If you’re not interested in someone living with you permanently, but you’d be open to a cash-producing visitor every once in awhile, Airbnb could be a great option.
On my podcast a couple months ago, I interviewed Victor Mangona, an entrepreneur who is making a killing on Airbnb. He lives in the metro Dallas area and rents out his home on Airbnb for a pretty penny. He and his wife Kate rent it out on certain dates when they are planning on not being there. “We are now making enough money to save 75% of our income each month and cover the cost of our mortgage,” said Mangona referencing their current Airbnb situation.
You may not want to rent your entire home to someone. Totally understandable. How about renting a room in your house on a non-permanent basis? A lot of people on Airbnb will rent a room in their home to business travelers who would prefer to stay in someone’s home than a hotel.
As a guy who travels a lot for business, I know that when I travel to major cities like San Francisco, Boston or New York, it can be hard to find available and moderately priced rooms. Take advantage of this business traveler market and start generating some income with the available rooms in your house! Depending on where you live this could mean some major cash in your pocket immediately.
How do I know if my place would do well on Airbnb?
“Airbnb is very location dependent,” said Mangona. “If you’re near a city center or an entertainment district, those places can Airbnb very well.”
Go on Airbnb and check out your area. Does your area have other similar rentals? If so, grab a handful of comparable homes and see how much they are renting for. This will give you a good basis for comparison and help you to price your home or available room competitively.
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