Why making money from Airbnb is not as easy as you think!
Before you consider turning your property into a “passive” income stream using Airbnb, we strongly consider “doing your homework”. Or… you can simply smash that play button above and listen to Martin’s experience as a host.
He goes over all the headaches (both technical and legal) that you’ll need to deal with. While some hosts will be lucky and have amazing guests, it doesn’t hurt to be prepared. Like any business venture, making money off Airbnb requires more hard work and dedication than you’ve been led to believe!
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Show Notes & Episode Guide
- 2:27 — Martin talks about the biggest barrier to entry when it comes to making money off AirBnB
- 3:38 — Why AirBnB is one of the most creative platforms for making money
- 4:01 — How AirBnB hosts make a killing off people who want to party without giving up rooms in their properties (this is genius)
- 6:00 — How Martin makes money off AirBnB without using or renting out his own property.
- 7:26 — Sahil asks Martin about some of the annoyances that hosts face when dealing with customers.
- 8:44 — Martin talks about the “can opener” complaint from an AirBnB guest (is this real life?)
- 9:53 — Another horror story involves Martin dealing with a lady who overflowed the sink (this one may anger you, so be ready)
- 10:47 — Martin talks about all the different “hats” you must wear as an AirBnB host. If you’re not willing to do this work, you might need to look at out sourcing
- 13:17 — Martin talks about the benefits of doing everything on your own when you’re getting started with AirBnB (compared to outsourcing and getting contractors)
- 14:50 — Ever wondered why you end up paying way more for an AirBnB rental compared to the price that’s listed? Martin does a deep dive into all the crazy fees and why they exist.
- 17:54 — What happens when a tenant destroys your property? Martin goes into the process of having to deal with damages, along with the legal implications (this is a must listen)
- 20:10 — Sahil pulls up a few “nightmare” scenarios that other hosts have faced in the past, and asks Martin what he would in such a situation. If you’re planning on being a host, this stuff will help you get prepared in advance!
- 23:33 — Why AirBnB is starting to crack down on parties and what it means for hosts and guests
- 25:57 — Sahil asks Martin how AirBnB deals with last minute cancellations so that the host isn’t left high and dry
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