Airbnb: A 21st-Century Goldmine by Andrew KeeneMy rating: 3 of 5 stars
The concept of offering a cabin as an Airbnb rental is intriguing to me. My rural hometown has no current short term rentals, no nearby hotels, no B&Bs. It is in a place with plentiful tourist activities, a key annual event that draws thousands, history, restaurants (well, taverns), great scenery, and it would be the closest traveler housing to a few large plants. As for culture, there’s a big plastic statue, and those taverns. I know people that could operate such an establishment if I’m not nearby. I’m sensing an unmet need and opportunity. I chose to read this book to get an inside view on how Airbnb worked from someone who is making money at it. The author owns a handful of units that he rents out, in different cities. He provides information on the steps that it takes to choose property, to make the investment work considering different financing options and pricing options, to handle the day-to-day operations, creating descriptions and marketing your rental, and handling risk. As a bonus, he also describes how he has used Airbnb rentals in his own travels, including some hints as to what to look for. The author hires out a lot of the day-to-day operations, so while he describes what should happen and while he has some anecdotes, I wasn’t completely comfortable going on his analysis. Additional research will be required. But that’s not to say this isn’t a good introduction – I think it does a great job of describing the pros and cons of entering this business, and provides a glimpse into the life of one who does this with what appears to be a very good return.
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