Speaker 1: Welcome to How to Money. I'm Joel and I'm Matt,
Speaker 1: and today we're talking about creating your own airbnb for
Speaker 1: side income. All right, Matt, So today I'm gonna be
Speaker 1: talking about something that's really interesting and something that you
Speaker 1: and I are both kind of on the ground floor
Speaker 1: of talking about potential side income by doing an airbnb
Speaker 1: at our house. Absolutely, a little self experimentation is what
Speaker 1: we're what we're considering here. I love doing weird new things,
Speaker 1: especially if they make you money. Yeah, that sounds like you.
Speaker 1: And this is a weird thing that could possibly make
Speaker 1: us some money. I mean, there's obviously a lot of
Speaker 1: people that have been doing it for quite some time
Speaker 1: making money, and I'm interested to see if it works
Speaker 1: for for us. And you and I both have different
Speaker 1: potential avenues at at doing this in our lives, and
Speaker 1: we'll explain those in just a little bit. I'm pretty
Speaker 1: pumped to talk about it and see what it looks
Speaker 1: like when it comes to fruition to By the way,
Speaker 1: so this is a podcast about saving money, but we
Speaker 1: want you to enjoy the finer things in life. You
Speaker 1: can't enjoy all the finer things. You can drive a
Speaker 1: beater car and drink awesome beer. And that's kind of
Speaker 1: our lifestyle mentality, and so that's why you might find
Speaker 1: us drinking kind of expensive beers most weeks. That's something
Speaker 1: that we're really really into. But we've chosen wisely. And
Speaker 1: this beer, I'm really excited to taste it today. Have
Speaker 1: you ever had this? No, I've never had it. This
Speaker 1: is this is a hard one to get to really,
Speaker 1: I think I thought so. Yeah, Rodenbach Alexander, So pop
Speaker 1: the cork. This is uh, this is a fancy one.
Speaker 1: Comes Cajun cork. And Rodenbach is a Belgian brewery. Cathie's
Speaker 1: hearing that I just gave you that a little sniff.
Speaker 1: There we go. So roden Bock Alexander is a Belgian
Speaker 1: beer that is aged in footers with cherries. So, um,
Speaker 1: I'm expecting a lot of the difference between a food
Speaker 1: or and just a barrel. So it's just like a
Speaker 1: big barrel, right, Yeah. The footers are like enormous, uh,
Speaker 1: and I think, I mean, yeah, I've seen them. I've
Speaker 1: seen them before. I just I mean, I don't know,
Speaker 1: you don't know why that, yeah, I guess just because
Speaker 1: the just the size difference in the think big barrel
Speaker 1: turned up on its side. Yeah, not not so, I don't.
Speaker 1: I guess sitting on its end, um sitting in a brewery, right,
Speaker 1: And I think probably in the US, probably New Belgium
Speaker 1: on Colorado has some of the biggest, biggest foods out
Speaker 1: there has like the most They've got a punch and
Speaker 1: they age a bunch of tasty, tasty sour beers in
Speaker 1: their foods. And so this road in Mick Alexander's got
Speaker 1: cherries in it and it's aged for up to two years.
Speaker 1: And so I mean, I don't, I don't know about you, Matt.
Speaker 1: I'm a huge fan of the Belgian sour beers with
Speaker 1: fruit and so oh yeah, man, I really fort that acidity,
Speaker 1: which is like they're darker. I mean, so essentially there
Speaker 1: it's like the Flanders red style, right, So there's they're
Speaker 1: a little more heart like a higher that a city
Speaker 1: d level. Because some of these American darker wilds, I'm
Speaker 1: just not as big of a fan. They kind of
Speaker 1: come across like sort of round and soften like a
Speaker 1: little sticky, which I prefer. I prefer my stoubts to
Speaker 1: be that way. So as always, we'll take an initial
Speaker 1: sip here. We'll be drinking it throughout the episode. At
Speaker 1: the end we will give you our tasting notes on
Speaker 1: Rodenbach Alexander. So before we get into airbnb talk, Matt cheers, cheers.
Speaker 1: I mean I can smell those cherries. It's got a
Speaker 1: huge oakey presence in the cherries are fantastic, nice dark
Speaker 1: brown color. Yeah, it's not super tart m hm, but
Speaker 1: it's got just a little bit of that. Yeah. I
Speaker 1: like it. Not super tarp, but it's not overly sweet. Yea.
Speaker 1: We we'll talk more about about what we think this
Speaker 1: beer later. You can taste it some more and change
Speaker 1: my mind before we launch an airbnb. Yeah, man, what's
Speaker 1: going on? I you know, I have weird ideas almost
Speaker 1: every day, and so my weird idea of the day,
Speaker 1: do you know, uh, wrapping cars with advertisements used to
Speaker 1: be big years ago. Yeah, right, like back in two
Speaker 1: thousand three. Yeah, and then all these companies that would
Speaker 1: they would there were startups and they were like I'm
Speaker 1: pretty sure I remember a student at E. G. A
Speaker 1: had a a red bull like a little Red Bulls
Speaker 1: shorty or something like that with like the tilted you know,
Speaker 1: the giant can in the back or whatever tilted up. Yeah,
Speaker 1: you know what I'm talking about. Yeah, yeah, oh yeah, totally. Um. Wait,
Speaker 1: so you're thinking about doing this something about doing this.
Speaker 1: So there's a there's a startup called Rapifi w R
Speaker 1: A P. Your wife's gonna kill you. I mentioned it
Speaker 1: to her to night. She laughed a little bit because
Speaker 1: she knows about that. You're serious about my ideas, and
Speaker 1: then I'm serious. And but you can make forty bucks
Speaker 1: a week wrap in your car forty a week. I
Speaker 1: don't know if that's enough, man, because I'm driving through
Speaker 1: the center of sixty bucks, a giant metropolitan city. I
Speaker 1: mean with a rap up. I mean, I don't care.
Speaker 1: I used to dry have a beater like and you
Speaker 1: know my car is still not beautiful or anything like that.
Speaker 1: But what what would the would you put it on
Speaker 1: the leaf or you're yea on my niece on leaf? Okay,
Speaker 1: So yeah, I don't know, man, that's my hair hair
Speaker 1: brained idea of the day, if that's if that's your
Speaker 1: I don't So We've got one vehicle, right, being in
Speaker 1: one car family, and I just don't see. I don't
Speaker 1: see any way I could get kid on board. I mean,
Speaker 1: I don't know. I'll be honest with you, I don't
Speaker 1: know if i'd be on board with that. I've got
Speaker 1: a certain level of vanity that I like to maintain. Maybe,
Speaker 1: but I mean I would if they're paying a lot more.
Speaker 1: I mean, you said forty bucks a week. Did if
Speaker 1: they're paying four hundred of a week? Well, yeah, anybody's
Speaker 1: got a price, right, I mean, if it was twenty
Speaker 1: bucks a week, I wouldn't do it. But forty bucks
Speaker 1: a week, I'm like a hundred sixty bucks a month,
Speaker 1: breaking in the hundreds at the end of the month. Yeah,
Speaker 1: I get worth it. Well that makes sense? Can you?
Speaker 1: Can you bail it? Wait? So how much have you
Speaker 1: looked into this? So I have downloaded the app and
Speaker 1: it's tracked my driving to know kind of where I
Speaker 1: drive and how many miles a day and stuff, and
Speaker 1: then it kind of tells you whether you qualify or
Speaker 1: not to be a driver for them, because they want
Speaker 1: to see they want to make sure you're driving in
Speaker 1: front of people and that your car isn't just parked
Speaker 1: in a garage. And so you know, my driving, I
Speaker 1: guess qualifies because I'm driving through downtown city and midtown
Speaker 1: actor downtown Midtown connector like obviously it's gonna get a
Speaker 1: lot of probably like an ideal, you can have a
Speaker 1: lot of people, a lot of people saying to me,
Speaker 1: do you want to know what the actual first advertisement
Speaker 1: is on it? That I think is what I would
Speaker 1: end up. You are already know what it would looks. Yeah,
Speaker 1: it looks like I can tell from the from that,
Speaker 1: but it looks like it's it's promoting a new show
Speaker 1: with Honey Boo Boo's mom. Dude, No, seriously, not joking. Yeah,
Speaker 1: I definitely wouldn't do that. I think it makes it
Speaker 1: more awesome. I think it makes it funnier than my
Speaker 1: leaf is going to be driving around town, just like
Speaker 1: put putting around town with Honey booboos mom's face on it.
