Get Paid For Your Pad | Airbnb Hosting | Vacation Rentals | STR Revenue Management

A shocking news story hit the world of Airbnb this week, as a 28 year old man from Michigan has been charged with sexually assaulting a […] Hosted on Acast. See acast.com/privacy for more information.

If you’ve always wanted to be an entrepreneur, but you’re looking for a low-risk way to start small, Airbnb might be the answer. The vacation rental ecosystem is ripe with opportunity, and there is no better way to learn the skills necessary for running your own business than… well, running your own business.Sid Kosatsky started simply, freelancing to help a small boutique hotel in the Dominican Republic set up their Airbnb listings. Hiring cleaners for his own Airbnb listing in the Halifax region of Nova Scotia led to Soapy Cleaning, a company created to find additional work for his team! From there, he established HostOften, a full-service Airbnb property management company.Today, Sid’s team includes a team of seven employees, five of whom are full-time, and he has systems in place that allow him to do the work of growing the business. On the podcast, he shares his advice for aspiring Airbnb entrepreneurs, the technology he uses to save 15 hours a week, and how he built his talented team. Listen in and find out if Airbnb is the entryway to entrepreneurship you have been looking for!Topics CoveredSid’s Airbnb story•Listed room in house last summer (Dartmouth)•Relocated to Truro in May, started renting entire home•Stress around hosting from far away•Interviewing cleaners, considering property management company•Inspired by entrepreneurial podcasts to start his own businesses•Started as freelancer, helping international clients create Airbnb listings•Expanded to HostOften property management•Hired cleaners for HostOften, then created Soapy Cleaning•Automated systems have allowed him to do both•Advertised for clients, employees on KijijiSid’s advice to aspiring Airbnb entrepreneurs•Do it!•Airbnb provides quick and easy entry•Reinvest Airbnb earnings to build businessThe entrepreneurial skills Sid learned from Airbnb•Hospitality•Real estate•Hiring•Managing employees, contractors•Scheduling•Customer relations, guest management•Finances, paying taxesThe software Sid used to create systems•Google sheets (log cleaner, client hours) didn’t work well•Moved to QuickBooks for payroll•TSheets App integrates with QuickBooks (time sheets)•Automation saves Sid 10-15 hours/weekThe responsibilities Sid has outsourced to other employees•Stopped cleaning, check-ins right away•Full-time VA took over scheduling, reviews, guest communication and coordination of maintenance•Lead cleaner has become ops manager (hires, manages new cleaners)Sid’s role in the business•Website maintenance•Procuring new clients•Scripts, systems•Hire, train employeesHow Sid built his cleaning team•Scanned Kajiji for cleaners, part-timers•Conducted interviews (20% didn’t show)•Cleaned with prospects, assessed their work•Fosters culture of fun to attract good employees•Has three core full-time cleanersThe importance of ‘taking yourself out of the equation’•Frees up time to grow business, focus on big pictureThe scale of Sid’s current business•Manages three listings•Wooing five new clients•In talks with landlords, developers•Three full-time, two part-time cleaners•Full-time virtual assistant•Freelancer optimizing SEO for websiteHow Sid found his VA•Has used Fiverr, Upwork in past•Discovered new company (Cara Helps)•Service hires, trains in your softwareSid’s current profits•Airbnb listing income of $5K/month Hosted on Acast. See acast.com/privacy for more information.

