Do you want to learn how to make money with Airbnb? Today’s guest post comes from Dave B., who is an investor and owner of the Afford Everything blog where he shares how he and his fiancée went from living paycheck-to-paycheck to building wealth. If you’d like to submit a guest post on Money Q&A, please check out the site’s guest posting guidelines.
Last year during the renovation of a 1940’s bungalow my fiancee and I purchased, we learned about Airbnb. We had just come back from a vacation in which we stayed in one as guests. As an investor, the Airbnb business model intrigued me. This got my wheels turning, “Could I be an Airbnb host?”
How To Make Money With Airbnb
This question was the beginning of what we would later dub the Airbnb experiment. We didn’t know anyone personally hosting on Airbnb, but I was willing to give it a shot. After over a year of hosting over 120 guests, I am glad I gave it a shot here are 5 reasons I prefer to rent my rental properties on Airbnb
Get to meet new people
As an Airbnb host, I have met so many wonderful people from all walks of life. Many of which from overseas, so at times there is a language barrier, however, 95% of all my guest are an absolute pleasure to deal with. If you’re an extrovert and enjoy meeting new people, Airbnb is a great way to do it.
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More monthly income
If you live in decently populated town, chances are there are enough people traveling to your area that will be looking for accommodations in your town.
In my city, a 2 bedroom house that would rent for $800 a month, that same property on Airbnb would rent for $80 per night.
Let’s do the math assuming we can book 20 nights per month. 20 x $80 = $1600. Even when figuring in utilities modestly at $400 per month, you still end up with $1200 for the month.
You get to keep an eye on your property
When you rent a property as a traditional landlord, aside from inspections you never know what damages the tenant might be causing.
As an Airbnb host, I get to see what’s going on with my property every time a guest checks out. If there are any new damages I know where they came from and any maintenance issues can be addressed in a timely manner.
Have a place
It’s nice to have a place that’s fully furnished, that you can slip away to for a staycation. It’s also nice to have a place to offer family from out of town. We are lucky enough to have rentals near the beach so if we want to slip away for the weekend, we can reserve the time and reap the benefits of having an extra accessible house.
Don’t have to worry about getting paid with Airbnb you don’t have to worry about getting paid. All travelers prepay for their trips at the time of booking. Once the guest books your place, Airbnb holds the payment and releases it to your bank account as an electronic transfer 24 hours after your guest checks in.
Airbnb hosting has been equally exhilarating as it has been lucrative. If you aren’t ready to take the plunge and Airbnb a whole rental property out but want to experiment, here are 4 tips for homeowners renting out a room. Have you ever hosted on Airbnb? Let me know in the comments below.
Do you know how to make money with Airbnb? What’s been successful for you?