Speaker 1: As soon as you said that, though, all I'm thinking
Speaker 1: of that gift where Honey, like Honey Booboo is a
Speaker 1: little girl, right, yeah, it means still going around that gift.
Speaker 1: If anybody doesn't know who Honey, I mean, I don't
Speaker 1: really watch TV but that much, but I know who
Speaker 1: Culture Phenomena google it, yeah five years ago or something.
Speaker 1: Come on, how much funny would that be? I just
Speaker 1: love to do little experience too, to see what kind
Speaker 1: of weird ways can you make money out there? I
Speaker 1: thought you, I thought you commute to work on your bike. Yes,
Speaker 1: So the first episode was on biking, and I did
Speaker 1: said it. But it's been brutally cold lately here, brutally cold.
Speaker 1: And I did get in a bike accident too, and
Speaker 1: so I had my bike had been out of commission.
Speaker 1: So I've been back in my car um and so
Speaker 1: that is the reason that I have been back in
Speaker 1: the car. And so I'm gonna try this out for
Speaker 1: a month. This is like a one month long campaign.
Speaker 1: All right, Well, report back. I'll report back. That could
Speaker 1: be a whole another podcast. See how it goes. And
Speaker 1: you know what, maybe if it goes well, maybe they'll
Speaker 1: consider wrapping my bike. They're not going to wrap your bike,
Speaker 1: I mean. Or maybe I could just wear a sandwich
Speaker 1: board while I'm on my bike on the way to work.
Speaker 1: I don't know. I just have donated kidney. You'd sell
Speaker 1: a kidney, maybe, dude. I hadn't even looked into that. Okay,
Speaker 1: I'm gonna start looking craigslist. Anybody need a kidney? How
Speaker 1: much will you pay? All right? So obviously I like
Speaker 1: weird ways to make money that leads us to Airbnb. Airbnb,
Speaker 1: and you talked about this, uh a few months back.
Speaker 1: I think you mentioned to me a possibility of putting
Speaker 1: it an Airbnb in your house. Yeah. We I mean,
Speaker 1: you know, we talked about it again. We're just always
Speaker 1: kind of thinking of just thinking of different different ways
Speaker 1: to have a little side hustle going on for us,
Speaker 1: you know, I mean, our income is is variable, so
Speaker 1: having an unpredictable income keeps us on our toes. And
Speaker 1: that's just something we we had considered. But Airbnb, we
Speaker 1: don't even need to explain it, right. Everybody knows what
Speaker 1: Airbnb is, sure, and if anybody that doesn't, It's a
Speaker 1: website where you can rent out literally a spare room
Speaker 1: in your house. You can rent out an apartment, an apartment,
Speaker 1: a tiny home, a whole house, whatever you want to do.
Speaker 1: Mention And I mean we've looked at I've looked on
Speaker 1: there before and seeing some of the stuff that people
Speaker 1: have listed. The's like how it's like Janet Jackson's like
Speaker 1: mansion like down to south of Atlanta. I mean there's
Speaker 1: some huge houses on there. I've stayed in some really fun,
Speaker 1: interesting places on Airbnb, and I've stayed in some really
Speaker 1: super cheap bedrooms on Airbnb, so I feel like I
Speaker 1: run the gamut. I mean, not like mansion houses or
Speaker 1: anything like that, because I'm not a baller, but airbb
Speaker 1: to me, it's changed the way I travel in a
Speaker 1: really positive way. I've had a lot of passive experience
Speaker 1: with Airbnb, and dude, it's awesome. I mean being able
Speaker 1: to go to get on there and you can basically
Speaker 1: for the same amount of money that you would spend
Speaker 1: on a hotel on a crappy, you know hotel, you
Speaker 1: can stay in a pretty sweet place and a better
Speaker 1: location for either less money or the same you know,
Speaker 1: or the same amount that you had spent on a
Speaker 1: on a crappy hotel. Anyway, it's awesome to me. The
Speaker 1: great thing is when you visit a city, the hotels
Speaker 1: are usually in a couple of spots. And let's say
Speaker 1: you when Emily and I went to Norway in to Oslo,
Speaker 1: and the hotels are pretty much all downtown, right and
Speaker 1: you know, I'm sure they're in some other spots, but
Speaker 1: the particular place that we wanted to stay, there's no hotels.
Speaker 1: You have to get an Airbnb and it led to
Speaker 1: the best experience ever. It was and those are the
Speaker 1: places you want to visit anyway, are the places where
Speaker 1: there aren't hotels because there's no hotels there, right. So
Speaker 1: it's like a ten minute bus ride from downtown and
Speaker 1: it's right on the Fiord. Literally, it's this tiny home
Speaker 1: right on the Fiord with there's like a dock right
Speaker 1: in front of it. Is that where they filmed Frozen?
Speaker 1: Is that why you wanted to Uh? Yeah, you know,
Speaker 1: I wanted to want to me was there a castle there?
Speaker 1: And we only know Frozen because we Matt and I
Speaker 1: each have daughters. So we went Frozen Rozen non stop
Speaker 1: lately with it being so cold. I mean literally, the
Speaker 1: girls are like, it's cold outside, let's watch Frozen, and
Speaker 1: you're like, no, put on my headphones. Yeah, actually, don't mind.
Speaker 1: It's it's a good movie. It is good. It is
Speaker 1: good for what it is. I prefer to pressing movies.
Speaker 1: But it's fine with the kids. Fine. So so that
Speaker 1: was my favorite Airbnb experience ever. I jumped in the
Speaker 1: Fiord and it was some of it was like this
Speaker 1: ice cold water is like jumping in glacier water. It
Speaker 1: was amazing, But that was an experience I could not
Speaker 1: have gotten for air and existed. Really, Oh is that yeah?
Speaker 1: I mean it's a house on the water, right, it
Speaker 1: was almost on the water. It was almost on the water.
Speaker 1: It's like a tiny home, kind of in the back
Speaker 1: of somebody else's home, right right. I remember seen a
Speaker 1: picture and it looked like you're as a picture out
Speaker 1: the window and you're looking at yeah, exactly, Yeah, you
Speaker 1: look on the mountains in the fjord, exactly. I was incredible.
Speaker 1: I was a little jealous. Great, and it costs less
Speaker 1: than a hotel room, but my experience was so magnified
Speaker 1: by doing that and the people you meet. You know,
Speaker 1: we talked to the owner for a while, and it
Speaker 1: just felt like this beautiful experience getting to meet someone
Speaker 1: from Norway, talk to him for a little bit, kind
Speaker 1: of get their vibe for what they enjoyed doing, like
Speaker 1: the local experience, and you just don't get that out
Speaker 1: of hotel. You talked to a concierge, she was like, yeah,
Speaker 1: there's a McDonald's around the corner, dude. Yeah, I don't
Speaker 1: even talk to the the concierge. I'm just like not worth Yeah,
Speaker 1: I know where I want to go. It would just
Speaker 1: let me, let me do what I want to do.
Speaker 1: And before Airbnb, I guess there was is couch surfing, right,
Speaker 1: So couch surfing dot Com, which it's kind of like
Speaker 1: the predecessor, still exists, but couch surfing wasn't really a
Speaker 1: capitalistic endeavor. It was kind of this little more hippie yeah,
Speaker 1: like sign up, find a place to stay, connect with people.
Speaker 1: Did you ever do couch surfing? Oh? You should have.
Speaker 1: I just honestly, I don't think I even really knew
Speaker 1: about it, to be honest with you. With you man, Yeah,
Speaker 1: so my buddy, I love the idea of it. My
Speaker 1: buddy Travis and I we bought a car and we
Speaker 1: traveled across the country for three months. So we end
Speaker 1: up doing a lot of couch surfing, finding a lot
Speaker 1: of people. Sometimes we just meet people in person and
Speaker 1: ask if we can stay at their place, like the
Speaker 1: original form of couch surfing. Yeah, no internet needed, but
Speaker 1: we would do the couch surfing dot com. And my
Speaker 1: buddy Travis, interestingly enough, after that trip, he met not
Speaker 1: so not on the trip with me, but he met
Speaker 1: his wife couch surfing in New Orleans. That's that's pretty awesome.
