Airbnb - The Ultimate Rent Hack
I think Airbnb is probably one of the ultimate rent hacks out there today and certainly one of the easiest methods to bring in a little extra cash on a regular basis.
Do you own your own home and have extra space? Or rent a home and have extra space?
Last year my husband died after a short battle with cancer and we struggled financially and I took a job in addition to selling real estate but it wasn’t enough to pay the bills. I looked around and have been applying for other opportunities but nothing has come my way. Then a friend of mine asked me if his son could stay with us for a few months and he would pay me $600 a month. When he moved out and went on to his next rotation I came across Airbnb.
I listed my spare bedroom on Airbnb, they recommended a nightly price which I thought was really low compared to others so I listed mine for $30 per night. I got a twin bed and a folding table and chair and put a drawer unit in the closet and some hangers. I bought some new towels and sheets, pulled a quilt out of my pile of quilts, took some good pictures of the room, common areas of my home and outside and listed my spare room for bookings. I got my first booking the day I put the room up. My first guest was an older woman passing through on her way home from visiting her daughter. She stayed one night, then I had another guest for 9 nights, a nurse waiting to settle on a condo. A couple more one and 2 night guests until my current guest who will be with us until the end of December. I have not had a vacancy since I started. One of my guests recommended I also list my futon in the basement as well. I listed that for $15 per night and it is now occupied through January.
After fees and discounts for long term bookings I am netting about $1050.00 a month for doing virtually nothing other than welcoming pre-screened guests into my home. I have met some of the nicest people too.
Let me clarify though. Even though this is called Airbnb you don’t necessarily have to provide breakfast for your guest. In fact, I have only provided breakfast for my first guest, none since. My current guest even came with his own sheets, blankets and towels.
The platform is extremely easy to use. Your guests are pre-screened so you know who is coming along with a picture and phone number and they pay in advance. The money is then deposited to your account or a prepaid credit card that AirBnB arranges for you on the first night.
You will need to check the residency requirements in your neighborhood. Some communities have restrictions like no more than 4 unrelated parties in a household. If you live in a townhouse community or condo you may want to check your bylaws to make sure you aren’t breaking any rules.
You will also want to consult an accountant familiar with real estate to see what and how much you can include in your income tax.
If you get a referral from an existing Airbnb host like myself you can also get a bonus for offering accommodations in your home. Just ask me to send you an invitation.
If you are thinking of buying or selling an home in Maryland give us a call at 410-292-0100 or start your search here and we'll talk about the market conditions and what your home could possibly be worth in today's market place if you are thinking of selling. If you are considering buying a home, there is no better time than now to buy. The tax savings and wealth building alone is worth the plunge into todays market. Remax New Beginnings and I are connected with some of the brightest and best real estate agents in the world and can assist with your move here in Maryland or anywhere in the United States or abroad. Ask me how.
June Piper-Brandon ~ Associate Broker ~ CDPE, CIAS, ePro, MRP
Remax New Beginnings