How To Make Money With Airbnb (Over $10000 Per Month!) near Michigan

Published Oct 14, 21
4 min read

How To Make Money With Airbnb In 2022 near Michigan


I am a millennial who graduated from Ohio State and was a real estate agent before moving to Los Angeles. While I’m not the largest Air, Bn, B host by any means, I believe many people looking to get into the Airbnb business are similar to myself. Within 2 years I have amassed over 500 five-star ratings and generated a six-figure income with a minimal investment in both time and capital.

If I can manage my Airbnb listings from across the country, you will be able to manage it while having a full-time job if you choose! What is Airbnb? Airbnb began in 2008 as an online marketplace to arrange lodging between individuals looking to rent out their space and those looking for accommodations.

how to make money on airbnb without owning property by Air bnb - issuuThe 6-Step Model to a 6-Figure Airbnb Business (Without Money to Invest)

The truth is, you don’t have to have experience or a ton of capital to get started. The sharing economy is in its primitive stages right now and if you get in on this side hustle while the market is yet to be saturated, you can build a nice nest egg for your journey towards financial independence.

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Travelers need an affordable place that they can rest for a quick trip to town or an alternative option to corporate housing if they need longer accommodations. Airbnb was created with a sharing economy in mind – it started out just as a small startup in San Francisco but is operating more listings than the largest hotel chains in the world! Should I Become an Airbnb Host? Airbnb Profits! Where do you fit in this equation? Airbnb is almost completely dependent on potential hosts like yourself.

How To Make Money From Airbnb Without Owning Any Property near MI

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Over the past few years, the popularity of Airbnb has continued to rise resulting in a shortage in inventory on Airbnb. As a Super Host myself, I have seen my occupancy rates shoot up to over 90% during peak demand months! Even as I increase the price of my listing to allow my cleaners some rest time and allow for renovations, it seems like the demand never stops.

Don’t try to rent a fancy mansion in the middle of nowhere. You need to understand your market and make sure you can cover the expenses you incur. Traditional Lease vs. Short Term Airbnb Rental The example will assume we are financing the property, but if you need a low capital venture you can rent the property.

Most properties around that area traditionally rent to students at a 1% of property cost when it comes to monthly rent. That means a house that is worth $300,000 will generally receive $3,000 in monthly rent – while it seems like it wouldn’t be a significant return, you have to remember that you wouldn’t actually be investing the full house value.

By leveraging your debt capacity, you will be able to effectively invest more money than you would otherwise be able to. Still, need convincing? In this article, Grant goes over how you can create a real estate empire. You can also get some more detailed information regarding the specifics on stepping into real estate investing (avoiding PMI, expansion, etc).

How To Make Money From Airbnb Without Owning Any Property in MI

You can easily find properties in thriving markets for under $150,000. Traditional Tenant Revenue Assuming you find a traditional tenant for a 12-month lease at a rate of $3,000 per month, you would have a revenue of $36,000 for the year. Of course, there will be expenses that you will incur.

That takes away $3,000 from our revenue. We also will have to either pay a management company or value our time when it comes to managing the property. Management companies will charge $500/start and $100 per month for full-service management. Accounting for those expenses will leave you an approximate revenue of $31,300 for the year.

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If you’re thinking that’s a bit low and you’re 100% right. The return of 10. 42% is not our actual return. Remember those 12 monthly payments we made? Each one of those payments has unrealized principal included in them. That means if we were to sell the house, our basis would be the balance minus accrued capital cost reduction! In simple terms: we’re paying off the house by making these payments! In addition, if you file your property on your taxes as an investment property your CPA will be able to deduct interest expenses, depreciation, and other costs from the total revenue generated by the property.

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