airbnb

Tag Archives for airbnb.

So You Wanna Be an Airbnb Host? Part 5: Taxes, Expenses, and Making It All Work

You got an Airbnb so you could make extra money, yeah? Well, congrats, you’re officially a small business owner. You can get business credit cards based on your yearly income. Those cleaning supplies I mentioned in Part 4 are now expenses. And, you might be on the hook to pay taxes.

airbnb hosting

Evernote is key to keeping track of receipts and expenses

I personally use Evernote to save every single receipt. And tag them with the tax year and “expenses” for easy work at tax time. After a while, you definitely find your rhythm with this Airbnb stuff. You might even want to get another.

Airbnb Hosting Index:

This series is meant for peeps who want to list an entire home separate from their primary residence on Airbnb.

Do you have to pay taxes?

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So You Wanna Be an Airbnb Host? Part 4: Ongoing Maintenance

After you get a few reviews and bookings, you’ll need to figure out how to keep the gravy train rolling. But, good news – the hard parts are over!

If you found a place, set it up, and listed it on Airbnb’s site, that is easily 90% of your whole Airbnb journey. The rest is just pruning and perfecting.

airbnb hosting

Your Airbnb calendar will be your lifeline

This is the part where you can be hands-off, travel, drop things off here and there. Basically, the whole reason you started this whole crazy thing: to have mostly passive income roll in.

Airbnb Hosting Index:

This series is meant for peeps who want to list an entire home separate from their primary residence on Airbnb.

Stock it up

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So You Wanna Be an Airbnb Host? Part 3: Attracting Guests

Now that you’ve found a place and set it up, you’ll want to get it listed as quickly as possible so guests can book it. And by far the best way to attract bookings is so have a ton of photos.

airbnb hosting

You’ll want to have lots of crisp, clear photos to show your listing to guests

You’ll also want to hit a good mark with your pricing. But at first, I drop my prices as low as possible to get a few bookings.  And therefore a few positive reviews – they’re another huge opportunity to get more bookings.

Airbnb Hosting Index:

This series is meant for peeps who want to list an entire home separate from their primary residence on Airbnb.

The price is right

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So You Wanna Be an Airbnb Host? Part 2: Setting It Up

Next comes the most expensive – and most fun – part of listing a home on Airbnb: setting it up!

You’re probably going to be in shock at how much it costs to get set up. But in my experience, you recoup all of the costs and get to pure profit in 8 to 10 weeks. I know of very few investments that provide a 100% return in such a short span of time.

airbnb hosting

It’s crazy how much “STUFF” people need

At the beginning, you’ll have seemingly innumerable things to set up and buy. But if you plan it right, you can have it ready in 3 to 4 days.

Airbnb Hosting Index:

This series is meant for peeps who want to list an entire home separate from their primary residence on Airbnb.

For best results, start with a theme

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So You Wanna Be an Airbnb Host? Part 1: Finding the Right Place

I’ve had Airbnb listings since 2014. In New York, I had 4 listings. And now that I’m in Dallas, I have 2 here.

I get asked a lot about how it all works. Peeps are interested because it’s a fairly low-maintenance source of extra income. I recently wrote I make an extra ~$18,000 a year from my Dallas listings.

While that doesn’t replace the income from full-time work, it sure is a nice boost as it rolls in throughout the year!

airbnb hosting

Finding an in-demand location is step numero uno

The first step is to find an attractive place in the right location: somewhere tourists want to stay. And as always with me, it comes down to the numbers.

Airbnb Hosting Index:

This series is meant for peeps who want to list an entire home separate from their primary residence on Airbnb.

Can you even do it?

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Airbnb Hosting by the Numbers: 2017 Update

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Thought it was time to do an update on my Airbnb hosting. And the state of it. Mostly because if the numbers look good, I might get another one.

Long ago, I started my Airbnb operation in New York, which was a smashing success. Until it wasn’t. I no longer have properties in New York, as of last month.

So far it’s going well in Dallas. I have two here. They’re easy to track and manage for what they are because they’re on two separate profiles.

airbnb hosting 2017

My downtown Dallas Airbnb

In my opinion, a side business is the best way to “manufacture spend” these days. I easily put $6,000+ of expenses on my cards each month – and the bulk of that is in bonus categories.

I recently found out some rent payments code as 3X for “travel” with the Chase Sapphire Reserve. So that’ll keep me with an extra ~20,000 Chase Ultimate Rewards points per month – a handy ransom (if they all code as 3X)!

Airbnb hosting by the numbers

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Booking BAP: A $5,000 Trip to Europe for $238 & Points!

