Post: #1

So, I'm looking to buy a condo in a good nightlife area where I can walk to all of the bars. One thing I was thinking of doing to make it more affordable was to rent to get a 2 bedroom condo and rent out the second bedroom Air Bnb? I've used this as a traveler, but never as a host. I think this could be way of getting some income without having to deal with problems from a long-term roommate. Not to mention hot foreign girls coming ever. Any of you guys ever done this?

Post: #2

Why not get a bachelor pad or a one bedroom apartment instead?
If you are tight on funds you can always find affordable housing near nightlife areas in practically any city, those types of places don't advertise, you'll have to find it on your own.

I have friends who rent out some of their places on Airbnb, and I have used Airbnb myself. You could actually make it a business renting multiple 2 bedroom or studio apartments and then charging 150 USD per person a night.
The main problems with it, as a business, would be that it isn't technically legal, but not necessarily illegal in many places. A gray area, that hotels are quickly trying, and succeeding, into making it completely illegal.

A problem you will face regardless is that your landlord or neighbors might get annoyed and kick you out for breach of conduct. You also might not be able to find people to rent from you. (It wouldn't be that big of a deal if you charged 100 USD +, you'd only have to be booked half of the month).

You also might just get tired of having random people at your place, there is only so much screening you can do before you end up with some crazies legally staying at your place.

There is upside for female companions, but if you were doing this on a business scale I would advise against it.

Figure out if you want to do this on a business scale or purely personal.
If it is personal, think if the costs/downsides are worth it compared to just trying to find more affordable housing until you can actually afford a nice place all to yourself.

Post: #3

I think there was a thread on this a while back.

I somehow recall Speakeasy and Mixx trying this with mixed (no pun intended) results.

I would search for it, or maybe Speak can chime in (if I remember correctly that he did it).

Post: #4

Thanks johnrwu, don't know too much about this. It's a lot to think about I thought about buying a 1 bedroom condo, but my concern is resale value. People might want to buy 1 bedroom condos now with interest rates at 4%, but if they go up to around 7% they might want to rent rather than buy. I would make sure to buy a place where they allowed renting, and also buy a place that would be affordable even if it was tough getting guests- the guests would be more for having extra money for travel.

Post: #5

You'll need to wash sheets that your guest may have cum all over.

So unless you're down with washing linens, towels, and stocking soap in the bathroom all that stuff...perhaps think twice.

Post: #6

(03-04-2013 11:24 PM)Celtic Wrote:  Thanks johnrwu, don't know too much about this. It's a lot to think about I thought about buying a 1 bedroom condo, but my concern is resale value. People might want to buy 1 bedroom condos now with interest rates at 4%, but if they go up to around 7% they might want to rent rather than buy. I would make sure to buy a place where they allowed renting, and also buy a place that would be affordable even if it was tough getting guests- the guests would be more for having extra money for travel.

Ah you are actually looking to purchase instead of renting.

If I were to make this into a business, of course the location I would do it in it would have to be completely legal and comply with all health/sanitation codes.. But I wouldn't start out with straight up buying a piece of real estate.

Strictly speaking from the business view of things, you should definitely rent a place first and then put it on airbnb for sublease, which of course your landlord knows about and is okay with..

Test the waters, see if your city really does have potential, then expand from there.


Now from the personal side of things, if I were you I would not purchase a piece of real estate any time soon, not outright, and not with a mortgage if you are just being able to afford such things.

You're still young, keep your assets liquid, stay mobile, and remember that you can lose any investment you make.

Post: #7

I did it for a while PMME with questions

Post: #8

(03-05-2013 02:58 AM)elabayarde Wrote:  I did it for a while PMME with questions

Break it down.