Speaker 1: Episode three point fifty six Frugal Side Hustle Airbnb Rooms
Speaker 1: and co Hosting.
Speaker 2: Welcome to the Frugal Friends podcast, where you'll learn to
Speaker 2: save money, embrace simplicity, and deliver your life. Here your
Speaker 2: hosts Jen and Jill.
Speaker 1: Welcome to the Frugal Friends podcast. My name is Jen,
Speaker 1: my name is Jell, and today we are continuing our
Speaker 1: Frugal side Hustle series with Airbnb rooms and co hosting.
Speaker 1: And this is for people who may be interested in
Speaker 1: one day owning rental property, maybe one day doing short
Speaker 1: term rentals I don't know, or wondering if it is
Speaker 1: for you. This is going to be the perfect side
Speaker 1: hustle for you because you do not need to own
Speaker 1: any property at all, or even own your property that
Speaker 1: you live in, to do Airbnb rooms and co hosting
Speaker 1: and to make extra money using Airbnb. It's great and
Speaker 1: we're going to talk all about it.
Speaker 3: This is a good one. I learned stuff just reading
Speaker 3: the article, so I'm looking forward to sharing our new
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Speaker 1: So, if you are looking to make extra money, which
Speaker 1: so many of you are, we do a poll or
Speaker 1: survey question every single friend letter that we send out,
Speaker 1: and one of the things that you guys are really
Speaker 1: interested in an addition to paying off debt, is obviously
Speaker 1: making more money. That kind of goes hand in hand.
Speaker 1: So we do these Frugal side Hustle episodes every other
Speaker 1: month to show you that there are things you can
Speaker 1: do in your spare time that actually do make legitimate
Speaker 1: money that can either a go on and turn into
Speaker 1: a full business if leaving your job is something you
Speaker 1: want to do, or can be profitable and still keeping
Speaker 1: your full time job. So you know, we don't do
Speaker 1: like uber eats and teaching English online all these things
Speaker 1: where you need kind of mostly other platforms to be successful.
Speaker 1: These are things while we are talking about AIRBNBB. These
Speaker 1: are things that you can skills that you can take
Speaker 1: to business off Airbnb. Airbnb is just a fantastic place
Speaker 1: to get started with them because there are so many
Speaker 1: people on Airbnb, and we will talk all about that.
Speaker 1: I am We have done Airbnb rentals for six years,
Speaker 1: and we started with renting a room in our house
Speaker 1: and we are currently still quasi doing that. But we'll
Speaker 1: talk about the lad We've never owned just a property
Speaker 1: fully for Airbnb. It's always been where we are. We've
Speaker 1: always used what we have. So this is something that
Speaker 1: I know a lot about. So I guess I am
Speaker 1: our guest expert on this episode today. You'll notice normally
Speaker 1: we talk with somebody who is actively doing this and
Speaker 1: making money on it, not somebody that makes money selling
Speaker 1: a course on it. We talk to somebody actually doing
Speaker 1: it and so sometimes that's hard to find on short notice.
Speaker 1: But we also have some other episodes like episode three
Speaker 1: thirty eight self Publishing with MK Williams or episode three
Speaker 1: oh eight Becoming a Virtual Assistant with Shatoria Smith. So
Speaker 1: look back in our archives. You can go to Frugal
Speaker 1: friendspodcast dot com and in the episodes, just search Frugal
Speaker 1: Side Hustle. You'll see all of the Frugal Side essel
Speaker 1: episodes we've done. We've done a bunch of great ones,
Speaker 1: so let's get into this one. Instead of interviewing me
Speaker 1: because that's boring, we are going to do just a
Speaker 1: normal episode where we go through these articles, but I
Speaker 1: will have a lot to say on each of them. Yes,
Speaker 1: is that okay, Jill?