Speaker 1: So you can find love through these sites too. Yeah, out,
Speaker 1: I was gonna go down the path, but I decided
Speaker 1: it's amazing though. Yeah, that is it's very cool. I mean, yeah,
Speaker 1: an Airbnb obviously provides that that's that same similar vibe, right,
Speaker 1: Like you get to meet meet different folks, whether I
Speaker 1: mean sometimes the hosts aren't there, which is which is fine,
Speaker 1: but I just like being able to stay even in
Speaker 1: a neighborhood that you wouldn't even hardly even visit, right.
Speaker 1: Kate and I we had our anniversary trip this past
Speaker 1: fall and we went to Boston and we stayed in
Speaker 1: a neighborhood called back Bay. Super ritzy, I mean brown
Speaker 1: stones that are like a hundred and fifty years old,
Speaker 1: honestly prettier than any brown stone I've seen in New
Speaker 1: York Brooklyn. But in Boston, dude, it was gorgeous, unreal.
Speaker 1: And we pulled up Zilo Zillo up on our phone
Speaker 1: because we're like, man, I wonder what some of these
Speaker 1: units are going for, you know, And we had like
Speaker 1: a fourth floor walk up or something like that. There
Speaker 1: was a fifth floor like on the building right next
Speaker 1: door to it. List list it out like one point
Speaker 1: three million for in all these units are when I
Speaker 1: guess maybe square foot like a thirteen square foot two
Speaker 1: one at most. I mean the one we stayed out
Speaker 1: only had a single, single bedroom, but to be able
Speaker 1: to stay there, and so I think we only paid
Speaker 1: about like one twenty a night to stay in a
Speaker 1: neighborhood in a part of town that we would obviously
Speaker 1: never be able to afford to live. But I loved it, man,
Speaker 1: just being able to walk the walk the streets and
Speaker 1: walk past the buildings, and there's this sort of park
Speaker 1: down the in between, like on this one avenue that
Speaker 1: we got to walk down, so you're not even on
Speaker 1: the sidewalk, you're walking down like the stretch of park
Speaker 1: in between these buildings. It's awesome, cool, that's cool. Yeah,
Speaker 1: I love that experience that are being be can provide.
Speaker 1: So let's tell people. So Matt and I I think
Speaker 1: Matt's a few months ago had had the idea to
Speaker 1: do it in his house and he's kind of started
Speaker 1: work a little bit. And then I'll tell you, guys,
Speaker 1: kind of my seed that started germinating just a few
Speaker 1: weeks ago. Since then, I guess I got you thinking.
Speaker 1: So we've been thinking about it, and basically we've got
Speaker 1: space under our house, our our basement space, and so
Speaker 1: the idea is to be able to basically create an
Speaker 1: apartment down there, just to let folks know it's not
Speaker 1: a finished baseman. It's yeah, another floor and stuff. So
Speaker 1: like you got a lot of work to do. I
Speaker 1: mean literally we would have to create it, I mean,
Speaker 1: including digging some dirt out to to make sure there's
Speaker 1: enough enough head clearance. It's I mean technically maybe it
Speaker 1: might be more considered to be a cross space, but
Speaker 1: it's a huge cross space. I mean I think if
Speaker 1: I if we took out like a foot of dirt,
Speaker 1: we would be able to have eight foot ceilings, you know.
Speaker 1: So it's it's pretty big up under there. And yeah,
Speaker 1: there's not a ton of space, so we knew we
Speaker 1: would never want it to be a traditional lease where
Speaker 1: there's somebody always down there. Part part of it has
Speaker 1: to do with too not wanting to create a kitchen,
Speaker 1: creating a little apartment for someone to to be able
Speaker 1: to spend the night, obviously a bathroom and uh you know,
Speaker 1: maybe like a little mini mini bar, mini fridge kind
Speaker 1: of action for them to put leftovers in or something
Speaker 1: like that when they're going out to eat. But that's
Speaker 1: kind of something where we've been considering. I've been down
Speaker 1: there every other week or so. I'll go down there
Speaker 1: with like a tape measure and take measurements to figure
Speaker 1: things out. But no, we have not started actually digging
Speaker 1: or creating the space anything like that. It's it's kind
Speaker 1: of all a it's all a pipe dream at the
Speaker 1: moment at least, all right. And so if you if
Speaker 1: you crunch numbers on it, and what what do you
Speaker 1: think you could make on it, and what's your what's
Speaker 1: your aim here? Yeah, I mean, so the idea is,
Speaker 1: I think based on the demand I'm seeing in our neighborhood.
Speaker 1: So Joel and I both live in a pretty popular
Speaker 1: neighborhood I guess pretty close to east line of village.
Speaker 1: So a lot of folks are are wanting to kind
Speaker 1: of hang out there. And I think we could rent
Speaker 1: it out like easily twenty twenty out of three days
Speaker 1: of the month, just about. And I think it could
Speaker 1: go for between like sixty two somewhere between sixty eight
Speaker 1: bucks a night for how many square feet. I think
Speaker 1: we measured out about two like somewhere between like two
Speaker 1: square two to fifty. Yeah, I mean it all kind
Speaker 1: of depends though, So I'm mine started to take place
Speaker 1: because I like to search rain of things in Craigslist.
Speaker 1: There's like a few of my favorite search terms that
Speaker 1: I'll type in every once in a while if I
Speaker 1: just kinda I got a down minute and I want
Speaker 1: my brain to race about weird stuff, and airstream is
Speaker 1: one of the things that like to type INTOUP. Yeah,
Speaker 1: you've been talking about an airstream for yeah a while now. Yeah,
Speaker 1: it's been kind of on my mind, and I've looked
Speaker 1: at it at different times, and probably a year ago,
Speaker 1: I was looking at a couple and then I tossed
Speaker 1: in the Craigslist the other day and there's a guy
Speaker 1: literally right around the corner for me, less than a
Speaker 1: mile away, who's selling an airstream that he currently rents
Speaker 1: on Airbnb. It's super good looking. It's yeah, you showed
Speaker 1: me a picture of it, Yes, my kind of style.
Speaker 1: But the interior it needs a lot of work, and um,
Speaker 1: I'm just not sure how if I'm ready to like
Speaker 1: redo a bathroom in an airstream right now? But why
Speaker 1: why why is he why as he's selling it, he's moving.
Speaker 1: So he just kind of got me thinking specifically about
Speaker 1: that one and then figuring out the market a little
Speaker 1: bit more. So I went to there, there's an air
Speaker 1: stream classified websites. I'm taking through there to kind of
Speaker 1: see what's nearby and what's available and to kind of
Speaker 1: auto trader for air streams exactly exactly. So Craigslist has
Speaker 1: like some merit there, but these air stream classifiedes, if
Speaker 1: you're willing to travel especially, I think are it's it's
Speaker 1: a it's a better website you can you can get
Speaker 1: a better idea of the value too. So after looking
Speaker 1: at that, I knew that this guy was asking too much.
Speaker 1: He would think he was asking eighteen and I think
Speaker 1: probably for his I'd be willing to pay like ten
Speaker 1: to twelve. Yeah, it's because I found some that were
Speaker 1: bigger and had much better renovations done to them. And yeah,
Speaker 1: that because that was something I was I was thinking
Speaker 1: about when you told me that, which is it's one
Speaker 1: thing to do a renovation, I guess on a regular
Speaker 1: traditional building or home, I feel like with a air stream,
Speaker 1: but there's gonna be specific specific parts are sure, and
Speaker 1: like that's gonna make it. I mean, I think at
Speaker 1: least I've never done this, but I feel like it
Speaker 1: would make it a little trickier to kind of replace
Speaker 1: stuff like a bathroom, for instance, And that's definitely the
Speaker 1: case for for certain parts theater stream. But I think
Speaker 1: you have a lot of leeway to I mean, there's
Speaker 1: people that tile out the bathrooms and air streams, and
Speaker 1: so you can kind of basically just do whatever you want.
Speaker 1: It's not like you're trying to restore it to its
Speaker 1: original the original condition or yeah, yeah, it's not a restoration.
Speaker 1: It's really really is just a renovation, and a lot
Speaker 1: of people have renovated and and done them well. So
Speaker 1: there was one about an hour north of us. They're
Speaker 1: asking about twenty but crunching the numbers, like you said,
Speaker 1: renting out alan average twenty nights a month, which I
Speaker 1: think is pretty reasonably. That kind of gives you a
Speaker 1: little bit flex to even say no to folks if
Speaker 1: you know, you want to have a party that weekend
Speaker 1: or something, and save it for yourself. And I know
Speaker 1: a couple of people in town that have their own
Speaker 1: airbnbs and they've pretty much said nights a month is
Speaker 1: pretty average for running theirs out. So what do you
Speaker 1: think you could you know, as far as the other numbers,
Speaker 1: how much do you think you could get for it?
