You have probably heard that more millionaires are made through investing in real estate than any other way.
So now you just become a real estate investor right? It sounds complicated and expensive and in may ways it certainly is. So, lets make this super simple and start with the very first and easiest step ANYONE can make.
Rent Out Your Room Or House
I picked up this simple idea from our next door neighbors who bought a vacation home on Coronado Island. They bought the house because they love vacationing in Coronado but could not justify the huge monthly expense for a house that mostly sits empty. So, they list it for rent on the days when they are not in the house. For them, this is a lot of time since it’s a vacation home they rarely use. However, you could do the exact same thing for the home you live in every day
AirBnb pioneered an exceptionally simple way for anyone on the planet to make some dough renting out an extra room in their apartment or house. You could spend 20 minutes, right now, and hop on over to www.airbnb.com and create a listing for your room that will generate you some extra cash on the side. Don’t have an extra room? Thats ok, you can set your calendar on the website to only show availability on days where you will be gone. Going on a business trip or heading to Kansas to see grandma? Plan ahead and post your place on Airbnb to earn some cash while your gone.
5 Reasons Why You Probably Won’t Do This
- It’s easier not to. The Great Jim Rohn said “What’s easy to do is also easy NOT to do!” This will be your primary barrier not only to this strategy but to becoming a millionaire. I’m convinced its why, in an era of unprecedented opportunity, so few people actually become rich. It’s simply easier not to go through all of the hard work it takes to get there. Here’s the first step to breaking through this barrier
It’s scary thinking about having a stranger in your house. This is a legitimate concern, especially if you’ll be living at your place while its rented out. You need to use wisdom here and minimize your downside. I’ll talk more about this in coming posts but for now I’ll say this. Real life is lived our on the edge of our fears. Taking risks and stepping into uncharted territory is the only way to grow. If you don’t go to the gym and pick up a heavier weight than your comfortable with you will never get stronger. So maybe having some stranger in the room next door is too much to handle mentally, start small. Go stay with a friend for a weekend and rent out your empty place as a trial run. Just push into the discomfort somehow and see how it goes. Even if its a train wreck you will learn and grow from it.
- It’s illegal. No it’s not! In fact, Airzona is VERY progressive on this issue. Gov Ducey recently signed a new law prohibiting cities from banning short term rentals. If you have a home owners association you’ll have to check with their rules or if your renting your place you’ll want to check your lease to see if it prohibits sub leasing but their is no law disallowing short term rentals.
- Your place kind of sucks. If your place sucks then this is a great excuse to turn that ship around. Living in a crappy environment absolutely destroys our morale. If nobody wants to rent your place you shouldn’t want to either. Ask whichever friend you have with the most style and fashion sense to help you make an upgrade. This can be done very inexpensively, just watch one of the hundred tv shows on Bravo and HGTV that focus on this very thing. Your second weapon in this fight is price. Their are some REALLY bad motels out there that still get renters. At the right price, their is a customer for every room. Focus on making it nicer first though, the benefits are greater there.
- You never leave on vacation long enough to rent out your place. Ok here is the extra credit session. If you are really serious about this you could post your place as always being available. Then, when you get renters you could move out into a friend or relatives house. Find the person who you’d call if you didn’t have rent money for the month and ask them for a place to crash when you need it. Just be sure you’re getting enough cash from the renters to actually make money. If your loosing money and things are really tight it may be time for more aggressive measures like bunking up with mom and dad long term and taking a Dave Ramsey class until you get start making some financial headway.
Take A Step Now And Break Momentum
If you’re serious about becoming an investor take a small step right now to get going. Right now your momentum will carry you along as you have been going. To make a change often all that is required is a simple first step. Take one now! List your place, call your stylish friend, or call/email us for help. We are here to be your guide along the way!
If you’re interested in bringing an Airbnb home to your investment portfolio, give us a call today at 480-378-6700 or email us at firstname.lastname@example.org and reference this article.