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In a few weeks, I’ll be in Brussels, Amsterdam, and Prague for the first time. I am calling this trip “BAP” (after the 3 cities).

This is the trip I booked waaay back in August 2016 for biz class seats with Etihad miles. At the time, I paid ~37,000 miles for round-trip seats from New York to Brussels on Brussels Airlines. Etihad has since raised the price to 88,000 miles – which can still be a good deal to Europe in Business.

That was about 9 months ago – the furthest out I’ve ever planned a trip. At the time, I figured I’d fill it in when the time came. Which is now.

brussels amsterdam prague

I’m coming for ya, Brussy

Here’s how I put together a $5,00+ week-long trip to Europe for $238 out of pocket.

Booking BAP (Brussels, Amsterdam, Prague)

1. To New York and back

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Airbnb by the Numbers: An Update for 2016

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Back in 2014, when I rented my first Airbnb apartment, I felt like I was doing something crazy. Then, in 2015, I made an extra $60,000 from Airbnb rentalsafter taxes and expenses.

I love my new Dallas Airbnbs!

I love my new Dallas Airbnbs!

Mike from Upgrd playfully calls me a slumlord. My Airbnb posts tend to get a LOT of polarity in the comments; I’ve addressed my moral and ethical position in this post.

I get a lot of questions about why I do it and how it’s going. So here goes.

Why I still love Airbnb

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How I Made an Extra $60K from Airbnb in 2015

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Side hustle of the millennium

Side hustle extraordinaire

I’ve written a lot about my side hustle with Airbnb a lot in the past. So I thought I’d follow up, because side hustles are a big part of my FIRE, and a great way to dig yourself out of debt – or earn more income.

In my Q2 update, I estimated I’d make an extra ~$31K off the endeavor in 2015.

I took some knocks here and there, but doubled my original projection. All told, I earned an extra ~$60K from Airbnb in 2015. And most of it went toward debts. In 2016, I’ll earn less but hopefully knock out my student loans once and for all.

asd

Good vibes

Here’s how I did it.

The numbers

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Airbnb: Us and Them

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Many strong opinions

Many strong opinions

I’ve been meaning to talk about this for a while because it seems like there’s a lot of opinions about Airbnb these days.

Specifically, I’d like to talk about what it’s like being an Airbnb host, how it’s been staying at Airbnbs as a guest, and all the others that think it’s a great thing… and a terrible thing.

The users

People who book lodging on Airbnb tend to be millennials who aren’t looking for a traditional hotel.

The downsides:

  • You won’t receive points for your stay
  • There may or may not be a “welcome amenity”
  • There are NO “upgrades” – WYSIWYG
  • There may or may not be breakfast included
  • You’re at the mercy of an individual

The upsides: 

  • If you need multiple beds or rooms, it’s much cheaper than a traditional hotel suite
  • You can stay in real neighborhoods as opposed to tourist areas, and feel like a local
  • When it’s good, it’s great. People I’ve met are open and kind, and I didn’t miss the hotel experience
  • It’s usually more private. No elevators and desk areas to pass through
  • More negotiation is possible, especially in the off-season or for longer stays
  • Lots of obscure locations where there might not be hotels – get a unique experience

Now, if your host doesn’t show up to let you in or leaves you hanging… that’s a pretty bad scenario. Fortunately, Airbnb has lots of verification systems, and heavily encourage reviews.

Bleep happens of course, but when you’re coming off a long flight, you don’t want an excuse, you want to get in and settled.

Most hosts I know have a Plan B. And a Plan C. And a… yeah.

When I’ve stayed at Airbnbs, I’ve never had an issue getting in.

Be communicative, give a heads up if you’re delayed, and stay in touch. It’s all about the little things, but they go a long way.

Considering a suite in a hotel can be over $1,000, you can save yourself a bundle of money by booking an Airbnb. Especially in expensive cities like New York or San Francisco.

The hosts

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Airbnb by the Numbers: Q1 Update

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A few of you guys have asked for an update on my Airbnbs. There is a strong, thriving, and supportive community of Airbnb hosts here in NYC that I am happy to be a part of. My original articles about my foray in Airbnb were meant to analyze the financial investment/business sense behind setting it up, and were met with a good amount of interest. I received some messages spurred by curiosity, some seeking advice, and others that were downright nasty (which is fine).

The atmosphere surrounding Airbnb in New York is definitely a hot topic, and I deal with that on a daily basis. For the purposes of this article, I’m gonna treat it as I do daily: as a business, by a passionate traveler for other passionate travelers.

Tax time

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