Speaker 1: So I think, uh, airstream would be able to rent
Speaker 1: for on Airbnb for roughly sixty five a night maybe
Speaker 1: if we do some good landscaping and stuff back there too, Yeah,
Speaker 1: make it look cute around it, and yeah, get good reviews,
Speaker 1: get get landscaping back there, and make sure it's a
Speaker 1: good experience. Well, and I mean, I will say for
Speaker 1: you specifically an air stream, I think it's perfect for
Speaker 1: your location. Like your house is corner lot, You've got
Speaker 1: that concrete slab or whatever, and I've seen that for
Speaker 1: you is what you're thinking about exactly, So basically it
Speaker 1: used to get back it up right onto that you've basically,
Speaker 1: I mean, that's a perfect spot. Many side access off
Speaker 1: the street, so it's not like they're having to like
Speaker 1: go through your front gate if you you know, exactly.
Speaker 1: The backyard really good set up. The backyard really feels
Speaker 1: like entirely separate space in a lot of ways from
Speaker 1: the house. Like we don't use the back yard all
Speaker 1: that much. It's just perfect space though for this, So
Speaker 1: it kind of feels like a different lot, separate lot. Almost. Yeah,
Speaker 1: so it just feels like it's it really is kind
Speaker 1: of perfect for us. It's not kind of trying to
Speaker 1: shove a square peg into a round hole. It really
Speaker 1: actually does fit. And so yeah, so unlike maybe us,
Speaker 1: what do you mean, It's not like it's everything's already there,
Speaker 1: laid out perfect for us. It's it would definitely be
Speaker 1: some work. But I mean, I'm not afraid of hard
Speaker 1: work or you know, even like manual labor, since the
Speaker 1: idea is to be able to do a lot of
Speaker 1: that myself when I'm not busy with my full time job,
Speaker 1: kind of you know, pick it up in between, uh,
Speaker 1: during the slow season. But yeah, so let's say sixty
Speaker 1: dollars a night, running out twenty nights a week there be,
Speaker 1: and B takes her cut. Let's say you're making a
Speaker 1: thousand dollars a month. Yeah, that's pretty good. You're gonna
Speaker 1: pay on a year. Yeah, you're gonna pay off the
Speaker 1: air stream in less than two years eighteen ran, yeah,
Speaker 1: year and a half maybe. Plus I want to have
Speaker 1: an air stream just to like take my family around
Speaker 1: one of these days, oh man speaking air streams like
Speaker 1: so Monday night bery bery over on the So they've
Speaker 1: got their second location now and then they're massive tasting room.
Speaker 1: If it's an air stream, right, don't they have that
Speaker 1: camper or something? You remember we went on one of
Speaker 1: the opening nights. We took our kids. I lost my
Speaker 1: youngest your your daughter was lost? Where was she inside?
Speaker 1: The air stream? Run down? Beat up air stream? It
Speaker 1: was pretty funny. Yeah, and I'm a bad dad. You're okay,
Speaker 1: It's fine. I'm average at least, I'll take that. Yeah,
Speaker 1: let's talk about some some more of the benefits then, yeah, right,
Speaker 1: so yeah, so I think I mean you can make money.
Speaker 1: You can. Uh, let's say you run out a room
Speaker 1: in your house. There's a lot of people that can
Speaker 1: do that. Let's say you're living in a two bedroom
Speaker 1: place and you don't use one of the bedrooms, or
Speaker 1: maybe you do, but you could stop using it sometimes
Speaker 1: certain times. There's a guy that I talked to just
Speaker 1: the other day who does this very thing. He rents
Speaker 1: out just one room in his house, just a regular dude.
Speaker 1: He's a teacher, and he made over three thousand dollars
Speaker 1: last year from Airbnb, just from an extra from an
Speaker 1: extra room. That he'd and out sometimes, Yeah, that's awesome.
Speaker 1: I think a lot of people, based on anytime we've
Speaker 1: gotten on there and looked around at some of the
Speaker 1: available um houses or rooms or whatever near us, there
Speaker 1: are I mean the vast majority of folks that's what
Speaker 1: it is. It's not it's not an entire house. It's
Speaker 1: just a room. And which is why I think, Well,
Speaker 1: that means I think it's part of why an air
Speaker 1: stream or a separate apartment would be amazing, because you
Speaker 1: can say that you've got your own space, you're not
Speaker 1: sharing it with anybody. And I think for folks, they
Speaker 1: don't need something huge. They just want to be able
Speaker 1: to Sometimes if you're at a conference or or you're
Speaker 1: in town to see a concert or to see family,
Speaker 1: you don't want to have to also go home to
Speaker 1: where you're you know, go back to where you're staying
Speaker 1: and talk to somebody. You just want to be able
Speaker 1: to walk in, close the door and just go to
Speaker 1: sleep or watch the TV or something. Yeah, open the
Speaker 1: door and walk in drunk at one am or something
Speaker 1: like that, and maybe the post is sleeping just they
Speaker 1: can hear you that that feels a little awkward. I agree,
Speaker 1: I usually we've slept, we've done the bedroom thing before,
Speaker 1: but it's not our preference. We definitely prefer our own spot.
Speaker 1: It can be a little awkward sometimes, Yeah, you need
Speaker 1: me to be cost a little bit more. We're usually
Speaker 1: willing to spend the extra money exactly our own place.
Speaker 1: But that's why the air streams or small rooms are perfect.
Speaker 1: I love a small room by itself or something like that.
Speaker 1: Just I don't care if if it's a smaller space,
Speaker 1: but it's our space, I'd rather I'd rather do that. Yeah, absolutely,
Speaker 1: I'd rather have our space then this massive space that
Speaker 1: we're sharing. Yeah. Absolutely. But but yeah, so income, right,
Speaker 1: and it's not just income, it's I mean, the benefit
Speaker 1: of that is to diversify, right, And so if I
Speaker 1: mean that's for for us, it's just been able to
Speaker 1: diversify the kind of the different income streams that we
Speaker 1: have coming in, the different sources of income. Again, with
Speaker 1: our our income being more variable, to be able to
Speaker 1: to have a little extra extra flow coming in from
Speaker 1: a different source. Man, that's great. And for it to
Speaker 1: be more passive. Yeah, you know, that's what's so great
Speaker 1: about this is not it's not like you're having to
Speaker 1: work really hard to do this. It's just a a
Speaker 1: few clicks here and there and maybe lean it up
Speaker 1: the place or what have you. But it's it's definitely
Speaker 1: a little more passive than most folks. Yeah, I'm all
Speaker 1: about that diversification. If you're one of those people that
Speaker 1: wants to retire early, I think doing something like this
Speaker 1: is great. There's a lot of people that buy duplex,
Speaker 1: live at half, run out the other half, and it
Speaker 1: pays for most of the mortgage. Anything you can do
Speaker 1: like that, you know, house hacking, having your own airbnb,
Speaker 1: that those kind of things will help you to get
Speaker 1: that extra income stream and you can divert that to
Speaker 1: saving for retirement or building up to buy more things
Speaker 1: that will actually bring you a return in the long run. Yeah,
Speaker 1: you can buy more leafs that you can wrap to
Speaker 1: uh make even more money. It's just this compounding machine. Well,
Speaker 1: you know, there's some people that have there's a few
Speaker 1: people that do touro, which is a website where you
Speaker 1: can rent your car out, and there's people a few
Speaker 1: people that have found it works so well for them
Speaker 1: that they buy a fleet and of cars. Basically they
Speaker 1: become their own rental car company. Totally. Yeah, that sounds
Speaker 1: terrible to me. I know, I don't want to do
Speaker 1: that either, but those kind of I love that that
Speaker 1: there's these side hustles exist now there. It is nice
Speaker 1: for folks to have options out there, right, I guess
Speaker 1: just the whole car side of it just I just
Speaker 1: feel like so much can go wrong with I don't know,
Speaker 1: with the vehicle you have to be driving around hitting people. Yeah, like,
Speaker 1: no one's gonna kill somebody with your airstream, right Like,
Speaker 1: but I know something about a vehicle just kind of
Speaker 1: freaks me out. I don't I don't like cars. I
Speaker 1: think if you're get into the airbnb game, you're gonna
Speaker 1: want to consider how much money you're willing to put
Speaker 1: forward up front, and you're gonna want to keep the
Speaker 1: investment minimal. I wouldn't suggest going out and buying a
Speaker 1: house and putting it up on Airbnb and seeing how
Speaker 1: it works out, seeing if it sticks. And obviously there's
Speaker 1: some locations that will work better than others. So if
Speaker 1: you live in rural Pennsylvania, I don't know, maybe a
Speaker 1: lot of people come there to visit, but maybe they don't,
Speaker 1: So you're gonna want to look at the market, see
Speaker 1: what's around you. Look up on the Airbnb. You can
Speaker 1: see what other rentals are currently available, what they're charging,
Speaker 1: Talk to somebody that's done it. Do your research, but
Speaker 1: don't overinvest. Don't put in a bunch of money when
Speaker 1: you can't get the return. Yeah, you need to be
Speaker 1: smart about it. And like you said, man, like that
Speaker 1: map feature is just so nice. You can literally go
Speaker 1: to where you live, look around and just get some comps.
