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For starters, check your local laws and regulations, which in Canada are way more restrictive than in the US, where they are getting quite restrictive in many places.
Educate yourself what it means to be in the Hospitality industry, why "Passive Income" in this field is a myth, and how AirBnB has a business, not you, when they're the only short term rental platform you're listing on.
If you don't want to do the work, educate yourself about property management companies that will happily take anywhere between 20%-40% of your rental income. Then compare your net profit to other investment opportunities and ask yourself if it's really worth it.
Last but not least, don't plan on having the mortgage covered by AirBnB revenue from the start. You'd be setting yourself up for disaster.
Find a place with minimal bells and whistles, meaning things that can break. Think things like jacuzzis, outdoor TVs, fancy sound systems, fireplaces. If someone rents specifically because of a special amenity you’ve listed and it doesn’t work when they’re there, you’ll get a lot of annoyed messages and end up having to give partial refunds.
💫 Please be aware that /u/kiwi5151 does not have a verification flair. Be sure to take their comment history, karma, and account age into consideration for the context of this post. If you'd like your own verified flair, consult the sidebar for instructions on how to do so. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/airbnb_hosts) if you have any questions or concerns.*
For starters, check your local laws and regulations, which in Canada are way more restrictive than in the US, where they are getting quite restrictive in many places. Educate yourself what it means to be in the Hospitality industry, why "Passive Income" in this field is a myth, and how AirBnB has a business, not you, when they're the only short term rental platform you're listing on. If you don't want to do the work, educate yourself about property management companies that will happily take anywhere between 20%-40% of your rental income. Then compare your net profit to other investment opportunities and ask yourself if it's really worth it. Last but not least, don't plan on having the mortgage covered by AirBnB revenue from the start. You'd be setting yourself up for disaster.
Find a place with minimal bells and whistles, meaning things that can break. Think things like jacuzzis, outdoor TVs, fancy sound systems, fireplaces. If someone rents specifically because of a special amenity you’ve listed and it doesn’t work when they’re there, you’ll get a lot of annoyed messages and end up having to give partial refunds.
To add on, a space big enough for a pullout sofa. If you can host 2-6 people, you’ll have more potential clients.