Hey there! Today, I want to share an inspiring story from Boris and Susan, who bought their first real estate property in 2017 and became Airbnb hosts. Their 4-bedroom home brought in $120,000 in revenue in the first year. Now, they host nearly 10,000 guests annually across all their properties, managing everything remotely. Here’s how they did it:
### How It All Began
For a long time, real estate wasn’t on my radar. I enjoyed renting and the flexibility that came with it. But when I met my wife, Susan, she had a different perspective. Growing up in China, she believed in owning property as a key to financial security. When she moved to the U.S., she kept that mindset. We met in late 2013, and by 2015, we were dating and discussing real estate and financial independence.
For Susan’s birthday, I rented a houseboat in Seattle on Airbnb. We loved the experience so much that we considered buying our own houseboat to rent out. Although we didn’t know how to proceed initially, the idea stuck with us. When Susan decided to move out of her condo, we looked at our options. One night, I found a 36-foot powerboat on Craigslist that seemed perfect for living aboard. Surprisingly, Susan was intrigued by the idea, and within two months, we bought the boat, moved into a marina, and started a new phase of our lives.
### Our Journey Into Semi-Passive Income
Living on a boat was life-changing. It wasn’t always easy, but it was special and beautiful. We had the best of both worlds: convenient city access and lower living costs. While living aboard, we realized we wanted more freedom and flexibility. We started thinking about generating income through Airbnb. We had used the service many times and considered renting out our boat, but the marina didn’t allow it.
When an acquaintance mentioned a property for sale, everything aligned, and we decided to buy it. We learned everything we could about being successful Airbnb hosts, from decorating to hiring reliable housekeepers. To our surprise, our first property generated over $7,000 in monthly revenue in the first month. We knew this was a game-changer.
### Scaling Up
Encouraged by our success, we decided to acquire more properties in different cities. Real estate prices were more affordable elsewhere, and we wanted to spread our risk. Over the next three years, we bought five more properties across the U.S., hosting 10,000 guests annually and managing everything remotely.
### Our Hosting Strategy
Before the pandemic, we focused on renting out properties by the bedroom during the week and as a full house on weekends. This kept our occupancy rates above 90%. We automated guest communication, check-ins, housekeeping, and price management using various tools.
### Adjustments During the Pandemic
When the pandemic hit, we had to adapt quickly. We increased the maximum stay duration to 90 nights, offered discounts for longer stays, and explored other rental channels. We also implemented intensive cleaning procedures. As a result, our occupancy remained above 90% through the worst months.
### Supporting Our Team
We supported our housekeepers by ensuring they had stable pay, even with fewer turnovers. This was crucial for maintaining long-term success and supporting those most vulnerable during the crisis.
### Looking Ahead
We believe the effects of the pandemic will linger, but it also presents opportunities for real estate investors. We expect a shift towards more domestic travel and traditional vacation markets. While we’re not in a rush to buy more properties, we’re preparing for future opportunities.
In summary, once things settle down, there will be significant opportunities for those prepared to act. Are you interested in buying real estate to rent out? What about becoming an Airbnb host?
### About Boris & Susan
Boris & Susan are experienced Airbnb hosts and real estate investors, hosting close to 10,000 guests annually. They manage their properties remotely while working full-time. You can learn more about their journey and get tips on launching and automating short-term rental properties at BuildYourBnb.com. Feel free to email them at hi@buildyourbnb.com with any questions!