Speaker 1: If if they've got a ton of reviews and a
Speaker 1: lot of activity, well guess what many they're running it
Speaker 1: out a bunch and it might be worthwhile. Yeah, like
Speaker 1: I was looking at there's a hundred dollar a night
Speaker 1: one here and sixty dollar night when there. And I
Speaker 1: can say, well, if I got this air stream and
Speaker 1: be a little bit better than that one and not
Speaker 1: quite as good as that one, and this is probably
Speaker 1: the market rate I could charge. You know, if it
Speaker 1: is going to work out for you to do Airbnb,
Speaker 1: if you've got you know, either even just an investment property,
Speaker 1: is that and you have the potential to make a
Speaker 1: lot more then if you had a traditional lease, like
Speaker 1: a traditional one year lease, where you've got a full time,
Speaker 1: full time tenant, you could have someone in there for
Speaker 1: half that time and be making more than you'd probably
Speaker 1: likely be able to pull in a rent at least
Speaker 1: here in Atlanta. Yeah, and so part of me has
Speaker 1: thought about using this as kind of like a little tests. Yeah,
Speaker 1: because I have houses right around the corner that I
Speaker 1: leased on a yearly basis and might be switching over
Speaker 1: to Airbnb. If I kill it an Airbnb, why not
Speaker 1: start running, you know, furnish those homes and and see
Speaker 1: what I can do on shorter term rentals or Airbnb.
Speaker 1: This is why it seems appealing, is that it seems
Speaker 1: that you can save on So there's gonna there's always
Speaker 1: some expenses when it comes to buying like a new house,
Speaker 1: like an investment property at something you know, like you
Speaker 1: and I, we've got a couple of investment properties. Is
Speaker 1: something that we're into. But there's a lot of money
Speaker 1: associated with that. It's you know, you're looking at additional insurance,
Speaker 1: you're looking at the cost to purchase the home, just
Speaker 1: closing costs, and just the general upkeep of a set
Speaker 1: completely separate house and taxes and just everything. I mean
Speaker 1: through a trailer in your backyard. Sorry, airstream. I don't
Speaker 1: want I don't make it sound like a double wide,
Speaker 1: but or you know, we finished at the basement apartment.
Speaker 1: Some of those costs are already baked in, They're already
Speaker 1: built into your existing properties. So those are costs that
Speaker 1: it's overhead that you don't have to even consider when
Speaker 1: it comes to when it comes to an airbnb. I agree.
Speaker 1: I think that was a lot of the benefit that
Speaker 1: I see in doing an airstream. That's doing an airbnb
Speaker 1: more affordable, kind of upfront, right, totally more affordable, better return,
Speaker 1: and less less hassle, less to deal with. Well, we'll
Speaker 1: talk about that in a second. I think running it
Speaker 1: out at the day to day there's could be a
Speaker 1: lot of hassle there. But the tax structure, right like
Speaker 1: if I buy a house, I'm gonna have to pay
Speaker 1: real say, I'm gonna have to pay taxes annually on that,
Speaker 1: I'm gonna have to have insurance, all that stuff, right
Speaker 1: like you just mentioned. With an airbnb, I don't really
Speaker 1: have to have any of that, And so it makes
Speaker 1: it a lot more appealing to just grab something put
Speaker 1: it in my backyard that's kind of going and used
Speaker 1: in a lot of ways, and it is a perfect
Speaker 1: space for it. Do that see how things go? You
Speaker 1: think I could? Uh so we just built built a
Speaker 1: playhouse for the girls and in the backyard over Christmas,
Speaker 1: And would you think I'd be able to like it
Speaker 1: literally like an airstream or kind of a basement apartment.
Speaker 1: It gets you thinking and you're like, man, how much
Speaker 1: would somebody spend to sleep? It's the equivalent of I mean,
Speaker 1: it's nicer than like a camping shelter like on the
Speaker 1: a T if somebody want to just come to Atlanta
Speaker 1: sleeping there, sleeping back. It doesn't really have a door
Speaker 1: that closes. It's got it's got a nice tin roof.
Speaker 1: You might be able to get like three bucks a night.
Speaker 1: Three that somebody would pay tis like ten or twenty.
Speaker 1: Get some electricity out there and maybe yeah I know, yes,
Speaker 1: people at least want to be able to charge their
Speaker 1: cell phone. Yeah, yeah, no electricity. I don't think anybody
Speaker 1: wants that for more than three bucks and zero cost there.
Speaker 1: I mean, obviously it cost us some money to build it.
Speaker 1: But yeah, so are you concerned about like this sort
Speaker 1: of the day to day keeping up with it, cleaning?
Speaker 1: I'm not yeah, and I tell you, I'll tell you why.
Speaker 1: I think certainly there is there's a lot of like
Speaker 1: learning curve I think on the front end on that
Speaker 1: that will definitely happen. But just like take the sheets
Speaker 1: off and just shake them and just put them back.
Speaker 1: I think we'll definitely have two sets of sheets, probably three,
Speaker 1: and just change them out every time, say, with towels
Speaker 1: and linens all that stuff, right, and but we'll keep
Speaker 1: it super basic. There will be two plates in a
Speaker 1: coffee pot and two mugs. That's all you need, you know. Yeah,
Speaker 1: there's gonna be two of everything, and it's gonna be
Speaker 1: super chill. There's not gonna be a whole lot involved.
Speaker 1: And I think it's gonna be quick wipe down of
Speaker 1: the counters, you know, quick sweep and get out of there.
Speaker 1: This in fact good to go. Yeah, I think it'll
Speaker 1: take twenty to thirty minutes maybe and maybe a little
Speaker 1: bit longer in the beginning as we're kind of learning
Speaker 1: our system. But I'm not really worried about that. And
Speaker 1: I think if you create enough barrier in between the
Speaker 1: checkout and the check in, uh, and there's some time,
Speaker 1: you mean, like the first time checkouts, it eleven and
Speaker 1: and check in is until three pm or something three
Speaker 1: or five. Give yourself a few hours. Yeah, So if
Speaker 1: I give myself that kind of leeway, then I think
Speaker 1: I think it's easy. Obviously haven't done it yet, but
Speaker 1: I've talked to other people that have, and I feel
Speaker 1: like I've gotten a good understanding. And most people say
Speaker 1: it's pretty chill. It's really not that hard. And and again,
Speaker 1: one of my favorite things about doing air Baby myself,
Speaker 1: going and running a place is meeting the people. And
Speaker 1: I don't do that every time. You know, lots of
Speaker 1: times the person that runs the runs the joint isn't there.
Speaker 1: But I love that when I do get to meet
Speaker 1: them and hang out with them and get a little
Speaker 1: insider knowledge. And I really think I love the other
Speaker 1: side of it to getting to meet people that are
Speaker 1: visiting our town here what they're in town for. Yeah,
Speaker 1: and hey, wha, well have you thought about going into
Speaker 1: this place and creating a book of some of my
Speaker 1: favorite places for them to go see and stuff like that?
Speaker 1: It sounds like a labor of love. To Jill's Guide
Speaker 1: to Atlanta, Yeah, it's gonna be a lot of greasy food.
Speaker 1: And I had a lot of like concert venues. Yeah,
Speaker 1: so I do think it would be easier with them both.
