Omaha residents look to Airbnbs for building generational wealth

• Short-term rentals in Omaha are gaining popularity as a path to generational wealth.
• Cornelius Levering aims to buy and operate an Airbnb to inspire family home ownership.
• Expert advice includes working with a realtor, themed rentals, and joining online groups.
  

BROADCAST TRANSCRIPT:

Short term rentals in Omaha are becoming more and more popular and in Dundee one neighbor says he wants to turn his passion for hosting and traveling into a business.

He and others are trying to use these rentals to build wealth for their families for years to come.

"I kind of have a larger vision where I would kind of hope to do that or create something like that, here in Omaha," said Cornelius Levering.

Levering is a renter in the Dundee neighborhood. Now, he wants to be a buyer. Not a place for him to live but to be a great host and build generational wealth in a way his family has never done before, through home ownership.

"I feel like I will influence my nieces and nephews and their trajectory, so these are my siblings, you know, children on whether or not they become homeowners as well," said Levering.

KMTV wanted to learn more about the process of owning and operating one of these rentals, so we met with Carly Cummings owner of the Fox House in Dundee.

"We had a real estate agent just kind of look in, in areas of town that were walkable and would be a great experience for someone who wanted to come into Omaha," said Cummings.

Her advice to people looking to enter the short-term rental space is to work with a realtor, come up with a theme for your rental to set it apart, and join Facebook groups with other short term rental owners for advice.

"To people who are interested in running an Airbnb or short term rental is to know that it's not passive income. It is something that takes a lot of effort," said Cummings.

According to AirDNA cost estimator, a 3 bedroom short term rental like this one in Dundee would bring in about 27 thousand a year. There are cleaning and operating costs at just under 7 thousand, so the yearly take-home is about 20 thousand dollar in revenue.

"Right now the biggest hurdle would just be, you know, not having that knowledge of knowing how to go about and do it right," said Levering.

Levering is still looking for a home to purchase so he can start his short-term rental.