How to get started on Airbnb with NO MONEY
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There are 3 ways to start making money and building wealth using Airbnb. How to get started on Airbnb depends on your own situation. We’ll dive into each way today.
Learn how to invest in short term rentals:
Earn a full-time income managing other people’s properties on Airbnb:
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AIRBNB FOR DUMMIES:
I’ve been in the Airbnb space for a long time. There are many ways you can make money on Airbnb.
Some ways take time. Some ways can have money hitting your account by next month.
In today’s video, I outline the three ways you can start making money on Airbnb, starting today.
First, we outline the proper answer to all of the rental arbitrage you’ve likely seen on Airbnb.
Rental arbitrage is risky. In today’s video, I show you how to manage other people’s properties the right way. No furniture, no first and last month’s rent. No risk.
It’s how I got started, in fact. And it’s great if you’re looking to leave your 9-5 as soon as possible.
The other way you can make money is great if you’re more interested in the long game.
Yes, it’s possible to build wealth and own an Airbnb with $0. I’ll explain how in the video.
And we discuss the third way you can make money on Airbnb. This last way is best for someone who already has property.
I even share a tip that works if you rent from someone else!
After today’s video, you’ll be ready to take action on your future.
PS – Subscribe now! Two new videos every week!
What's up guys, it's James here and in today's video, we're going to be talking about how to get started on Airbnb with no money. So if you want to actually get started hosting managing investing in Airbnb is we're going to talk about a few different methods to get started without using any of your own money at all, meaning no money into a down payment, no money into renovation, no money into furniture, no money into rent, none of that. So if you're interested in that, make sure you stick around for this video. Before we jump in, I also want to share that they're actually two really, really great trainings three, honestly, for any of you guys that want to get started with no money, you'll want to check them out for sure they're linked in the description down below. And depending on which different kind of option that you want to look at. After I go through this video, here, you can select the right training for you. There's one on how to get started managing other people's properties, which is one of the methods we're going to talk about here. That's a really great way to build up a six figure income, replace your your nine to five income, be your own boss without having to buy rent, anything like that. We're also going to talk about investing in short term rental properties, I'm going to talk to you about a method you can use called joint venturing in order to do that without using any of your own money. So we've got training on that link in the description, and the other one is going to be hosting. So just hosting a Squarespace of yours, how you can get started without having to put any other money into furniture decor or anything like that. And so again, we've got a free training link in the description for each one of those different options down the description below. Make sure you check those out. All that being said, let's go ahead and let's get started. And let's talk about the first option, which I think is really the best option for anyone that's looking to replace their nine to five income wants to build a passive kind of online business that they can run from anywhere in the world that allows them to travel, if that's kind of you. And that's what you're looking to do. That's your goal, then managing other people's properties on Airbnb is definitely the way to go. So that's actually how I first got started with Airbnb was managing other people's properties. And then there's a really popular model out there that I've done some kind of myth busting on on other videos in this channel. It's called rental arbitrage. It's essentially where you rent a property and then flip it onto Airbnb, that has a lot of startup costs, because you're spending seven to $10,000 on just first month's rent, last month's rent, security, deposit, furniture, everything else. So and there's a whole bunch of different risks associated with that business. So I do not like that business at all. I've done it myself in the past. And we got out of it because of all the risk involved with it. So the best alternative to that is to do what's called co hosting or property management. And in that model, rather than renting the property, and you being responsible for renting it furnishing, and everything else, you want to do co hosting where you'll manage the property for someone else in exchange for a percentage of the overall revenue. So there's no downside risk there. Because you know, if you're getting a 20% management fee, even if the property makes no money at all, 20% of zero is still zero, you can never go negative, you're not putting any money out for first month's rent, last month's rent, furniture security deposit, anything like that is a really great passive cash flow business, where once you get all the system set up, it's certainly not passive. By the way, when you're first getting started, you're getting clients just like any other business, you're setting things up. But once you have all the right systems and processes in place, it can be a really great passive business, you can run it from anywhere in the world. And you could be making I've got students, about 700 students that I work with teaching them how to manage properties right now. And I've got students making 1020 $30,000 a month managing other people's properties on Airbnb, and they all started with no money invested into into buying, renting, furnishing, anything like that. So really, really great model. I've got tonnes of other videos on this channel here and a link in the description down below for a free training on how to get started with that, if that's something you're interested in. Now, the next method that's really great is for anyone that's not so much looking to replace their nine to five income right away. So I would say that managing other people's properties is definitely the quickest way to replace your nine to five income. But if you're more looking to build long term wealth, and you also want to in the long run, replace your nine to five, have an income you can retire on, then investing in properties is really great as well. And with investing what's really good is you're gonna get a little bit less cash flow right off the bat, when you joint venture with someone, it's gonna take a little bit longer because you've just got it, you know, with property management, you go out there, if you have the right tools and systems, you can go up tomorrow, pick up a property, start managing it, and 30 days from now you're gonna have cash hitting your bank account. So that's really, really great. With investing, it's going to take a little bit longer to get things started to find that joint venture partner to invest with, to then go and buy the property, get it all furnished, all set up, and then you'll have cash flow and you're also going to be having equity building. That's the really great thing about the investing side of things is that every time you make a mortgage payment on that property, you're then paying down principal on the mortgage, you're building equity, the property is going to naturally appreciate as well over the long term. And