Speaker 3: That's that's more than okay. It's all I ever wanted
Speaker 3: is to hear Jen's hot expert take while she wears
Speaker 3: her hot Girl lipstick. So this first article comes from
Speaker 3: IgMs and it's titled how to make money on Airbnb
Speaker 3: without owning property. I love it when this can be
Speaker 3: accessible if you feel like hosting and some more kind
Speaker 3: of hands on arranging is right up your alley and
Speaker 3: within your skill set. But you don't have property, or
Speaker 3: you don't have room within your property to make renting
Speaker 3: it out feasible, there's still options for you. So the
Speaker 3: first one, there's ten listed on here, the first one
Speaker 3: I'm going to highlight is number two, which is the
Speaker 3: possibility of becoming a short term rental property manager. Now
Speaker 3: this was helpful for me because I always thought and
Speaker 3: have seen in my own Airbnb rentals, how sometimes it's
Speaker 3: not the actual owner of the property who is kind
Speaker 3: of managing all of the ins and outs and is
Speaker 3: the person that I communicate with, and I've always deemed
Speaker 3: them as the property manager. But they are highlighting something
Speaker 3: really helpful in this where you could be a property manager,
Speaker 3: and you are. It is what it sounds like, managing
Speaker 3: the property for the owner, managing the needs of the
Speaker 3: property owners, confirming the bookings, communicating with guests, supervising the
Speaker 3: check in process, whatever extent that's necessary, maybe even doing
Speaker 3: some of the marketing property instructions. Organizing the cleaning and
Speaker 3: maintenance tasks doesn't mean that you are doing them, but
Speaker 3: at least organizing them. The cleaning again and maintenance, so
Speaker 3: that includes anything in everything if something breaks needs repair,
Speaker 3: as well as the routine cleaning after guests. What they
Speaker 3: highlight here that was helpful for me and understanding this
Speaker 3: that in many states there are legal requirements for terming
Speaker 3: yourself a property manager. Not all states, but some states
Speaker 3: will require a real estate broker's license or a property
Speaker 3: manager's license. So just keep this in mind that if
Speaker 3: you want to go to that highest tier of managing
Speaker 3: property rentals, just bear in mind that you might need
Speaker 3: some of those additional qualifications if it's not required in
Speaker 3: your state. Great, So some of the pros that they
Speaker 3: list of this way of earning some extra income would
Speaker 3: be that your hours can be flexible, that you don't
Speaker 3: need property to get started with property management. But then
Speaker 3: some of the cons could be that you might need
Speaker 3: some of that further education or licensing, which can be
Speaker 3: a time commitment that can be expensive. Managing multiple rentals
Speaker 3: for other hosts can be a challenging task, so whether
Speaker 3: you want to be doing this for a lot of
Speaker 3: different people, it can feel like you're juggling a lot.
Speaker 3: And what I'm coming to understand is that this property
Speaker 3: management is maybe kind of the highest tier of managing Airbnb,
Speaker 3: where you're essentially doing everything except owning the property, which
Speaker 3: differs from what we'll talk about later of co hosting,
Speaker 3: which might be a little bit lower tier from the
Speaker 3: property management. You're not required to have maybe the licensing
Speaker 3: or background and education. But if you already have this background,
Speaker 3: it's something you've been interested in. This still could be
Speaker 3: a real decent side hustle of that highest tier of
Speaker 3: property management.
Speaker 1: Yeah, and so that kind of goes into the third one,
Speaker 1: which has become a co host to an Airbnb host.
Speaker 1: And so this is right on the Airbnb platform. This
Speaker 1: is something that is specific to Airbnb, but you can
Speaker 1: take the skills you learn as a co host and
Speaker 1: take it to property management and you can specifically do
Speaker 1: property management for short term rentals. There's a big difference
Speaker 1: in doing property management for long term versus short term.
Speaker 1: So this includes confirming bookings, communicating with guests, supervising check
Speaker 1: in and check out, property inspections, organizing maybe some light cleaning,
Speaker 1: but it could involve full cleaning, maintenance, restocking, and writing
Speaker 1: reviews for guests. So that's kind of what is included
Speaker 1: in the co host It's a definitely property manager light
Speaker 1: but I would say so you don't need experience like
Speaker 1: hosting on Airbnb. But if you have experience hosting on Airbnb,
Speaker 1: it helps you so much with co hosting, and so
Speaker 1: I'll add in. So there was a reason we skip
Speaker 1: number one. The first one on this list, we'll just
Speaker 1: say is Airbnb arbitrage, which means you rent a property
Speaker 1: for the sole purpose of subletting it on vacation rentals.
Speaker 1: This is very risky. This is not allowed in the
Speaker 1: terms and conditions of many many rentals, So we don't
Speaker 1: recommend it. Not like it if my tenants rented out
Speaker 1: my house on Airbnb without me. It's It's different. If
Speaker 1: you are living in a place and you know you're
Speaker 1: going to be gone for a month and so you
Speaker 1: try and rent, you try and sublet it on Airbnb.