According to the recently released Airbnb Asia Pacific (APAC) Travel survey, 71% of travelers highlighted the importance of trying local cuisine. A separate Airbnb study published this week, the 2017 Restaurant Spending Report, found that Airbnb guests generated $6.5 billion dollars for restaurants around the world between September 2016 and September 2017. Airbnb is banking on these trends to continue with its rollout of a new in-app functionality that makes restaurant recommendations and even allows guests to book a table.Jasper is joined by Hostfully CEO and Co-founder, Margot Lee Schmorak, to discuss the connection between food and travel and how Airbnb is capitalizing on guests keen to experience a new place through its cuisine. They also cover recent interviews with Airbnb CEO Brian Chesky regarding the most important attribute for entrepreneurs and the introduction of Airbnb Experiences in New York City— featuring a shoe shopping trip with none other than Sarah Jessica Parker!Jasper and Margot wrap today’s episode with news that Airbnb Co-founder Joe Gebbia has listed his own place on Open Homes, and listener questions about writing guest reviews. Listen in to understand why honesty is the best policy when it comes to leaving feedback on Airbnb!Topics CoveredArticle #1: Airbnb and Resy Team Up to Offer In-App Restaurant Reservations•New functionality allows guest to book table through Airbnb app•Available in 16 US cities•Notify restaurant if late, pay tax/tip through app•Might remove layer of anxiety for international travelers•Will depend on execution•May be hard to get traction (people loyal to Foursquare, OpenTable)•Demo of functionality doesn’t have restaurant reviews•Potential to team with Yelp, OpenTable for reviewsArticle #2: Airbnb CEO Brian Chesky on the Most Important Trait for Entrepreneurs•Identifies childlike wonder, curiosity as crucial trait•Aligns with Margot’s experience at Apple•Good leaders ask questions•Must have open mind•Not afraid to go against mainstreamArticle #3: Airbnb Launches Local Tours in NYC with Sarah Jessica Parker•Rollout of 150 experiences in NYC•Includes shoe shopping experience with Sarah Jessica Parker ($400)•Jury still out on traction of Airbnb Experiences•Hard to make assumptions about urban travelersArticle #4: Food Influences Holiday Destination for 76% of APAC Travelers•71% of people surveyed emphasized importance of trying local cuisine on vacation•Logical for Airbnb to add restaurant recommendations, reservation feature to app•Host still has greatest incentive to give best recommendationsArticle #5: Airbnb: Generating $6.5 Billion for Restaurants Around the World•Study conducted by Airbnb•43% of spending occurs in neighborhood where staying•Spending more than ever before ($40-$100)•London tops list of guest spending in Europe, Prague at the bottomArticle #6: Airbnb Co-Founder Opens up His Own Home•Joe Gebbia has listing on Open Homes platform•Hopes to host refugee family this year•Space boasts impressive collection of art, vintage chairsQ: When a guest breaks the house rules, should I leave a negative review? I am reluctant to do so for fear it will hurt my Airbnb business moving forward.•Should not fear retaliation•Guest can’t see review until they post theirs•Future guests unlikely to dig through reviews of previous guests•Community platform built to weed out bad actors•Honesty is of service to next host•Reviews should be authentic representation of experienceResources MentionedArticle #1: press. Hosted on Acast. See acast.com/privacy for more information.

Airbnb is often cast as the villain in discussions around affordable housing. Aspiring home owners struggle to afford the 5% down payment required for a conventional mortgage, and as increasing numbers of real estate investors use platforms like Airbnb to accommodate tourists, prices get further out of reach for would-be residents.Yifan Zhang is re-casting Airbnb as a force for good in affordable housing with the launch of her new startup. Yifan is the co-founder and CEO of Loftium, a service that provides prospective home buyers with up to $50K for a down payment with the caveat that they list an extra bedroom on Airbnb for 12-36 months, and share the profits with Loftium for the length of the contract.A 29-year-old Harvard grad with experience in the startup world, Yifan became an Airbnb host when she and her husband bought a townhouse in Seattle. The revenue stream from their spare bedroom covered the couple’s mortgage payments, and Yifan got the idea to help prospective home buyers come up with a down payment based on the potential profit of listing a spare room on Airbnb. Today she discusses rising home prices in the US, the strict mortgage regulations in place, and the media attention Loftium has received since its launch. Listen in to learn how the application process works, what happens if a customer breaks their contract, and how Loftium shares Airbnb profits with its hosts.Topics CoveredHow Yifan got the idea for Loftium•Tried hosting herself in apartments, always got caught•Bought townhouse with husband in Seattle•Listing spare bedroom on Airbnb covered mortgage•Seeing revenue stream gave her idea to solve down payment problemHow much a typical down payment costs