so you're going to be building up a really nice nest egg and building wealth for the future. Now the way to do this a lot of people think well you know, buying In real estate, how on earth would I possibly be able to do that with no money out of my own pocket? And the answer is joint venturing. So that's where you basically are partnering up with someone who's going to be, they're going to be the one taking care of the debt of all the money and the mortgage capability. And then you on the other hand, are going to be taken care of all of the the deal finding, and the actual property management. And so you partner together, typically, you're going to split things 5050 6040, where the active partner, the person that's doing all the active deal funding, and management is either gonna get 50 or 60% of the overall deal. Depending on how you structure it, there's tonnes of different ways you can structure it, those are some of the most common ways to structure it. But basically, the way that it's going to work at that point is that the money partner, the passive partner we call them is going to be responsible for all the money. So for the downpayment, the renovation costs, the furnishing, everything like that. And they're going to be also the one going on title, getting the mortgage for the property. So they're going to be the one using their income to qualify for the mortgage, and then you as the passive partner, or sorry, as the active partner, you're going to be the one that is actually going and doing all the legwork. So it's really nice for the passive partner, because they just got to put their money in just like they would put it into an index fund or something like that. And it's completely hands off completely passive for them. And they can get a really great return because obviously, short term rentals Airbnb ZZ tend to perform really well. So even if they're splitting their return with someone else, they still are getting a really, really great return on their money. And obviously, they get a preferred return of that initial capital that they invested. So when the property sells, they get that money back, and then any remaining appreciation or equity build up gets split 5050. And so that's a really great structure, it then allows you as the active partner to build up with sweat equity, so you're not putting your own money in. But you also get to own a property, you get to leverage 50% of the appreciation on the property 50% of the equity pay down on the property over time, every time you make one of those mortgage payments, and 50% of the cash flow from the property month over month as its operating. So that's a really, really great way to get started. That's also how I got started with actually investing in buying them. As I partnered up with a business partner, we bought a property and did it together. And then I've since gone on to do my own deals, do more deals with him, all kinds of different stuff. So that's a really great way to get started. Again, if you're interested in learning the nuances of all that how to find these types of joint venture partners, how to find these properties, how to do all the different kind of moving pieces to this, then again, we've got a link in the description down below for our free training on exactly how to invest successfully in short term rentals. We'll walk through all that in more detail. Again, link is in description down below for that. Now the last method, which is another really, really strong method for getting started, but is a little bit kind of opportunistic, meaning that you have to be in the right place at the right time to take advantage of this one, this is going to be hosting your own space. So obviously, it goes without saying that if you don't have your own space to list on Airbnb or whatnot, then you're going to want to take advantage of one of the first two options I mentioned. But if you are in the fortunate position to have some extra space, and that can take a few different few different kinds of forums, like I'll talk about in a minute here, then hosting just a spare space is a fantastic way, probably the easiest way to get started, because literally all you have to do is create the listing, launch it and then you're gonna be making money every single day, every single week, every single month, passively, you know, it really doesn't take too much to manage it. And so when I say you've got an extra space, what that really kind of comes down to is you can either have a spare space, meaning like an actual extra bedroom in your home that you list, maybe you've got a basement that you can turn into a spare bedroom and you can start hosting people there. Maybe you already have just a guest bedroom that only gets used when guests come into town, you can list that. Or maybe you just have a living room that has a pullout couch or you want to get a pullout couch for your living room and have that turned into short term rental. Now, obviously if you have someone living in your living room, which I have done in the past before, it is a little bit of an invasion on your privacy, but I do really actually like having people in the spare bedrooms if you have a place that has spare bedrooms, and oftentimes it can make sense if your landlord is okay with it. If you're renting where you live to just just rent a place that's got an extra bedroom and pay a little bit more for that knowing that you can bring in Airbnb revenue that will more than make up for that additional cost. So that's a really great way to do it. Or the other alternative there is if you're just travelling, if you go out of town for a couple of days for a week for a month and you want to rent your space out as long as you if you either own the place or your landlord is okay with it. You can just rent that out on Airbnb and then pay for your cost of travel. I used to do that all the time. And I would take trips that way and be able to afford to do it really easily because the money that I would pay for accommodations while I travelled I would make more than enough to cover that by just renting out my place in my my home when I was gone. So really great way to get your entire cost of accommodation covered anytime you go travelling, renting a spare space, or just even if you have a vacation home and if somebody will have vacation homes or cottages that they don't even use just going in list Sitting down on Airbnb can be a really quick and easy way to get some money coming in. So, again, link in the description down below for that if you want to learn more about how to host your own space successfully on Airbnb, all that's covered in links in the description down below. I hope you got value from this if you did, make sure you hit that like button make sure you just take half a second here hit the like button. It really does help me out to grow this channel and get these videos in front of more people and help more people with hosting and short term rentals. And last but not least, if you're new here, or you're here and you just aren't subscribed to the channel yet, then make sure you hit that subscribe button I know a bunch you guys have not yet hit it. I watch I look at the stats. I know a lot of you watching this video have not yet subscribed to the channel, so make sure you hit the subscribe button. To stay up to date with the two new videos we post every single week on this channel. Talking about all things hosting short term rentals, investing, managing everything, make sure you hit that subscribe button to stay up to date. All that said, thanks so much for tuning in. And I'll see you in the next video.Expand