Rental houses

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FarmerShell

FarmerShell

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What do ya'll think a farm house 3 bedroom 2 bath would rent for? Would you do air BNB or hunters? I don't want long term what yall think?
 

D2Cat

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Shell, you can go to "Zillow" (or a couple of other real estate info pages) and enter the address of the property. It will give you a lot of information. If the property has not been sold for a few years the numbers are usually off quite a ways. It also states what the property should rent for.

With the current housing situation Zillow's numbers are off farther then normal, so you have to do some due diligence by calling other similar properties for rent to see what they're doing.

To give you an example of how far off Zillow can be, a year and a half ago we wanted to sell a property to the tenant. Zillow listed the value at 178K, an appraisal determined the value at 210K.
 

Atimm693

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What do ya'll think a farm house 3 bedroom 2 bath would rent for? Would you do air BNB or hunters? I don't want long term what yall think?

Varies way too much depending on the area. Could be $500, could be $2000.

Air BNB would be better for the short term, but it's more work, and it'd need to be in a location where people actually want to stay. I don't think many people want to vacation in BFE.
 
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FarmerShell

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Varies way too much depending on the area. Could be $500, could be $2000.

Air BNB would be better for the short term, but it's more work, and it'd need to be in a location where people actually want to stay. I don't think many people want to vacation in BFE.

Very good point. We have some attractive I guess if you like shithole lakes 😬 🙌🏾and 110 restaurants.... few shopping... gambling fairly close within 30-45 minutes. I guess some things, close to the interstate. I'm thinking.... some good things maybe.
I don't want go in great details but ya think you know people and than apparently aren't what you thought..... thats all I'm saying about that. Nice renter we had took the cleaning supplies, mops, ect. 🙄🤦🏽‍♀️ Its not so much about the material items just I didn't expect that from trying to help a friend.
Over all my feels are hurt about the situation.

ANYWAYS! Can't beat a dead cow guess we move forward.
 

Ky hills

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We are currently doing Airbnb with a house and long term rental with another. I would ask around locally what some comparable houses are renting for. We were way under pricing our long term rental, and have now done some upgrades and upped the rent the last time it came open. We were in similar situation with some folks we thought we knew, they were getting a good deal and were not respecting the property at all. The folks we have now are paying more and are keeping it up much better.
It’s still early for me to judge how the Airbnb will work for us. We had some millwrights that stayed there for almost two months working at a local power plant earlier in the spring. Since then we have had a few weekend or overnight bookings. I like the short term rental idea for that house as it is directly in front of ours and I don’t really want a long term situation that close. It is more work and some startup expense. The various taxes and fees are 13% so you have to charge enough to justify the work. We are in an area close to town but in the country, around 20 miles from Lexington and about 35 from the Red River Gorge. I think probably if we were right at either it might possibly be a better contender for steady bookings time will tell. If we are able to rent it out each weekend in a month then that puts it on par with a long term rental. If we could consistently rent it 4-5 nights a week it would be significantly more income than a long term rental.
 
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FarmerShell

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We are currently doing Airbnb with a house and long term rental with another. I would ask around locally what some comparable houses are renting for. We were way under pricing our long term rental, and have now done some upgrades and upped the rent the last time it came open. We were in similar situation with some folks we thought we knew, they were getting a good deal and were not respecting the property at all. The folks we have now are paying more and are keeping it up much better.
It’s still early for me to judge how the Airbnb will work for us. We had some millwrights that stayed there for almost two months working at a local power plant earlier in the spring. Since then we have had a few weekend or overnight bookings. I like the short term rental idea for that house as it is directly in front of ours and I don’t really want a long term situation that close. It is more work and some startup expense. The various taxes and fees are 13% so you have to charge enough to justify the work. We are in an area close to town but in the country, around 20 miles from Lexington and about 35 from the Red River Gorge. I think probably if we were right at either it might possibly be a better contender for steady bookings time will tell. If we are able to rent it out each weekend in a month then that puts it on par with a long term rental. If we could consistently rent it 4-5 nights a week it would be significantly more income than a long term rental.
Exactly. Same situation. It's different when the house is by your personally home versus somewhere else. How did you screen your airbrb or does the website do that? I'd love some workers for a few months. As long as they didn't tear anything up or doing dope. We talked about this before. Dope is a bad thing in our area. I can't handle somebody doing taking all the stuff apart. 🤦🏽‍♀️
 

Ky hills

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Dope is real bad around here too as well as folks that just plain live trashy. We had a situation where some local people approached through Airbnb about renting for a month. Their story sounded fishy and Airbnb actually sent a warning email. My wife had responded with some questions and we didn’t hear anything more. You can accept or decline any reservation, and block off any calendar days that you want too. It’s kind of a balance, we have ours priced on the higher end. Idea being that that may hopefully weed out some of the folks that may do property damage. My advice would be to not let customers talk you into renting outside of Airbnb, because there are some protections in place through them, especially in that they collect the money, and if there is damage you can report it to them.
So far the folks we have had as guests have all been good situations.
 

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