While the upside is obvious, too often people jump in without being prepared for the effort and time involved in running a successful Airbnb operation.
Cherie Barber is the owner of Renovating for Profit, a company that teaches anyone how to buy and renovate properties for profit. Renovating for Profit now offers the online course Airbnb for Profit.
You can still make a profit, but you have to be very strategic about the property you buy and how much you spend on the renovation, and accurately forecast the price you’re likely to get.
Not all renovations will boost your property’s value. Spending on bells and whistles that buyers don’t care about is money down the drain.
Tiny houses require a large dose of ingenuity to bring out their best but fortunately there are a lot of excellent solutions on the market.