’ll want to ensure you have plenty of games and supplies like pack-and-plays and booster seats.

2. Renovate. If you bought an older property, put some sweat equity into it! Choose an area to refurbish such as the floors, kitchen, bathrooms, or an outdoor space. This will improve guest satisfaction and your property value.

*Expert Tip* Don’t forget about high design. Many hosts overlook the importance of interior decor decisions, but they will make a huge difference in the success of your Airbnb. Choose one cohesive design theme and stick to it when selecting interior finishes, furnishings, and supplies.

3. Furnish. When selecting furniture for your Airbnb, you need to balance cost and the “cool factor.” Consider furniture that can withstand maximum usage, is easy to clean, and doesn’t cost as much if it needs to be replaced.

*Expert Tip* Cool pieces of furniture create better rental listing photos. Such as bamboo swing chairs, or lounge chairs that evoke a sense of relaxation.

4. Stock it with supplies. Create a master list of all the supplies you’ll need for each room in your Airbnb. You also find these lists online. Include every little thing from toilet paper to coffee pods to soaps. Keeping a record of supplies will help ensure you have everything you need when guests arrive. Organize all of your supplies into a dedicated lockable supply closet in your Airbnb for the house cleaner. You can also store extra linens and cleaning supplies there as well.

*Expert Tip* You can create a list on your Amazon account that includes all of the supply items you use in your Airbnb for easy instant ordering and restocking.

5. Photo time. Once your Airbnb is fully renovated, furnished, stocked, and staged it is time to have a professional photographer take high-resolution photos for your rental listing page.

Listing platforms for your rental property.

Although many investors commonly call their properties Airbnb rentals, that doesn’t mean that Airbnb is the only platform you can use to list your property. There are several major, well-known platforms for STRs that you can use to list and market your property. You don’t have to stick to just one, you can utilize multiple listing platforms to market your property. Just keep in mind, the more platforms you use to list your property, the more will be required to manage. These are the most widely used:

1. Airbnb: Airbnb is the most well-known STR platform with over 5 million listings. The platform charges hosts a 3% commission on each booking, and charges guests a service fee that is usually around 14%.
2. VRBO: VRBO stands for Vacation Rentals By Owner. Unlike Airbnb, they do not offer shared room options, only entire vacation homes. Their guest service fee ranges from 6% to 15% of the booking total. Note: VRBO is owned by Expedia, and they acquired HomeAway in 2019.
3. Travelocity and Expedia: While these platforms offer the option for short term rental bookings, they are not as widely used to list vacation rental homes.
4. Independent Property Management Websites: If you choose to have your Airbnb managed by a larger property management company, they may have the option to list the property for you on their own booking site to generate bookings.

Once you select a listing platform you’ll need to begin to list your property. Start by creating a new property listing, then follow the step-by-step guides on the listing platform that can assist you to complete it. Upload your professional property photos and move on to the next step – pricing.

Pricing: Make it dynamic.

Throughout the year, there will be periods when demand is higher, and owners can charge more per night. And there will be times when demand is lower, and prices should be decreased to be competitive in the market and maintain a high occupancy rate. Factors that can influence your ADR include:

• Seasonal: As an example, If your Airbnb is on a lake in Michigan, your property will have a seasonally high ADR in the Summer. However, if it is a slopeside ski condo, it will have a seasonally high ADR in the Winter. As a result, hosts often charge more during these periods.
• Holidays: Airbnb can also be affected by holidays. For example, demand for vacation rentals tends to be higher around major holidays such as Thanksgiving, Christmas, and New Year’s Eve, but also during more minor holidays and long weekends.
• Events: If a property is located near a major event, such as a music festival, sporting event, or conference, the property will likely demand a higher rental rate during that period. Being aware of what’s happening in the region can lead to increased profits of hundreds to thousands of dollars.
• Minimum number of nights: The ADR of an Airbnb can also be affected by the minimum number of nights required for a booking. In general, hosts who require a longer minimum stay will likely have a lower ADR. However, longer stays require less property management work and, therefore, can reduce costs. On the other hand, properties with a shorter minimum stay can attract bookings with a higher ADR.

In order to best manage the variability in nightly pricing, many Airbnb owners utilize dynamic pricing software tools to help maximize their profits. Several companies offer dynamic pricing software for Airbnb properties. These platforms use data analytics and machine learning algorithms to analyze market trends and automatically update your nightly rates every 24 hours so that you do not have to do it manually.