Speaker 1: I mean both of what we're considering are on site,
Speaker 1: like at our own, yes, own house, and so with
Speaker 1: you and your backyard with us potentially you know, down
Speaker 1: in the basement, that seems really easy. But to have
Speaker 1: to maybe get in the car or hop on the
Speaker 1: bike and ride over to a different you know, a
Speaker 1: different house to where that set up, I I see
Speaker 1: that being way more of a hassle to actually leave
Speaker 1: the home. I mean, you know too, if you had
Speaker 1: to just walk in the backyard like that's I think
Speaker 1: that's I mean, that's definitely a benefit to our specific situations,
Speaker 1: is that there's just it would be so easy to
Speaker 1: to just for us to run downstairs, change the sheets,
Speaker 1: clean up, Like if I wasn't home, kid could do
Speaker 1: you know, I work from home. So that's another reason
Speaker 1: for me that it's it would be great. It's just like, well,
Speaker 1: I'm already here. It's be really easy for me to
Speaker 1: you know, just hop down there and do that. But
Speaker 1: even if I wasn't here, man, if you know, one
Speaker 1: of the girls, a couple of girls were taking a
Speaker 1: nap or something like that in the middle the day,
Speaker 1: Kate could run down there knock it out if I
Speaker 1: if I had a meeting, or if I was out
Speaker 1: of out of town or something. Yeah, I thought about that.
Speaker 1: For our my rental house, it's just around the corner.
Speaker 1: It's about half mile away. But I wasn't ready to
Speaker 1: kind of test it out on a full fledged rental
Speaker 1: like that until I did. Like an experiment like this,
Speaker 1: I want to see how it works close up in
Speaker 1: my backyard and how I'm able to attend to it
Speaker 1: and see what how much of a pain in the
Speaker 1: ask factor does this add to my life? And once
Speaker 1: I do that, then I feel like I'll know, Okay,
Speaker 1: cool is it? Is it gonna be worth it for me?
Speaker 1: Will I make enough return on my money to make
Speaker 1: it worth it to turn my regular annual rental into
Speaker 1: an airbnb as well? It's around the corner. If I
Speaker 1: can make a thousand dollars more a month, it's probably
Speaker 1: gonna be worth the hassle factor. But I mean, if
Speaker 1: you're willing to drive around the wrap car for right right,
Speaker 1: I still can't. Yeah, I still can't get past that. Well,
Speaker 1: I can't wait to report back and let you know
Speaker 1: how how honey Booboo's mom is doing on the side
Speaker 1: of my car. I do not want to see your vehicle.
Speaker 1: It's gonna be awesome with her face on it, so
Speaker 1: so can we. We talked about the like the upside, right,
Speaker 1: the positives, pot positives? What are you concerned about? Have
Speaker 1: you thought through like potential downsides? Sure, yes, totally. You're
Speaker 1: worried about the whole murder thing. Uh, somebody getting killed?
Speaker 1: You know that didn't come on my list of potential
Speaker 1: downsides on my pros and cons. I could totally see
Speaker 1: a body in an airstream like way before I could
Speaker 1: see a body in a basement apartment. Really well, I
Speaker 1: think they're both ripe. Once I said it out loud,
Speaker 1: I was like, oh, yeah, pretty, that's totally worthy. You've
Speaker 1: got dirt floors right now, dude, They're going to find
Speaker 1: a way polished concrete floors. It's gonna be awesome. It's
Speaker 1: gonna be nice, all right. Yes, So, I think the
Speaker 1: potential downsides one the first one, or that hassle factor,
Speaker 1: which is why I haven't looked into doing my regular
Speaker 1: rental as an Airbnb. And I think the hasshole factor
Speaker 1: of and I think you have to choose, like I
Speaker 1: I on AIRBB you can set up whether you want
Speaker 1: to allow a minimum stay and stay. Yeah, and so
Speaker 1: I'm thinking, I don't know, probably two night minimum stay
Speaker 1: because I don't I don't want it to do every
Speaker 1: day every day, right. But that's one of the biggest
Speaker 1: factors to me, was the in communist factor. But I
Speaker 1: think if we get it down to science and you know,
Speaker 1: my wife works a little bit but works from home,
Speaker 1: and so if we can kind of transfer those duties
Speaker 1: and you know, hey, can you cover this this day
Speaker 1: and can you cover this that day? I think we
Speaker 1: I think we'll be fine. It's just downside coming up
Speaker 1: with the system. But that's a downside for Shure. It's
Speaker 1: definitely not I mean I kind of mentioned it as
Speaker 1: a positive like a second ago, but how it's sort
Speaker 1: of this automated source of income, right, But it's not
Speaker 1: truly passive income. It's not like an investment that's earning dividends,
Speaker 1: uh something like that. Well that's what they're gonna be honest.
Speaker 1: It still involves work. That's one of my pet peeves
Speaker 1: is anybody calling something passive income. There's only a certain
Speaker 1: amount of passivity that you can actually expect from a
Speaker 1: rental home or an airbnb. And and it's not to
Speaker 1: call it passive income. It feels like a massive overstatement
Speaker 1: because there's a lot of work involved in buying and
Speaker 1: actually keeping up with your runtal home and your tenants
Speaker 1: and making sure you run one that that is good
Speaker 1: in a place where people want to live. And so, yeah,
Speaker 1: passive income is is a phrase I like to avoid usually,
Speaker 1: and yet running an airbnb would definitely not be considered
Speaker 1: passive income in my book. But it's a different way
Speaker 1: of income. I think you can. The way I think
Speaker 1: of it is making a lot more than you could
Speaker 1: with your time doing this than you could doing a
Speaker 1: lot of other things. So if I spend you know,
Speaker 1: let let's say thirty minutes a day, four days a
Speaker 1: week running this airbnb, and so that's you know, two
Speaker 1: hours a week I'm putting into that, but I can
Speaker 1: make a thousand dollars a month from it. That's a
Speaker 1: really good return on my time investment. So that's what
Speaker 1: I the way I look at it, not as this
Speaker 1: thing it's going to run itself necessarily, although there's a
Speaker 1: lot of mechanisms you can put in that will help
Speaker 1: it run itself in a lot of ways exactly. And
Speaker 1: so yeah, yeah, to counter that, you could just set
Speaker 1: up a cleaning service, you know, where they know the
Speaker 1: system them you just send them a text or something
Speaker 1: like that, and you can set up the I don't
Speaker 1: know what it's called, I forget, but like the instant
Speaker 1: book basically, like you don't have to approve and click
Speaker 1: through with messages and stuff like that. You just I
Speaker 1: I assume you set a filter that you're willing to
Speaker 1: accept people above a certain rating. And then also a
Speaker 1: lot of that can be automated, and you just set
Speaker 1: up the rules and instructions on how to get in
Speaker 1: with the keypadd and all that all that action, and
Speaker 1: I kind of saw some of those problems. But yeah,
Speaker 1: but yeah, so you're talking about only putting in thirty minutes, right,
Speaker 1: and so it seems like a no brainer. Another downside though,
Speaker 1: is that it still takes some upfront costs totally right.
Speaker 1: It's not like all of a sudden you can just
Speaker 1: start doing this. Although if you I mean if you
Speaker 1: have a room, so if you know, if you already
Speaker 1: have a room in your house, like we're both talking
Speaker 1: about dropping some money to basically set us up for
Speaker 1: this additional revenue revenue stream. But if you've already I mean,
Speaker 1: if you've already have a room in your house that's
Speaker 1: just not being used and it's just got your golf
Speaker 1: clubs or just whatever other junk sitting around in it, Dude,
Speaker 1: you could do it in one saturday with yes, like
Speaker 1: I mean literally just having all you can do it
Speaker 1: all in one weekend because you could set up a
Speaker 1: yard sale, sell your extra crap, use some of that
Speaker 1: money to spruce up the room, maybe a new coat
Speaker 1: of pain, get some new linen's, some new towels. It
Speaker 1: is kind of a no brainer if you're up for
Speaker 1: for for up for house guests, yeah exactly. Yeah. A
Speaker 1: downside though, two house guests are privacy. Sure, you're gonna
Speaker 1: have some privacy issues. Then if you you know, you've
Speaker 1: got somebody staying in your house potentially, so that's the
Speaker 1: lowest cost of entry is the room extra room inside
Speaker 1: your house. But then that's also gonna be the most
Speaker 1: problematic when it comes to you know, having house guests,
Speaker 1: You're not gonna have nearly as much privacy. And for
Speaker 1: for us, for like with a young family. That's going
Speaker 1: to be kind of I don't think we would be
Speaker 1: well reviewed on the Airbnb if we were renting out
Speaker 1: a room inside our house. Yeah, and I'm definitely not
Speaker 1: um I'm I wouldn't do that either. That's just not
Speaker 1: that's not where I'm at, But I was not where
Speaker 1: we are. I think there's a lot of people. Or
Speaker 1: for instance, back when I was single, before I got married,
Speaker 1: I would have been you know, and I initially bought
Speaker 1: a two bedroom house and I've run it out one
Speaker 1: of the rooms to a friend. I would have been
Speaker 1: totally okay airbi and being that for the time, but
Speaker 1: at the point in my life that I'm at now,
Speaker 1: I wouldn't do it. So we actually have a back
Speaker 1: addition to our house that connects to where we live,
Speaker 1: and it would make a great Airbnb, but I'm just
Speaker 1: not willing to do it because it literally attaches to
Speaker 1: our house. We hear them, they hear us. We wanted
Speaker 1: someone that was going to be the same person and
Speaker 1: the same persons lived there for three years now, and
Speaker 1: I mean you you knew her before, well, we wanted
Speaker 1: to be able to know that person. She's she's a friend. Yeah,
Speaker 1: because it's that closer quarters and I just wouldn't be
Speaker 1: comfortable doing an airbnb with that. So you definitely have
Speaker 1: to figure out how close am I going to be
Speaker 1: to these people and how comfortable do I feel? And
Speaker 1: that's definitely a judgment all for you. Don't just look
Speaker 1: at the dollar signs thinking about the ways it's going
Speaker 1: to impact your life. But you can also do a
Speaker 1: test you can test out. Yeah, that's what's so cool
Speaker 1: about that. Well, especially with the room. With a room,
Speaker 1: this is your almost you know, very little costs up front.
