Kevin wants to invest in real estate. In this episode, Kevin shares his experience of his first Airbnb.
Kevin Daisey (00:01):
What I’ve learned from my first Airbnb.
What’s up everybody. This is Kevin Daisey here. So I have an Airbnb and it wasn’t really the intention. We bought a house. Me and my wife bought a house from family. It was for owners in this house. We bought everyone out and we owned it on our own and it was a second home somewhere. We can go to vacation and hang out. And it’s, a small area island off the coast of Virginia called chin island. And it’s a cool little spot, cool little place, but we bought it and started fixing it up and coming outta our pocket, we paid for the mortgage. We paid for expenses and we never intended to rent it. It was our place, our house, our stuff, and we didn’t want to rent it. Well, I really wanna get into real estate.
Kevin Daisey (00:55):
I want to invest more in real estate. I wanna get into rentals, but in order to get there, I have to have extra cash and extra money to be able to do that. And so I talked my wife into letting us turn our place into a Airbnb, and we were gonna test that out and see how it went. So we actually listed it, I think, available for June of 2022. And we immediately started getting bookings. As soon as we got it on Airbnb, we hadn’t finished the listing yet. We, still needed photos and information and, and didn’t really know all the things that fill out. So, but we started getting some bookings. So I had to immediately go in there and raise the rates and make sure that we’re charging enough. For some of the weekends that are like, you know, hot weekends or 4th of July and stuff like that.
Kevin Daisey (01:48):
So what I’m gonna do on this episode, I’m really just sharing you with you, what I’ve seen so far, how much money it’s made us and what we plan to do going forward. So, first off what I did is I set up an account called real estate investing. And every dollar we make goes right into that account and that’s to buy another property now, right now, 2022, the market’s not a great market for someone like myself, trying to buy a rental property at a good deal. Because the market’s crazy, right? Everyone’s offering cash no inspection waiver asking price. And that’s hard for me to, to swallow. Like I want to get a deal and I want something that can be rented right away. So that’s something I’m looking into purchasing other ones, but we’re gonna wait till we have enough available to us to buy another property. We have tons of equity in this property already just because we bought it about two years ago. So I’m not here as an expert on this, but we’ve done it. And we’ve already made quite a bit of money in a short period of time. And that’s gonna help us not just pay for this house for the whole year, but also
Kevin Daisey (02:58):
To have all the money we need to buy the next property without touching any of our savings or anything like that. So we listed the house as a two bedroom house with a queen pullout it’s on a desirable place, a Shig island. So it’s a small island in Virginia and we did some slate updates. It still kind of got that rustic kind of beach house feel. But we, we did all the updates that we could. So we listed this thing. We put, you know, the photos up there and we started getting rentals pretty much right away. To date, we have it rented for 38 days total. So just over a month and I’m, we’re charging 2 55 a night for this house. It’s a small little house. And the mortgage that I have is around $980 a month. So we’ve gotten 38 days, which has totaled about $9,000 that we’re gonna get paid out from Airbnb.
Kevin Daisey (04:00):
So that’s almost the mortgage for the whole year in just 30 days of rentals. Now we still have other months in the summer, and then we we’re gonna rent it throughout the fall and winter, which people do go there and rent. So we got opportunity to pay for the house and then profit a lot on top of that. So this is just us tinkering around with it. We also didn’t rent it out for April and May and June, like this is just July and part of August at this point. So next year, if we really wanna make a lot of money and capitalize, we’ll have it ready to go early and have it listed all year round. And we can probably make, you know, 20, 25 grand or more on this one house. So what I’ve seen so far as pretty amazing we’re excited that we did it.
Kevin Daisey (04:51):
We’re still a little nervous on having all these renters in our house. So we’re gonna see how that goes. But the goal is to get another house that we don’t have any emotional tie to, and we can just rent those out full time. So this is a stepping stone for us to get into another place and to get into bigger, bigger properties multi-unit and things like that. So, so far our Airbnb fricking awesome. We’re again, 30 days or so we’re almost paying for the house for the whole year, which is just insane. So look at Airbnbs, look at full-time rentals. Look at multifamily apartments, things like that. You can crush it out there. So that’s where we’re going. I’m hoping to have more properties here in the future and I’ll share more in a later episode.