You can use Airbnb to make money off a property that you already own—even while you’re living there.
I had two interesting conversations this week about Airbnb.
The first was with a client who had bought a home a few years ago. Until recently, he had a roommate the whole time. When I talked to him, he wasn’t sure if he wanted another roommate or if he wanted to live on his own. He said, “I wish I could have a part-time roommate.”
I said, “Why don’t you do an Airbnb?”
He wasn’t sure, so I ran his address through our rent analyzer. We entered some information about the property, which has two bedrooms and one bathroom. If he rents out one bedroom on Airbnb, he could make $31,000 a year.
Another client had a property in West Philadelphia. He didn’t own the home he was talking about, so I entered my own address into the rent analyzer to give him an idea.
We could rent out two bedrooms but for some reason, in the center of Philadelphia, one bedroom makes more money than two. I guess there is not enough demand for two bedrooms on Airbnb. In any case, we would only need to rent the property 38% of the time to make about $34,000 a year.
So, there are different ways to make money with real estate. If you already own real estate, you don’t have to go out and buy another property, which is what a lot of people end up doing. You can become a real estate investor by using the property you already own and renting out a room on Airbnb.
If you have any other questions about Airbnb or Philadelphia real estate, just give me a call or send me an email. I would be happy to help you!