Speaker 1: You can just try it out. Yeah. So but like
Speaker 1: obviously with airstream or the basement department, we're gonna have
Speaker 1: to do a little more digging. We're gonna have to
Speaker 1: make sure the numbers are going to work out. Literal
Speaker 1: digging on on on my end, literal literal digging on
Speaker 1: your end, as basically a labor in your own home. Yeah,
Speaker 1: I tell you. I I texted my my contractor friend James,
Speaker 1: so I told him, I was like, hey, man, I've
Speaker 1: got like two square feet worth the dirt. If I
Speaker 1: need to dig down about two feet with one person
Speaker 1: doing the work, how much you know, how how long
Speaker 1: do you think it would take. And he got back
Speaker 1: when it's like whoa. It's like, first of all, how
Speaker 1: far do you need to move the dirt? I was
Speaker 1: like maybe, he's like you can be using a wheelbarrow. Like, yes,
Speaker 1: he's like three weeks of hard labor. I was like,
Speaker 1: oh my, that sounds sounds pretty brutal. At the same time,
Speaker 1: it kind of sounds awesome because it's like, I'm in,
Speaker 1: I'm gonna be a stud by the time. By the
Speaker 1: time I get done with that, I can have some
Speaker 1: strong shoulders and a strong back to workout routine right there,
Speaker 1: free same time, free workout routine. The appeal of that
Speaker 1: kind of actually sounds I over overly romanticize it, I
Speaker 1: think in my mind, but I think it sounds pretty cool. Well,
Speaker 1: once you're a weekend I'll be interested to hear how
Speaker 1: you're romanticized. Might have a different, different tune at that point. Yeah,
Speaker 1: are you decided at this point, have you guys decided that,
Speaker 1: like we're definitely gonna do this, it's just a matter
Speaker 1: of finding the right deal, or are you guys still
Speaker 1: kind of on the fence. I'd say we're we're committed,
Speaker 1: So yeah, we're not act, So actually I didn't realize
Speaker 1: you guys were that committed. I like it. On our
Speaker 1: last episode we talked about budgeting and I talked about
Speaker 1: how are which By the way, I hope that's not
Speaker 1: too dry for people, the budgets. The budgeting episode, no idea.
Speaker 1: They loved it. They ate it up. You know that.
Speaker 1: I'm just saying it can be a dryer subject. And
Speaker 1: I remember when we got when I got when we
Speaker 1: got finished that one up, I was thinking about. I
Speaker 1: was like, man, why did we choose budgets were so important?
Speaker 1: And I talked about how our goal was to pay
Speaker 1: off debt and that was and we don't have a
Speaker 1: lot of it, very little in fact, but it was like,
Speaker 1: let's just go hard at it and we'll be done
Speaker 1: with it in in the first six months. And then I
Speaker 1: get this hair brained idea to buy a freaking air
Speaker 1: stream and things change because the payoff the debt planning overnight.
Speaker 1: But as you know, if you're buying real estate, really
Speaker 1: the best way to do it, if you want to
Speaker 1: maximize your returns, maximize your efforts, is to take on debt,
Speaker 1: take on smart debt. And I feel like I've always
Speaker 1: taken on smart debt had to put down every time,
Speaker 1: and so this again would be like, Okay, do we
Speaker 1: take on a smart amount of debt? We basically yeah,
Speaker 1: instead of take taking it because I've got about ten
Speaker 1: grain in cash, do I take ten grain more on
Speaker 1: the home ecod a loan and put it towards it
Speaker 1: and then say, sionar to paying it off in the
Speaker 1: next six months or or do we really stick to
Speaker 1: that plan? And you know me, I can't. I can't
Speaker 1: pass up a deal. So I feel like it's gonna
Speaker 1: come down on airstream and it comes down to the
Speaker 1: numbers though, I mean, you know the terms year of
Speaker 1: your home equally alone. I guess I don't know. I don't.
Speaker 1: We hadn't gone into details about that. Yeah. No, it's
Speaker 1: they're super chill, and so I feel like it's worth
Speaker 1: it to take out a little bit more. You're a
Speaker 1: little risk on this, a little uh you like the
Speaker 1: little lift on the edge a little more. But dude,
Speaker 1: I'm pretty risk averse man. Like I said, all my
Speaker 1: all my real estate deals have been done with down
Speaker 1: and never paid p M. I never you know, I
Speaker 1: I don't like debt at all, and I wouldn't encourage
Speaker 1: people to take on debt for many things. But I
Speaker 1: think if you have a plan to pay it off quickly,
Speaker 1: for for instance, it would turn from a six month
Speaker 1: plan probably take a year and a half plan. We're
Speaker 1: just basically throw all the proceeds from this Airbnb air
Speaker 1: stream back at that debt paid off quickly, and then
Speaker 1: boom after that we have this amazing source of cash
Speaker 1: flow every month and we don't have any debt on it. Yeah.
Speaker 1: What if another real estate deal comes along and in
Speaker 1: twelve months twelve months from now, Yeah, but the pounce
Speaker 1: on that one maybe, I don't know. That's the thing.
Speaker 1: It's harder for days, it's hard to predict. But I
Speaker 1: will say this, I don't think that the numbers on
Speaker 1: any sort of real estate deal are better than the
Speaker 1: numbers on an air stream in my backyard. Like they
Speaker 1: just can't be right, Like the return on your money
Speaker 1: is just so good. Yeah, the r O I for
Speaker 1: sure as far as its as a as a revenue stream. However,
Speaker 1: to me, that's one of the downsides of setting up
Speaker 1: an AIRMBB instead of doing a separate and actual property
Speaker 1: natural investment property is that you're not going to see
Speaker 1: the growth, right, Like, I think what's important is to
Speaker 1: see it as an income stream and not really an investment,
Speaker 1: because it's not really it's not going to go up
Speaker 1: in value. It's going to immediately provide income, which is awesome,
Speaker 1: and it's a it's an income stream, for sure, but
Speaker 1: as opposed to a property that uh that you know
Speaker 1: you've purchased recently in a kind of up and coming
Speaker 1: part of town. Man, you're gonna see that thing continue
Speaker 1: to climb over the years as far as a start
Speaker 1: as the value. You're gonna see your rents go up. Obviously,
Speaker 1: you know your taxes are going to go up a
Speaker 1: little bit too. But but there's more than one way
Speaker 1: to make money when you've got to invest in investment property, right,
Speaker 1: You've got you've got the income stream, but then you've
Speaker 1: got the increasing value of the home. And so it's
Speaker 1: me at least that's one of the downsides to consider
Speaker 1: with an air stream or with the basement apartment. You're
Speaker 1: putting your money in a non appreciating asset, absolutely, and
Speaker 1: I totally understand that. But I will also say this
Speaker 1: that we're we're located right here in the heart of Atlanta,
Speaker 1: we have an idea and and some thoughts behind what
Speaker 1: neighborhoods are are going and have a positive trajectory, are
Speaker 1: going in a in a positive direction. But for the
Speaker 1: most part for people buying rental properties, and neither you
Speaker 1: or I is buying speculatively for sure, but we have
Speaker 1: ideas of neighborhoods that we think you're gonna do better
Speaker 1: over the long term and outpaced the market at growth wise,
Speaker 1: And so that is something that goes into our minds
Speaker 1: when buying an investment property, but that is not what
Speaker 1: should cross most people's minds in most areas over most
Speaker 1: periods of time. You really want to look purely at
Speaker 1: the cash flow. That should be ninety of your reason
Speaker 1: for buying something. And if you think that, I think
Speaker 1: it's an added bonus. Usually if the neighborhood appreciates faster
Speaker 1: than others, or or if it's you know, more up
Speaker 1: and coming and you make a good purchase by doing that,
Speaker 1: that's great, that's like that's icing on the cake. But
Speaker 1: that's not necessarily what you want to make your decision
Speaker 1: on either. And so I think that's why I think
Speaker 1: that there may be if you're looking at it purely
Speaker 1: from those numbers, sins, which is for the most part,
Speaker 1: what you should be looking at when you're looking at
Speaker 1: real estate. Although I care about the neighborhood, I not
Speaker 1: buying in a lot more than than just the numbers.
