An Airbnb business is lucrative, but recently a tenant revealed the dark side of running one. The Tiktok video where he shared his experience with Airbnb from 5 years ago explains why it’s not everyone’s cup of tea to start one.
The guy in the video started by saying, “Airbnb is all the rage. Do you know that I started an Airbnb like five years ago? A business that did $1,000,000 in revenue five years ago. And everybody’s like, oh, it’s such a lucrative business. It’s such a good business.”
But it doesn’t end there as he says, “We got sued for $1,000,000. Yeah, we got sued for $1,000,000.”
He also answered the reason behind the lawsuit saying, “because the Airbnb insurance policy on every guest is guessed how much? $1,000,000, so the person literally booked with the intention that I’m going to sue Airbnb.”
In fact, the tenant or her customer did not even fall into the apartment. She fell in the apartment community in the parking lot and claimed that there wasn’t enough lighting.
So the guy asks, “What do we, as the business owner, have to do with that? They don’t talk about this.”
People now are preaching Airbnb as if it’s something brand new. You can make millions of Airbnb. It’s the highest return.
There is also the problem of “all these people who squat in the properties.” The guy says, “Imagine you have an Airbnb and you’re leasing out from an apartment community, right?”
With a squatter, you will have to go through an eviction process. And you never know how long the eviction process will take. 30 days, 60 days or even 90 days?
Many viewers also shared their opinions in the comments. One wrote, “This is why you don’t let anyone stay in your place for more than 30 days.”
Many of them were also saying that Airbnb used to be worth it for low prices but now the prices are just very high. So, “unless you have a huge group of people to split the price and a hotel isn’t big enough” don’t go for it.
Another viewer wrote, “I had a friend that had an Airbnb and a squatter stayed there during the lockdown of the pandemic it was such a nightmare for her. All facts!”
Do watch the video here:
@hamzainvests The Dark Side Of Air BnB. #airbnb #realestate #realestateinvesting #commercialrealestate #industrialrealestate#houstontx#lawsuits #airbnbnightmare
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