in the US•Conventional mortgage requires minimum 5%•First-time home buyers who meet qualifications can get 3%•Average price of home in Seattle is $700K (5%=$35K)•Difficult to save for down paymentThe strict mortgage regulations in the US•Can’t use just any funds•Must save up for years•Only other option is gift from parents•Loftium is first regulator-approved source of down payment fundingWhere Loftium operates•Product launch in Seattle•Plans to scale to other cities•Vote for expansion cities on websiteLoftium’s current partners•Mortgage provider Umpqua Bank•Apply down payment to conventional Fannie Mae loanHow the Loftium process works•Go to loftium.com•Look up home for sale•Platform gives estimate of down payment•Use funding to make offerWhat happens if Loftium customer breaks contract•Pay back pro-rata amount of time remaining + termination fee•No consequence if hosting traffic declinesHow hosts and Loftium share Airbnb profits•Split varies, adjusted based on how much customer needs for down payment•Typical split is 70/30How Loftium handles changes in regulations•Only open in markets with regulatory approval•Restricted to spare bedroom in primary residence•If rules change, Loftium has second lien on property•Company gets paid back when customer sells house•No cash burden on customerLoftium’s competitors•ClearBank (Canadian lender)•Works exclusively with existing hosts•Loans for furniture, renovations•Recently added property•Most Loftium customers are first-time hostsHow Loftium supports its customer-hosts•Provides automation, software•Partnering with existing companies•Plan to supply suite of services•Automated keypad, smart messaging, pricing tool Hosted on Acast. See acast.com/privacy for more information.

Take a walk down the yellow brick road of Airbnb news this week for stories of brains, courage and heart, and learn about the brilliant idea behind a new startup in the ecosystem, the resolve behind the mandatory host registration in Paris, and the love story of a host in Philadelphia—who fell for one of her Airbnb guests!Jasper is discussing these stories and your questions with Nicole Prentice Williams, VP of Strategic Partnerships at Hostfully. They get into the details of Loftium, the new Seattle startup that provides aspiring home buyers with up to $50K for a down payment, pending they agree to list a spare room on Airbnb and share the profits. Jasper and Nicole also cover the latest developments in the affordable housing crisis as Paris attempts to enforce its 120-day rule, and an Airbnb romance resulting from a mutual attraction between an American host and her European guest.Last but not least, Jasper and Nicole answer listener questions around Airbnb deductions and the pros and cons of back-to-back bookings. Listen in for their advice about who to contact with tax questions and why it is more lucrative to hire a cleaning service and fill your Airbnb calendar.Topics CoveredArticle #1: A Down Payment with a Catch: You Must Be an Airbnb Host•Startup founded by 29-year-old Harvard grad, Yifan Zhang•Bought Seattle townhouse, rented spare bedroom on Airbnb•Realized income covered mortgage•Founded Loftium to help home buyers with down payment (up to $50K)•Must be willing to list spare bedroom on Airbnb for 12-36 months•Loftium collects portion of Airbnb profits•Strict guidelines (only eight ‘freebie’ days/year)•Partnership with mortgage lender Fannie Mae•Pilot program in Seattle with intention to expand•ClearBank provides similar service for seasoned hosts with proven successArticle #2: You’ll Soon Need to Register Before Renting Out Your Paris Home on Airbnb, Le Figaro Reports•Mandatory registration opens October 2nd•Aimed at curbing city housing shortage•Rules limit homeowners to rentals of 120 days/year•Hosts have two months to comply•Similar policies in San Francisco•May be reaction to UN global housing study•Enforcement difficult with limited resourcesArticle #3: Experience: I Fell in Love Through Airbnb•Reluctant host accepted same-day booking•Drawn to guest right away•Spent time together, mutual attraction•Pursuing long-distance relationship•Brings up issues of professionalism, awkwardnessQ1: Can I only list my home on Airbnb, or do I need to actually have rentals before the end of the year to claim deductions for this year? Can I claim deductions next year for improvements and spending that occurred this year?•Contact your CPA for accurate info•Shared Economy CPA specializes in AirbnbQ2: Does having a day before and after each booking really hurt me? I like to be able to clean the space myself.•Will miss out on bookings•Consider hiring cleaning service•Cost 10-20% of potential revenueResources MentionedArticle #1: https://www.nytimes.com/2017/09/18/your-money/mortgages/loftium-airbnb-down-payment.htmlLoftiumFannie MaeClearBankArticle #2: bloomberg.com/news/articles/2017-09-16/airbnb-paris-rental-agents-to-register-from-oct-2-figaro-saysUN Study: Global Housing CrisisArticle #3: theguardian.com/lifeandstyle/2017/sep/15/experience-i-fell-in-love-through-airbnbShared Economy CPAAirbnb News Facebook Group Connect with JasperEmail: jasper@getpaidforyourpad.comTwitter: @GetPaidForUrPadInstagram: @GetPaidForYourPad Hosted on Acast. See acast.com/privacy for more information.