Speaker 1: And you do too. But when you crunch the numbers
Speaker 1: on on the Airbnb, the numbers are better than any
Speaker 1: real estate deal that that I've been able to crunch.
Speaker 1: The number three. Yeah, the the Yeah, the actual revenue
Speaker 1: stream in the r O. I yeah, you're gonna You're
Speaker 1: gonna win over a traditional investment property. It's just a
Speaker 1: balance though, you know, like you want to consider. I mean,
Speaker 1: I definitely when I crunch my numbers, I definitely take
Speaker 1: into account of the potential potential growth in equity. So yeah, alright, Matt.
Speaker 1: So where are you guys at on this possible rental
Speaker 1: airbb rental? Are you you gonna start digging tomorrow? No,
Speaker 1: I'll come videotape it. We're still considering it. We're still
Speaker 1: talking about it. Well, you know, we spent some when
Speaker 1: we spend time on the road driving, these are the
Speaker 1: things we talk about. Now. We're I mean, I don't
Speaker 1: think we're anywhere near like you said, if you're if
Speaker 1: you guys are, we're at this point, we'll see yeah, man,
Speaker 1: well we'll keep we'll keep everyone up to speed on
Speaker 1: what's going on. Yeah, it's it's fun to kind of
Speaker 1: build something. Yeah, and so this is kind of getting
Speaker 1: an air stream or or actually literally building out an apartment.
Speaker 1: It's it's building something. So it's fun. It's exactly. Uh,
Speaker 1: we're gonna keep you guys posting and let y'all know. Yeah,
Speaker 1: it's really fun to think about. Even if I don't
Speaker 1: end up doing some of these things that I that
Speaker 1: I think about and sound like fun, I just enjoy
Speaker 1: thinking about them anyway and thinking about the possibilities, just
Speaker 1: like you know, the possibility putting Hondy Boobo's mom on
Speaker 1: the side of my car. It's exciting. Oh man, it
Speaker 1: makes me happy. Does not make me happy thinking for
Speaker 1: forty books a week. Man, to look at that mug
Speaker 1: every time I get in my car. All right, what
Speaker 1: do you think about this? Uh? This beer? Alright, Rodent
Speaker 1: Bock Alexander. It's it's really really good. Yeah, it's it's
Speaker 1: gorgeous in the glass. I've had a few different roading
Speaker 1: box in my day, and this is my favorite one
Speaker 1: of there's there's are They always have a similar kind
Speaker 1: of taste, and they're always usually really okay and have
Speaker 1: kind of a nice little fruitiness today really okay, the fruit,
Speaker 1: And for me, it's the acidity I feel like, not
Speaker 1: all well in general, I think that's what I'm drawn
Speaker 1: to about the Flanders red dialog. It's the the roden
Speaker 1: Bock beers always have a nice littleweetness to them too,
Speaker 1: and this one has that same thing. And I think
Speaker 1: it's the cherry is too that really come out and
Speaker 1: give it a little bit of that nice maybe a
Speaker 1: little more than some of it like their Grand Crew
Speaker 1: or even the Yea, but like the natural sweetness, like
Speaker 1: that natural cherry sweetness. You know, they make their regular
Speaker 1: like the original running back now and like four like
Speaker 1: packs of four packs or six packs. Oh yeah, yeah,
Speaker 1: I've seen that because you used to be where you
Speaker 1: cann't you'd only you can only get that in a
Speaker 1: you know, like a huge bottle later bottle. Like it's
Speaker 1: kind of nice to be able to crack open it
Speaker 1: just a can of that if you just want to
Speaker 1: try it for yourself. So I know, I'm all about
Speaker 1: the smaller versions of packaging, so yes, make it last
Speaker 1: longer instead of I mean, we're drinking the big bottle
Speaker 1: here because we're together. But Kate doesn't always want to
Speaker 1: drink one of these nice beers with me, and I
Speaker 1: can't afford to crack one of these open every every
Speaker 1: other night, right right. Yeah, that's why I like the
Speaker 1: four packs and six packs usually, but it's nice every
Speaker 1: once in a while to be able to crack one
Speaker 1: of these nicer, bigger, bigger bottles. Um, it's like wrapped.
Speaker 1: Speaking of wrap, this bottle is wrapped. Yeah it is. Oh,
Speaker 1: I totally put that wrap on my car. Yeah, ruding
Speaker 1: back Alexander, I'd wrap that looks like why is that
Speaker 1: Alexander looks like Alexander Hamilton or something like that. But
Speaker 1: it's from Belgium, My doubt it. Oh yeah, that'd be
Speaker 1: kind of inside Belgium. Yeah. But if you're into fruited
Speaker 1: sour beers, which literally, if I had to say what
Speaker 1: my favorite beer style was, that would probably beget sours.
Speaker 1: I'd say, I'd say this is definitely one that you
Speaker 1: should consider. Absolutely. Yeah, it's really nice and it's kind
Speaker 1: of a lighter sometimes. I like the ones that didn't
Speaker 1: make your mouth pucker just a little bit more than this.
Speaker 1: But um, but if you're if you're looking for kind
Speaker 1: of an entry level one into this genre too, it's
Speaker 1: perfect for that. This is the perfect entry level fruited
Speaker 1: sour beer, so Rod and Bock, Alexander, it's really nice.
Speaker 1: We'll have a picture for you up on the website
Speaker 1: and uh and a little review on our show notes,
Speaker 1: and you should give it a shot. Yeah, absolutely, So
Speaker 1: let's recap alright, buying an airbnb, there's positives you can
Speaker 1: make money from it. And if you have a spare
Speaker 1: room in your house, it's actually pretty simple to clean
Speaker 1: it up, paint it up and get it listed and
Speaker 1: maybe make a little bit of money. Yeah. Great, easy
Speaker 1: way just to try, like kind of test out the waters.
Speaker 1: If you if you've got a room, if you're thinking about,
Speaker 1: you know, adding onto your house or finishing out a basement,
Speaker 1: or or purchasing an airstream, be careful, you know what
Speaker 1: you're doing. You don't want to go over the top
Speaker 1: on something that you're not even sure if you're cut
Speaker 1: out for, just from a work standpoint, from a privacy standpoint,
Speaker 1: and obviously make sure you've you've got the money or
Speaker 1: or or some smart financing lined up to consider as well. Yeah,
Speaker 1: crunch the numbers, know your own limitations, make sure that
Speaker 1: you're ready to take on the challenge and know that
Speaker 1: you're going to be making money quickly on it because
Speaker 1: you don't wanna. You don't want to post it and
Speaker 1: not be making any money and be a waste of
Speaker 1: your time. Absolutely, So, there's positives and negatives, and Matt
Speaker 1: and I will continue to report back on where we're
Speaker 1: at in our Airbnb potentials. Yeah, we'll let you guys know,
Speaker 1: but for now, thanks for listening. Yeah, check out our
Speaker 1: website how to money dot com. We'll have shown ups
Speaker 1: up for this episode. And if you like what you hear,
Speaker 1: let us know, review and subscribe on iTunes or wherever
Speaker 1: you get your podcasts. Until next time, Buddy, best friends
Speaker 1: as friends out