Part One How To Save For A Down Payment Using Air BnB
Part One How To Save For A Down Payment Using Air BnB
This is part of a 4 part series on creative ways to save for a down payment.
I’m all about residual income: rebates, blogs, online classes, you name it, so when I first heard about Air BnB I was extremely intrigued: rent a house, bedroom,or a couch in your area and people can come stay with you: cheaper than a hotel and puts money right in your hand. Sounds like a cool idea, right?
Of course, there are some inherent issues with letting people you don’t know stay in your home or in a house you own, though the horror stories are relatively rare and both the person who owns the home and the person renting the room have insurance on both sides, and can also rank the guests and the places they’re staying: meaning there’s accountability on both sides for everyone to be respectful. There’s a sense of trust in the Air BnB community, and I do think that for some homeowners and apartment dwellers, it might be worth the risk.
In Denver, for a private room( not a full home, just a private bedroom) Air BnB will rake in about $450/week if the room stays booked through the week. Now you do have costs, like any amenities you choose to offer, but let’s say you spend $50/week on cleaning supplies and amenities , that’s still close to $1000/ month, which for a lot of people is most of their rent or mortgage payment, meaning your other job can suddenly be put more into savings and eventually start really shoring up your savings accounts without changing that much of your routine.
In my apartment complex, the rules for guests are basically that they don’t break noise violations and they don’t stay more than 20 days out of a month. Local HOA rules might be different, and different complexes also probably have different rules. There’s also costs associated with having people in the home: maybe someone loses your spare set of keys and you need to pay to replace them, or if someone turns your air conditioner on really high one night and you need to account for your energy bills. These would certainly need to be taken into consideration.
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"When I decided to sell my home and look for a new place, my first call was to Jim and Ion Real Estate. He listed my condo and in two short weeks my place was under contract. Now, the real fun began, looking for a new place! The Ion Real Estate website was great. I loved the map function and the emails it sent with new listings that matched my previous searches. On Saturday, Jim and I headed out to look at several places I had picked to see. At the time I didn’t really notice how he listened carefully to everything I said about each place from the lighting to the layout. I was even a little sad that I didn’t find anything that day but Jim reassured me not to worry and a week later he had set up some more appointments. I still remember walking into my new place and just knowing. I had only taken two steps into it and I knew I wanted it.
Next came the easy part for me, but this is where having the right realtor and mortgage broker is essential. They make it seem easy! Jim guided me through all the aspects of my sale and purchase. I appreciated how simple each step seemed from making an offer to dealing with inspections. Even the loan seemed easy. I asked a ton of questions, I think it’s the teacher in me. I wanted to understand all the moving parts. Jim explained everything so clearly that I joked that he missed his calling and should have been a teacher, but he didn’t, I’m glad he is helping people find their homes!
Recently one of my close friends mentioned she wanted to stop renting and buy. I immediately referred her to Ion Real Estate. This time I was able to watch with an outsider perspective at the way Jim cued in on my friend’s preferences. Stephanie kept talking about the charm of old houses, a far cry from the sleek modern condo I chose. By the second house-hunting excursion, Jim knew just which home she would pick. As we walked up to the front porch, I saw Stephanie with the same excitement I had felt just a few months earlier. I watched her mentally move in her furniture and this time I saw the smile that crossed over Jim’s face when he knew Stephanie had found her home.
Throughout both experiences, it was clear Jim understands what people want in their homes and how to structure the entire buying experience to be a positive one. I have heard so many crazy stories from people that didn’t chose the right realtor or mortgage broker. They always start by saying, “I didn’t think a realtor made any difference.” It makes a difference! It made a difference for me and for Stephanie. Owning is better than renting; and, it is even better when Jim and Ion Real Estate are guiding you through the process!