People looking to earn some extra income can sign up to Airbnb as a host and rent out an unoccupied room for the night. But what if you do not own a house? Can you still earn six figures a year with the short term rentals?
According to those who tried it, you can still host room rentals without owning property. Brian Page, the creator of BNB Formula, has been making thousands of dollars a year by renting out properties he does not own.
Start with One Room
Some people sign up to become an Airbnb host out of necessity. Brian chose to rent out space his roommate left behind as he needed to pay the entire rent on his own. Soon, he was able to pay for all his expenses, including his utilities.
In the same way, you do not have to build an entire hotel or inn to earn from Airbnb. One room is enough to launch this lucrative business.
What you need to do first is to set up a proper listing on Airbnb. Register the room you plan on renting out and start your business.
Look for Properties for Rent
When your listing starts taking off, do not feel pressured to purchase a property to add to your listing. You can just rent more apartments or condo units.
Find an already furnished property so you will not need to capitalize on furniture and furnishings. You will just need to buy the essentials like shampoo, soap, coffee, and water to start accepting short term renters.
Approach People Renting Out Their Properties
Some owners of apartment complexes would like to set up their own Airbnb listings, too. But for some reason, they cannot set up a rental space of their own. Or they don’t know how to rent out their property. That is where you come in.
Work out a deal with them where you can manage their listing for them. This way, you will be able to utilize the area and earn money at the same time.
You will be the one to check guests in, answering guest queries, and turn over the property to the next guest after checkout.
Of course, this does not bring in as much income as renting out a room in your house or apartment, but you will still be able to earn a decent amount from this arrangement.
If you decide to quit your job and continue managing Airbnb listings, then you can free up your time to rent and manage properties.
With this arrangement, you look for places to rent and manage them yourself. You will not need to buy these properties to list them on Airbnb. If you are not too keen on using your home for short term rentals, then this is another option for you to explore.
Airbnb House Sitting
Some homeowners put up their house for transient renting on Airbnb, but are not always there to look after the property. That is especially true for owners who go to different countries a lot of times in a year.
In cases like this, homeowners already manage their property well, except that they will need someone to housesit when they are traveling. That is when you can do it for them.
Managing an Airbnb business does not have to cost you thousands of dollars to buy a property. There are various properties you can rent or manage to put up on the hosting site. You can still earn money even without owning a property.