Posted over 4 years ago

How to generate extra income using Airbnb with your primary resident

Last year, my 1st reaction with Airbnb is “what the heck is that”. This year, I am hosting my rooms on Airbnb now and currently average about 300$ per month on cash flow for 2 months. I was like heck – 300$ is equal the cash flow on one of the house in my portfolio! I didn’t know that two empty - furnish ready room in my house can generate cash flow too!

The story on how the founder found Airbnb is pretty inspiring. I would suggest that you would google it up. I will share my experience with Airbnb over the last 2 months

How to get started: Very easy. You would just go to www.airbnb.com and sign up for an account. After that, make sure you verify your identity by offline ID, then linked all the social media into your account to increase credibility. After that, you will have to take very good pictures to upload, then analyze the market around your listing, pick a reasonable price and…list it!

Accepting your very 1st guest

Review play a big part when a guest is looking to book your listing. Since you don’t have any review yet. You would have to make the guest feel comfortable by putting up all the pictures and write a very detail description about your listing. If all failed, reducing the price just slightly below your competitors is also a good way to get your 1st booking.

Communication is also playing a big role as well. For me, I will try to respond to the guest within an hour of inquiry.

Hospitality

The easiest way to accomplished this is to treat people how you want to be treated. What would you need/want/expect to have from a host? I would want a clean bed/bath room. Friendly and welcoming host, free Wi-Fi, clean towel, phone charger if I happen to forget mine, etc… You should be able to get a good review from your guest once the booking is completed. Don’t forget to give your guest a nice review as well.

Continue the adventure while making yourself comfortable

It is your house after all! If you can’t sleep because there is a stranger sleeping next to you, then don’t do it. If your guest doesn’t have any review or have no verification, or doesn’t have great communication, simply denied the booking request.

I feel awkward on my 1st hosting but the feeling eventually went away and you can actually start enjoying it. Airbnb claimed on the website that their platform is actually “smart”. It not only take your input but analyze your social network to see what kind of network/association you belong to and try to match you with the right guest. Since I am working in the IT field for Oil and Gas industry. My guest is either related to IT or Oil and Gas so we always have something to talk about. The last booking even get crazier as my last guest is actually a member of bigger pocket! We even attended the same syndication seminar event! What a small world it is.

Not sure how this will turn out in the long run but I think if you are looking to start in real estate and looking for a side hustle to generate extra income. Airbnb might be the answer. Heck, treat it seriously and you could become a king or queen in vacation rentals. Who know!

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Comments (8)

  1. I've been contemplating using Airbnb for my DC home. While having a year long tenant under lease generally provides stability in rental income, having the flexibility of being able to stay in the house or have family use the house when vacant is appealing. The caveat is that I really don't know what to expect from using Airbnb. Will the house be booked at least 10 days each month to meet the desired revenue? Will the turnover of people put additional wear and tear on the house? What will the turnover process look like? All questions that have me err on the side of caution.


    1. Cedric, I had the same concern as you are. You should reach out to Scott Sutherland. He recently was on the Podcast regarding vacation rental and i had a chance to meet up for lunch in Austin. He is awesome.


  2. Yes, AirBnb is a great way to TRIPLE you cash flow and get rid of tenants and toilets.  You can systematize  the business so you never have to be there!  All my rentals are switching over!


    1. Please share some story Duncan I would love to see how you do it!

  3. @Huy Nguyen

    You are killing it!  Way to go on figuring out more ways to profit. 


    1. Thanks Doug! I wish i knew about Airbnb earlier


  4. I was thinking of doing this myself. May home has to empty rooms, a home theater, gym and a swimming pool. I am thinking of advertising the

     two empty rooms with access to the amenities. I signed up for an account a month ago but have yet to complete the profile. I think may give this a shot.


    1. that is too nice Mike, You would have blown me away if we are competing in the same area! love the pool