Use Airbnb for a Property You Already Own

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You can use Airbnb to make money off a property that you already own—even while you’re living there. 

I had two interesting conversations this week about Airbnb.

The first was with a client who had bought a home a few years ago. Until recently, he had a roommate the whole time. When I talked to him, he wasn’t sure if he wanted another roommate or if he wanted to live on his own. He said, “I wish I could have a part-time roommate.”

I said, “Why don’t you do an Airbnb?”

He wasn’t sure, so I ran his address through our rent analyzer. We entered some information about the property, which has two bedrooms and one bathroom. If he rents out one bedroom on Airbnb, he could make $31,000 a year.

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Airbnb is a great way to make money off the property you are currently living in.

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Another client had a property in West Philadelphia. He didn’t own the home he was talking about, so I entered my own address into the rent analyzer to give him an idea.

We could rent out two bedrooms but for some reason, in the center of Philadelphia, one bedroom makes more money than two. I guess there is not enough demand for two bedrooms on Airbnb. In any case, we would only need to rent the property 38% of the time to make about $34,000 a year.

So, there are different ways to make money with real estate. If you already own real estate, you don’t have to go out and buy another property, which is what a lot of people end up doing. You can become a real estate investor by using the property you already own and renting out a room on Airbnb.

If you have any other questions about Airbnb or Philadelphia real estate, just give me a call or send me an email. I would be happy to help you!

3 Upcoming Events You Won't Want to Miss

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Selling a home? Click here to get a FREE home value report

Fall is here, and we here at the Jack Barry Group have some exciting events coming just around the corner.

First of all, if you have worked with us in the past we’d love for you to join us for our Client Dinner. This is coming up in about two weeks and is an event we host every other month.

We invite between 10 to 18 clients who have already purchased or sold with us so that everyone can get together and share ideas on investing and homeownership. 

Next, we have our Run for Your Life event on October 26th. At this event, teams run through a cemetery at night as part of a fundraiser. Costumes are optional, but it’s always a lot of fun.

This event is put on by MANNA (Metropolitan AIDS Neighborhood Nutrition Alliance), which is an organization that services sick and shut-in people. They deliver meals to approximately 65,000 people a month.

This is our second year sponsoring MANNA and we are absolutely honored to do so. Last year we had 19 people show up for our team and we hope to have similar, if not more, success this year. Also, once everything is finished, I’ll be taking everyone out for dinner.  If you’d like to learn more, you can find more information here. 

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We’ve got some exciting events coming just around the corner.

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Lastly, I’d like to talk about our Vision Board Party. Vision boards help you set goals. It is essentially an accountability tool in the form of a collage. On our team we tend to build our vision boards around where we’d like to be three years from now. We find this is a fun and effective way to work towards our aspirations. For further information, visit this page. 

If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.

Alternative Lead Generation - on Real Estate Success Rocks

I was recently a guest on Real Estate Success Rocks with Patricky Lilly. In addition to talking about alternative lead generation and lead generation for life, we discussed a wide range of topics from entrepreneurship to masterminding to the philosophy of lead generation. 

Click here to listen to the podcast for yourself!

Coffee meetings have been one of my more successful lead generation techniques. The opportunity to create a real connection as opposed to a fake, contrived one is too good to pass up. I detailed my strategy for Patrick and you can listen it to the podcast in its entirety above.