Our houses are usually the most expensive things we buy, and then maintaining them really can feel like a money pit. But could your house, your second home or just a room in your home help you MAKE money instead? I am talking, of course, about renting out real estate via AirBnB. I didn’t have to look far to find today’s guest. He is Paul “Woody” Woodhull, my Easy Money show producer, but also an avid entrepreneur and an AirBnB super-host! Hi, Woody. Thanks for stepping out of the control room and into the studio to do this segment with me.
What is it that you rent out on AirBnB? A room? An apartment? A house?
Why AirBNB? How did you find it and what do you like about it?
I think you rented out this same property long-term before. Do you make more money renting it short-term via AirBnB? And, if so, is the extra work of cleaning it for new guests worth it?
I’ve heard that AirBnB provides great support to its hosts. What sorts of things does the company do for you?
In fact, you found AirBnB so lucrative that you are now converting other units in that same building from commercial to residential, so you can put them on AirBnB as well. Do you really think you can recoup your renovation costs?
Of course, we have to address the elephant in the room: many cities across the country are up in arms saying that AirBnB takes away potentially affordable housing for locals. What do you think?
I have another friend who was on the verge of losing her home, because she couldn’t make the mortgage. She started renting out rooms in her own home and it’s what has allowed her to stay in the house. Is there a counterargument to be made that AirBnB is helping some people make money they need to live on?
Woody, you know that I always ask this impolite question on Easy Money, because you’re the producer: What kind of money have you been able to make renting out your property on AirBnB?
And, finally, what is your number one piece of advice for other people who might want to give AIrBnB a try?
Paul “Woody” Woodhull, podcast producer, entrepreneur, with a sideline as a superhost, thanks for sharing your knowledge about AirBnB with our Easy Money listeners!