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Airbnb: From home share to $4bn global titan

Bungalow

I am going back to the roots of Airbnb with a home share this weekend, the global corporation has modest roots that still work just fine.

Simplicity and convenience, perfect!

I am touring Devon this weekend; there are disability-adapted holiday bungalows in the pipeline in both Dawlish and Plymouth so I thought that I would check out a local Airbnb offering.

The places that I manage in Portsmouth are all self-contained, I rarely meet a guest unless they want to but I thought that I would check out the true business of Airbnb by taking a room in a private home. For the princely sum of £32.00, I booked a new listing (20% discount) in a place called Chudleigh, convenient for my Devon adventure.

As a youngster, my travels were always DIY. Whether visiting my aunt's cottage with my family (BYO linen, towels and tea towels, clear up after yourself) or backpacking around the world I travelled light and kept it simple.

I don't really get on with hotels, they are too hot, air conditioning is too dry, windows often don't open or, if they do, they look out on noisy roads or car parks, there is also always someone clattering about. I am unimpressed by hotel features such as mini bars, TVs in bedrooms and I can't bear being watched over, even if they do call it service.

The Airbnb is great, spotlessly clean with a comfy bed in a quiet street. The host is a busy nurse who offers me a cuppa and a parking space that she had carefully reserved with her own car. Although I have brought my own breakfast along, she shows me where to help myself from her kitchen and explains that she will be away to work early in the morning, before I leave. I crack open my single serving G&T and settle in. Just my kind of thing.

The Plymouth bungalow is ahead of schedule, marvellous! I hear your enthusiasm but it has put an unexpected spanner in the works of the cash flow. Our splendid local builder (my apprentice threw away your kitchen so I will buy you a new one…) is finishing early in mid-March and needs paying, I was expecting some funds in in May. My business partner is re-mortgaging, in part to cover the renovations and adaptations, also due in May. Fortunately a property friend has come to the rescue with a short term solution and Jon-the-builder will be fully paid on time. This is nice problem to have in a business where time and cost over runs are common.

We have, of course, done more building work than we originally anticipated. The new blue render is on, over the external wall insulation so I am looking forward to seeing that, a few joists had to be replaced and the walls are mostly painted. We have a few more things planned. The place is on a corner plot, it has a fair bit of garden compared to my 'Pompey postage-stamp' that I am used to. I have my tools for a tidy-up tomorrow and really do need to think about the wall…the plot is surrounded by a wall that is an intriguing 'feature' combination of original 1930s base, additional courses of blockwork covered in Tyrolean and topped with those concrete cast pierced blocks in a flower pattern. The whole thing is white painted but heavily stained with what looks like black mould. In my initial enthusiasm I offered to repaint it myself so I will assess very carefully and report back on my decision. I think I may leave it to the professionals this time.

Notes from distant places
Long distance investing

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