The beautiful thing about Airbnb is that it provides an avenue for inspired entrepreneurs to leave jobs that aren’t fulfilling and start their own businesses in the vacation rental ecosystem, and today’s guest is a perfect example. Beautification Specialist Lily Troupe is the founder of Under Control Short Stay Management, Melbourne’s premiere turnover service and management company.Lily’s previous career as a social worker was incredibly demanding: She was working 12-hour days, but enjoying little financial reward. Feeling drained, she took a sales job with a network marketing firm and started cleaning and styling homes for extra money. One of Lily’s clients happened to be an Airbnb host, and when she went away on holiday, Lily was asked to help with check-in.Lily’s reputation for attention to detail and exceptional communication soon spread, and her contact information was passed on to other hosts. In June of 2016, she officially expanded her offerings to include Airbnb servicing and management, and Lily established Under Control Short Stay Management. Today she shares how her service goes beyond just cleaning, what you can do to make a space more welcoming, and important information to share with your Airbnb guests. Listen in to learn how Lily has made cleaning an art form!Topics CoveredLily’s introduction to Airbnb•Cleaning homes for extra money•Airbnb host as client going on holiday•Asked Lily to do check-ins, co-host•Referred to other Airbnb hostsThe skills Lily leveraged to turn this service into a business•Communication with hosts•Connection with clients (hosts and guests)•Understand needs beyond cleaning (five-star ratings)•Respect for homeHow Under Control Short Stay Management is more than just a cleaning service•Relationships with parties involved•Offers cleaning as ‘art form’•Connection with space•Commitment to make space beautiful•Provides sense of peace for guestThe importance of an initial scan of the property•Look for damage, anything untoward•Take photos and contact host immediatelyHow Lily makes a space more welcoming•Towel, toilet paper origami (e.g.: lotus flower)•Attention to detail (i.e.: spotless mirrors)How Lily approaches guest interaction•Gather info about guest at check-in (personality, purpose of trip)•Spends additional time with talkative guests•Respond immediately to questions through Airbnb appThe information Lily shares with guests•Local entertainment•Closest coffee shop, cafes•Where to catch train/tram•Affordable carparkHow Lily handles a double booking•Support on standby to provide backupConnect with Lily Under Control Short Stay ManagementResourcesDrop Bears on WikipediaHoop Snakes on Wikipedia Connect with JasperEmail: jasper@getpaidforyourpad.comTwitter: @GetPaidForUrPadInstagram: @GetPaidForYourPad Facebook: www.facebook.com/getpaidforyourpadThis episode is sponsored by Hostfully.com where you can create a custom digital guidebook for your guests! Hosted on Acast. See acast.com/privacy for more information.

