Earning Money with Airbnb is Even Easier than You Think |
Posted: January 13, 2019 |
If you've ever wanted to invest in real estate but never had the money to get started, then you may want to consider becoming an Airbnb host. I started with a spare room last year. Just renting 1-2 days per month has enabled me to earn an extra $300-$400! I've even been able to find long-term roommates as an Airbnb host. The Airbnb platform can truly open doors for people with extra space who want a way to earn passive income. Just think — what could you do with an extra $300-$400 a month of passive income? You could travel more, start a business or even pay off all your student loans or credit card debt. You might be thinking, "Sure, Airbnb works great for you. You are a homeowner. I can't be an Airbnb host because I don't actually own any property." While it might be ideal to become and Airbnb host when you actually own your home, it's not entirely necessary. If you rent your apartment, you could “Airbnb” an extra room to help you make your rent. Again, saving as much money as you can will help you reach your financial goals much sooner. Airbnb hosting can help. If you go this route, make sure your make your Airbnb listing clear. Let potential guests know they are coming to your home where you still reside and may be present while they are visiting. You may also want to check with your landlord to make sure that subletting rooms for the short term is a sanctioned practice. You may be in a position where you don’t actually have extra space to actually rent out in your apartment. This still doesn’t disqualify you from being an Airbnb host, it just means you have to be a little more creative. You’ve got a few options. The first thing you could do is rent out a non traditional space. Airbnb is full of unique listings that include tents, RVs, tiny houses, bubble domes, bamboo bungalows and more. If you’ve got access to inexpensive land — which you could buy or rent, then you can become an Airbnb host. In fact, since your listing is probably especially unique you may get better than average booking rates as well. Finally, you could get into the world of hospitality via Airbnb rental arbitrage. That’s where you lease a space for the sole purposes of letting it out for short-term rentals. This practice is totally within the Airbnb’s terms of services and many landlords are warming up to the practice. The first thing you need to do is clear your intentions with the landlord. You don’t want to sneak around and build your Airbnb hosting business on a shaky foundation. You want all your focus to be on finding the right space and managing it for maximum profit. Worrying about operating against your landlord’s wishes will only add stress to your business. In this case, you’ll want to work with landlords who are ok with your business plans. This may mean you have to approach many landlords before you find someone an ideal business partner. You can sign a standard lease or a profit sharing agreement. Once this is done, you’ll want to furnish and supply your Airbnb space with items that will make your guests’ experience a good one. Here’s an Airbnb hosting checklist and Airbnb hosting tips to get you started. So, as you can see, there are tons of ways to become an Airbnb host without owning property. You’ll have to choose the one that works for you.
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