There are so many success stories of people who have turned their Airbnb Investment into a full-time income. When I first heard about Airbnb, I thought it sounded like a great idea. I have used Airbnb for short stays and enjoyed the experience. INow I'm also an invester. Imagine turning your investment property into a money making machine that generates quick cash every month. I’m always on the lookout for smart and safe investments for my clients and myself. So, this is why you should take a closer look into Airbnb.
How Airbnb Started
Airbnb was established in 2008 by Brian Chesky and Joe Gebbia. They both were from San Francisco and quickly discovered that they couldn’t afford their rent. To make some money, they inflated an air mattress in their living room and set up a website to rent it to travelers as an alternative to expensive hotels. It's been estimated that Airbnb is worth at least $38 billion now an IPO that may come soon.
There are currently more than 4 million Airbnbs worldwide and Airbnb has been strengthened its holdings and systems by buying smaller companies.
Renting Your Property
Some property owners are using Airbnb to rent out their entire home for short lengths of time at per-night prices. They are doing this because they can get more for their property then they could rent it out every month. As an example, some people can rent out an entire house for $500 per night. If you were to rent that out every day a month, you could make around $15,000. Consider that long-term renters for the same house might fetch only around $1,700 - $2000 per month.
Becoming a Host
Owning a property dedicated to Airbnb makes total sense. However, you will have to invest some money, time, and labor to get the returns that you want. Some people hire a management company to help them with maintaining the property and cleaning up after your Airbnb guests. The great news is that you can charge a cleaning fee and Airbnb will make sure you are protected against property damage.
It’s a great idea to research your area's local rules to see what might apply to you. These regulations could include required licenses, fees and taxes depending on your city.
Depending on your neighborhood, renting out a property via Airbnb might not be feasible because there's less demand for short-term rentals. It's a great idea to consult with a local realtor to understand which areas are best for investing into. If you live in an area that has plenty of tourists, using a property for Airbnb can make you plenty of income. In my opinion, you can't go wrong with real estate investments.
Start your investment portfolio with Mike Bolger from Chestnut Park West. I will do all the work finding the the ideal properties to invest in. I also have an extensive network of professionals that will save you time and money. Contact me today to learn more.
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