Sometimes you get away because you want to, and sometimes you get away because you have no choice. Airbnb news this week features stories of both—from Americans heading to Britain to enjoy an affordable escape to Floridians fleeing the imminent threat of Hurricane Irma.Jasper is joined by Glenn Carter, Head of Marketing at Hostfully, to discuss the incredible jump in Airbnb visitors to Britain since Brexit, as well as the heartening story of the Miller family who found refuge from the hurricane barreling toward Florida with an Airbnb host in Indiana who offered his listing for free. They also cover the fire at a New Zealand Airbnb that sent its Malaysian guests to the hospital, highlighting the need for safety precautions and the difficulty of enforcing the Responsible Hosting Guidelines.It wouldn’t be a Get Paid for Your Pad news episode without the latest developments in vacation rental regulations, so Glenn and Jasper are duty-bound to discuss the German host who managed to get away from the municipality’s very strict Airbnb rules via a lawsuit against the State of Berlin, and a rule-following host in Iceland who learned why so many hosts list on Airbnb illegally. Finally, they explain the surge in cryptocurrency startups who seek to get away from platforms like Expedia and Airbnb entirely, using blockchain technology to decentralize the travel industry.Topics CoveredArticle #1: Airbnb Host Waives Cost for Jacksonville Family That Evacuated Due to Irma•Airbnb activated Disaster Response Program (through September 29th)•Free listings in NC, SC, GA, AL and IN•Miller family from Jacksonville traveled 795 miles to New Albany, IN•Kids have special needs•Brought pets•Airbnb host Brandon Thompson waived fee for familyArticle #2: Airbnb Urges Housing Reform in Berlin After Court Overturns Permit Rejection•Very strict short-term rental regulations in Berlin, steep fines•Host took State of Berlin to court and won•Judge granted permit to rent for 182 days/year•Municipalities willing to compromise will see increase in tourism dollars•Efficient use of space when resident on holiday•Location-specific rules based on tourism, locationArticle #3: An Airbnb Owner Speaks Out•Airbnb host in Iceland travels with circus for work•Out of country up to six months/year•Following rules, complicated permitting process•Commercial operators should be taxed as businessesArticle #4: Christchurch Airbnb Fire a Wakeup Call for the Accommodation Industry•Malaysian family hospitalized after fire in New Zealand Airbnb•Did not have fire escapes, other safety measures•Airbnb encourages hosts to install smoke alarms, carbon monoxide detectors•Hosts also urged to provide fire extinguisher, evacuation plan•Difficult to enforce Responsible Hosting Guidelines•Airbnb providing 36,000 ‘free’ smoke detectors•Debate around adhering to same safety standards as hotels•Could be easy win for AirbnbArticle #5: Airbnb Sees 80% Jump in Visitors to Britain•Influenced by Brexit, decrease in value of £•More affordable for Americans, Canadians•Average UK host makes $4,000 /year (36 nights)•Average age of host is 43•Fifth largest geography for Airbnb globally•Benefits for growing # of hosts over 65 (e.g.: supplemental income, social aspect)Article #6: Winding Tree is the New Kid on the Blockchain Set on Disrupting Airbnb and Expedia•Envision world where platforms out of picture•Seek to decentralize travel industry, all done on blockchain tech•Startups raising millions of dollars•Would eventually make Airbnb obsolete Hosted on Acast. See acast.com/privacy for more information.

As the saying goes, ‘Keep your friends close and your enemies closer.’ So when Jasper had the chance to speak with one of Airbnb’s fiercest critics in Amsterdam, he took full advantage of the opportunity and invited the journalist to be a guest on this week’s Get Paid for Your Pad.Sander Schimmelpenninck is the editor-in-chief of Quote magazine, a Dutch monthly publication most well-known for the Quote 500, a list of the 500 wealthiest people in the Netherlands. Quote focuses on the business, finances, and networks of life at the top. In 2014, Sander wrote an opinion piece on the dangers of Airbnb in the Amsterdam market, discussing the impact of the vacation rental platform on the city as its concept shifted from that of a shared experience to a money-making machine for real estate investors avoiding income tax. He shared his concerns about the lack of regulation and how Airbnb made it increasingly difficult for Dutch residents to find an affordable home in a city overrun with the wrong kind of tourists.Though he is not opposed to Airbnb as a concept, Sander does advocate for local governments to establish legislation specific to the needs of each city. Today he shares his love-hate relationship with the vacation rental market, explaining why regulations were necessary in Amsterdam, the downside of hosting so many tourists in the city, and his take on short-term rental management companies. Listen in as Jasper and Sander debate the pros and cons of Airbnb!Topics CoveredSander’s introduction to Airbnb•First heard about platform when traveling west coast of US•Family members enthusiastic about concept•Friends started using as hosts, some made lifestyle•Sander annoyed by fact that people not paying taxesWhy Sander wrote the anti-Airbnb