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Hire a property manager/agent, many are specific to AIRBNB, they take the calls and handle the tenants. People do this all the time, better than renting to some random person as a proxy. You will be getting a licensed professional.
My point was that I don't see that the Airbnb angle has any added value.
Precisely, OP really hasn't mentioned what value having the long term renter be able to STR the property? Are they getting a kickback on the STR revenue? Is the LTR someone they know and the arrangement will be conducive to having this acquaintance rent their specific place?
Other folks have mentioned some of the downsides (e.g. insurance), but it's hard to understand what the upside is if some profit sharing or increased LTR rental rate is not involved?
BTW, not sure why folks are fixating on AirBNB since the OP only stated:
Quote:
basically an Airbnb or "hostel" for his own clients
Yes, I know the person; he's a neighbor whose business is nearby. He occasionally has clients staying overnight who would like to be close. He's actually interested in buying, but I'm not quite ready to sell. I figured this would be a way to be able to keep a permanent home and all my stuff in place without having to move and store it while traveling, have someone reliable to keep an eye on it, and also earn some spending money for my trips. I don't think these people would be "partiers" in their 20s or anything. I assume he would charge the people for their stays, but that would be up to him; he would just pay me fair market value for the rent. But my insurance agent seems to think it would be a rather complicated, expensive arrangement and somewhat discouraged it. It was just an idea...
Yes, I know the person; he's a neighbor whose business is nearby. He occasionally has clients staying overnight who would like to be close. He's actually interested in buying, but I'm not quite ready to sell. I figured this would be a way to be able to keep a permanent home and all my stuff in place without having to move and store it while traveling, have someone reliable to keep an eye on it, and also earn some spending money for my trips. I don't think these people would be "partiers" in their 20s or anything. I assume he would charge the people for their stays, but that would be up to him; he would just pay me fair market value for the rent. But my insurance agent seems to think it would be a rather complicated, expensive arrangement and somewhat discouraged it. It was just an idea...
You don’t think 20 somethings party??? Oh, boy. You’re in for a rude awakening.
Hire a property manager/agent, many are specific to AIRBNB, they take the calls and handle the tenants. People do this all the time, better than renting to some random person as a proxy. You will be getting a licensed professional.
I agree. My UK relatives dealt with such a setup when renting via Airbnb when they visited us in NYC a few years ago. I don't like the idea in the OP as it sounds too risky for me.
I'm not really interested in running an Airbnb; it's just that this person I know - again - has MATURE clients that sometimes need to stay overnight (not quite the same thing), and I would trust him with my property. Otherwise, I would just rent it out - preferably furnished - to a long-term tenant myself (or using a property manager to oversee it in my absence). I guess Airbnbs have gotten the reputation for becoming ruined and destroyed party houses; maybe justifiably. Personally, I'm not a fan of the whole concept. I never understood what was wrong with hotels where at least, if things get out of control, cops are called...
With the right property manager, there wouldn’t be much for you to “run” personally. Airbnb and similar services definitely have their risks compared to traditional leasing, but there are benefits as well.
OK, so the situation you're describing now is a very different from the impression given in the OP.
But just to be clear, this person you know would let his clients stay there -- as in business clients and not random people like you'd get with an actual Airbnb (you're the one who used that word in the OP, not me) -- who sometimes need to spend the night. And his only purpose in renting the place would be just to have a place for occasional business clients?
It really doesn't add up. Who rents a house for occasional business clients who need to spend the night?
OK, so the situation you're describing now is a very different from the impression given in the OP.
But just to be clear, this person you know would let his clients stay there -- as in business clients and not random people like you'd get with an actual Airbnb (you're the one who used that word in the OP, not me) -- who sometimes need to spend the night. And his only purpose in renting the place would be just to have a place for occasional business clients?
It really doesn't add up. Who rents a house for occasional business clients who need to spend the night?
An escort service…
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