• Wheelhouse: A comprehensive Airbnb management platform that offers dynamic pricing and other features such as booking management and guest communication. Pricing starts at $2.99 per month plus 1% of revenue.
• Beyond Pricing: A popular dynamic pricing software that claims to increase revenue for Airbnb hosts by up to 30%. Their pricing is 1% of bookings each month.
• Pricelabs: A dynamic pricing tool for Airbnb properties that uses machine learning to analyze market trends and recommend optimal pricing. They offer a 14-day free trial, and their monthly subscription plans start at $19.99.

Welcome Home – not just yet.

Before you start welcoming guests into your Airbnb, ensure that you have tools and systems to make the process easy for you and to maintain professionalism. Guests that have a seamless and enjoyable experience will be more likely to leave a positive review, which in turn will help you increase your ADR. So set yourself up for success by getting these systems in place:

• Utilities: All utilities need to be set up. Don’t forget high-speed WiFi! Most guests will expect WiFi to be available at the property. Not having it without a valid reason that’s clearly stated on your listing will incur negative reviews.
• Home maintenance and repairs: Complete a thorough review of the property and address any maintenance or repairs that need to be completed. It can be helpful to maintain a schedule for regular maintenance and even block out a few days every quarter for property maintenance.
• Deep clean: The property needs to be deep cleaned before you welcome guests. This level of cleanliness should be maintained in between each guest’s stay.
• House manual: An easy way of communicating with guests is by creating a house manual. Include any rules you’d like followed (such as no parties, smoking, or pets), check-in and check-out instructions, WiFi login details, and any other instructions they might need to enjoy the property fully. Go the extra mile by providing local recommendations for excursions, dining, shopping, and entertainment.

*Expert Tip* Keyless entry: Keys are easily lost or replicated. A keyless entry system allows you to have a contactless check-in with a new code for each guest. Furthermore, it gives the host confidence that a nefarious guest doesn’t replicate a physical key and also ensures that you’re not getting a call in the middle of the night because a guest misplaced their key. It’s a win-win for all parties.

Airbnb Investment Property management day-to-day tasks.

Congratulations! Once your Airbnb property is up and running, you are operating a business that requires serving guests, maintaining a physical asset, cleaning, and tracking income and expenses. Daily tasks to anticipate and expect when managing an Airbnb include:

• Guest management: On a daily basis, Airbnb managers must promptly respond to guest messages, inquiries, communicate the check-in process and provide any necessary information, answer guest questions, and address any issues or concerns they may have. Responsive communication not only helps improve the overall guest experience, but it can also help attract future bookings through positive reviews.
• In addition, your STR booking calendar is your go-to. It helps you see when you need to communicate with guests who will be arriving soon and for your cleaning team to know when they will check out. It can also help you forecast your revenue.
• Financial Management: Bookkeeping and financial management plays a critical role in any real estate investment but becomes more complex with Airbnb properties. Managers need to pay property bills, utilities, cleaning and HOA fees while managing the property’s pricing and tracking ROI.
• Asset management: To keep an asset in good condition, regular management tasks must be completed, including scheduling cleaning between guests, lawn care, pool care, and reordering supplies.

*Expert Tip* Automate: Make your day-to-day a little simpler by leveraging automation technology such as digital WiFi-enabled thermostats, security systems, property management software that automates guest messaging, and cleaning calendars. One company that can make life a lot easier for Airbnb owners that we like to use is Hospitable.com.

Don’t stop at one property!

Save your net profits and reinvest them into another property so you can build your portfolio. Your profits will grow exponentially with each new property, getting you on an accelerated path to financial independence. 

Congratulations! You have all the knowledge you need to acquire your first Airbnb investment property. For the second part of owning an Airbnb property investment, continue to Part II: Airbnb Property Management (hyperlink).

Oak Avenue’s Real Estate Investor Services

At Oak Avenue, we want to help you build your real estate portfolio. We are a full-service real estate investment company with relationships to help you build your real estate investment dream team including: developers, title companies, builders, Realtors and more. We offer a range of services that our investor-focused real estate professionals at Oak Avenue can provide for you to acquire your next property and build your real estate portfolio.

Oak Avenue Investor Acquisition Services

• Location identification
• Sourcing properties
• Property Financial Analysis
• Financing options
• Realty & Transaction Management

If you want to enjoy the financial benefits of an Airbnb without the hassle, our extended property management team offer a full suite of services that allows investors to be hands-off Airbnb business owners.

• Extended Property Management Services
• Onboarding the property
• Publishing rental listing on Airbnb and VRBO
• Furnishing if needed (at owner cost)
• Guest communication
• Record keeping and accounting
• Cleaning
• Supply management (at owners cost)
• Maintenance
• And more!

For property management pricing and inquiries please contact us!