article in 2014•Airbnb still relatively small•Sander saw what platform could do•Real estate moguls renting to tourists to double their money•As small, densely populated city, Amsterdam vulnerable•Favored concept during crisis, helped regular people•Real estate investors buying property solely for Airbnb•Important that Dutch who want to live in city can find affordable homeThe downside of tourists vs. Dutch renters•City branding attracts certain type of tourist (drug use, prostitution)•Short-term rental platforms bring in low-cost travelers•Tourists not invested in property as homeThe current Airbnb stats in Amsterdam•15,000 active rentals•$178 average daily rate•75% entire homes, 25% private rooms•Can only rent entire home for 60 days•10,000 active hosts (88% single listing, 12% multiple listings)•18% Superhosts•Hosts with multiple listings comprise 38% of available listingsSander’s take on Airbnb regulations in Amsterdam•Necessary to stabilize tourism•60 days still quite long (30 days would be better)•Meeting tourists in shared hallway, doesn’t feel like home•Sander endorses shared rooms on AirbnbWhy Sander supports regulations specific to each city•Some cities rely on tourism for economic development•Empty homes make regulations unnecessary•Holland boasts strong economy, need people to live and work thereSander’s attitude toward other vacation rental platforms•booking.com very aggressive, focus on promoting short-term rentals•Attracts different kind of traveler than Airbnb•All platforms should follow same rules as AirbnbHow Sander views short-term management companies•Some companies legit, don’t take illegal listings•Others aggressive, must rent illegally to afford up-front payment Hosted on Acast. See acast.com/privacy for more information.

Airbnb has the capacity to change lives—for better or worse. This week’s headlines include an inspiring story of how the short-term rental platform has helped a Superhost from Tanzania afford schooling and travel, and even become an advocate for the Maasai culture around the world.Another story of Airbnb changing a host’s life for the better features Jasper himself. In an interview with the Huffington Post, he explains how he used Airbnb to quit his successful career in finance and travel the world. Today on the podcast, our newsworthy host is joined by David Jacoby, President and Co-Founder of Hostfully, to discuss these stories of Airbnb’s positive influence, as well as a couple of situations where vacation rental sites changed someone’s life for the worse: The Miami homeowner facing $500K in fines because his tenants listed illegally on Airbnb, and travelers who lost a lawsuit against HomeAway over a fraudulent listing.Jasper and David also answer listener questions about furnishing your Airbnb, offering suggestions regarding where to shop as well as ideas around branding. Listen and learn how to budget for your Airbnb furnishings and what qualifies as a business deduction!Topics CoveredArticle #1: Whatever Happened to … the Airbnb ‘Superhost’ From Tanzania?•Godwin Ndosi joined Airbnb in 2015•Rented rooms in family home for $15/night•200 guests in first year•Met people from all over the world•Became Superhost, built additional dwellings in backyard•Able to afford university, travel•Advocate for Maassai cultureArticle #2: These Homeowners Faced an Airbnb Nightmare as Renters Left Them Facing Huge Fines and Angry Neighbors•Miami Beach landlord rented to tenants who listed illegally on Airbnb•Homeowner fined nearly $500K•Airbnb slow to respond (until media coverage began)•Landlord had to find listing himself•Home also listed on new site, Vacayo•As cities develop best practices, homeowners should not be held liable for tenants acting illegally•More and more landlords do allow Airbnb•Platforms like Pillow facilitate win-win for renters, landlordsArticle #3: Section 230 Helps VRBO Defeat Claim Over Fraudulent Listing—Hiam v. HomeAway•Traveler booked listing on VRBO, sent wire transfer•Booking fell through, but money not returned•Judge ruled in favor of HomeAway•Communications Decency Act Section 230 provides immunity from liability for platforms publishing content provided by others•Precedent went other way in San Francisco (Airbnb not ‘just a listing platform’)Article #4: The Disgruntled Ex-Stock Trader Who Used Airbnb to Create a Jetsetting Lifestyle•Jasper featured as successful online entrepreneur•Left lucrative career in finance•Travels the world, financed via Airbnb•Continued focus on personal growth•Negative reaction led to next podcast interview with Airbnb opponentQ: How much should I spend on furnishings for my Airbnb? Where do hosts get their furnishings?•Discussed in detail on EP175•Hire local interior designer•Buy from local artists•Decorate around theme (branding differentiates your listing)•$5,000—$7,000 budget (depending upon location, theme)•Shop at IKEA, secondhand stores•Deduct purchases as business expense (30% off)Resources MentionedArticle #1: npr.org/sections/goatsandsoda/2017/09/02/547028077/whatever-happened-to-the-airbnb-superhost-from-tanzaniaArticle #2: cnbc.com/2017/09/01/airbnb-nightmare-homeowners-fined-after-renters-illegal-listings.htmlVacayo500 StartupsPillowGPFYP EP175: How to Integrate Airbnb in Your Real Estate Business... Hosted on Acast. See acast.com/privacy for more information.

