Empty Office Buildings - What's Next?

And now it's time for Beyond the Basics, in which we bring your real estate knowledge to the next level.

And today, becoming a short-term landlord by owning your own Airbnb, VRBO, or some other short-term rental.

The idea is very attractive to many investors since there's a chance you could make big money.

In some cases, bigger money than a year-long rental could provide.

But there are challenges too.

So before you buy, do your homework.

Know the rules about what's allowed, what's not allowed, and also whether any proposed laws about rentals might affect you.

Also, make sure you know the tax situation where you plan to buy.

That big income might be chipped away by state, local, and federal taxes because after all, That rent is taxable income.

Okay, but say you do the homework and understand the rules and you go for it.

Congratulations, a very exciting move.

So let's get it all set up.

Now, before you register the property on Airbnb, VRBO, or some other site, get it all ready.

And right away, make sure your insurance company has written the right policy for short-term rentals.

A regular homeowner's policy probably won't cut it.

Next, put a smart lock on the door.

Keys are so 1990s.

Smart locks are the way to go, and we'll have more on that in just a couple of minutes.

Next, make sure everything is working perfectly.

The AC and the heat, the appliances, the hot and cold water, the grill, and the internet if you plan to provide that.

And make sure the instructions and the passwords are crystal clear and easy to locate.

Then, make sure to stock up the place.

Bath towels, several sets of sheets, paper towels, TP, pots and pans, cooking tools, and more.

It's so important to stock it up right.

I'll never forget the time I rented an Airbnb which had a very nice gas grill, but the only spatula in the place was made of plastic.