Many Airbnb guests are looking for a chance to unplug and truly get away from the madness of modern life. David Fraser has developed a low-risk Airbnb model that capitalizes on this by building log cabins on his property, and he is keen to share his best practices with the Get Paid for Your Pad audience.David happened into the idea accidentally because his family had no place to sleep when they visited his country home outside Toronto. His mother sent him an ad for a cabin on Kijiji, and David began to wonder if such a rustic experience would do well on Airbnb when his family wasn’t staying there. He did a little market research by creating a listing, using stock photos of the cabin and pictures of the view from his backyard, and to his surprise, there was significant interest. David accepted his first booking and built the cabin from a kit—two days before the guests arrived!Nearly three years later, David has expanded his enterprise to three cabins and a shared bathroom facility. All the units have paid for themselves, and he is able to generate $4,000 CAD/month in cashflow. Today he explains how he developed the concept, from choosing a cabin to furnishings to maintenance. Listen to understand how David handles the seasonality of bookings and the potential for regulations down the road. If you are in the right situation, the log cabin model might work for you!Topics CoveredHow David developed the log cabin concept•Moved to the country•No place for family to sleep when visiting•Mom sent ad for cabin on Kijiji•Created Airbnb listing to test market•Received interest, accepted booking•Built cabin two days before arrival of first guest•Refined process, added amenities•Built two additional cabins and shared bathroomHow much the cabins cost•$4,400 CAD for the first one•Negotiated with European company for wholesale price on next two•Between $3,500-$8,000 CAD•All cabins are 105 ft² (don’t need building permit)How David furnishes the cabins•Queen bed•Writer’s table•Dressers•Heaters•Electric blanket, fan•Premium cabin has loft, A/C•Rustic theme (most furniture used)•Spend $1,000 per cabin on furnishingsThe process of building the cabins•David, his wife and father-in-law built in two days•Comes with complete kit•Ensure area is level•Could pour cement pad as foundation•David recommends 6x6 pressure-treated lumberDavid’s ROI•First year with single cabin, made $6,000 CAD (170% ROI)•Single cabin this year generated $8,000 CAD (200% ROI)•Additional cabins built this spring have already paid for selves•Made $4,000 CAD last monthHow David approaches maintenance•Changeover requires sweeping, change of bedsheets•Simple because no bath/shower to clean•Replace bedsheets as necessary•Few things to break, not costly to replaceThe seasonality of bookings•Didn’t anticipate bookings in January, February•Closed listing in 2016 while traveling•Kept open in 2017, still made $2,000 from January—March•Installed two heavy-duty heaters•May try pellet stoves this winterThe legality of Airbnb in David’s municipality•Hasn’t ruled for or against (only two hosts in area)•David is building up client base of regulars in case of eventual regulationsThe primary market for David’s cabins•People in nearby cities looking to getaway•One- or two-day tripThe benefits of the log cabin concept•Low risk•David is willing to chat about your specific situation, Hosted on Acast. See acast.com/privacy for more information.