Speaker 1: That's different. But there are actual people who rent houses
Speaker 1: or our apartments and then list them on Airbnb, and
Speaker 1: that is a big, big no no. This is how
Speaker 1: Airbnb gets banned from cities like New York. It's not
Speaker 1: the only reason. So I would say, let's add in
Speaker 1: a little caveat to Airbnb rooms right here, because that's
Speaker 1: not necessarily in this article, but I did want to
Speaker 1: touch on it. I think co hosting is going to
Speaker 1: be more accessible for most people. But I don't want
Speaker 1: you to discount renting a room in your house that
Speaker 1: you own on Airbnb. We did it before we had kids.
Speaker 1: Definitely would not do it with children, But before we
Speaker 1: had kids, we had we owned a three bedroom, two
Speaker 1: bath home and our master suite was in the very
Speaker 1: back of the house and then there were two bedrooms
Speaker 1: in a bathroom at the front. So it just made
Speaker 1: it perfectly laid out to rent one of those extra
Speaker 1: rooms and the guest bathroom on Airbnb for short term rentals.
Speaker 1: And we did that for probably around two or three years,
Speaker 1: and we were the money we made on that was
Speaker 1: we are actually technically still using that money to do
Speaker 1: the renovation on the house that we're in now. And
Speaker 1: a lot of people so I did a YouTube video
Speaker 1: on this that's still relevant. I did it like three
Speaker 1: years ago, but it's all the information is still relevant,
Speaker 1: and I'll put it in the show notes. But essentially,
Speaker 1: the biggest barrier people have to renting one of their
Speaker 1: rooms on Airbnb are the same concerns people have when
Speaker 1: renting rooms on Airbnb, right is the safety and the
Speaker 1: cleanliness and the interaction. So Airbnb started as essentially rooms.
Speaker 1: That's Airbnb Rooms is what started Airbnb and launched it,
Speaker 1: and so in May of twenty twenty three, they kind
Speaker 1: of did a relaunch of Airbnb Rooms to push them
Speaker 1: out more and they've created all of these things to
Speaker 1: help people choose rooms over houses. There's definitely if you
Speaker 1: want to rent a house, you want to rent a house.
Speaker 1: Usually if you want to rent a room, you rent
Speaker 1: a hotel room. So this is Airbnb's kind of answer
Speaker 1: to all the people going towards hotels is Airbnb rooms.
Speaker 1: And so we rented a room out before all of
Speaker 1: this was even available. So it's just made it that
Speaker 1: much easier for people to connect and find rooms to rent.
Speaker 1: But I would say we met some of the coolest
Speaker 1: people renting out our room on Airbnb, because the type
Speaker 1: of person that rents a room on Airbnb is not
Speaker 1: looking to hang out at your house. They are literally
Speaker 1: looking for the cheapest option, just a place to sleep
Speaker 1: while they are exploring the city. They're in town for work,
Speaker 1: they're in town for family, they have somewhere else that
Speaker 1: they want to be. They just don't want to sleep there,
Speaker 1: and so that's the type of person. Also, a lot
Speaker 1: of Europeans Europeans don't care about that. I mean they
Speaker 1: love sharing rooms or sharing houses. So we got a
Speaker 1: lot of people from Europe and it was just an
Speaker 1: amazing experience. Most people did not use any of the
Speaker 1: shared spaces. We set our kitchen, our living room, our
Speaker 1: patio all up for grabs, and literally ninety nine percent
Speaker 1: of people just stayed in their room. They loved having
Speaker 1: the private bathroom in the shared space, so we did
Speaker 1: not use the guest bathroom when we had people there,
Speaker 1: when we had people renting, and so that got us
Speaker 1: a lot of extra bookings saying that there was a
Speaker 1: private bathroom, even though it wasn't in the room, it
Speaker 1: wasn't a non suite, it was just across from the room.
Speaker 1: Still that like definitely people said that that's what they
Speaker 1: looked for. And people from Europe used the kitchen. It's
Speaker 1: just because that's like they didn't they don't go out
Speaker 1: to eat as much or didn't want to go out
Speaker 1: to eat as much. But all the Americans, they all
Speaker 1: went out to eat. None of them used the kitchen.
Speaker 1: So that's kind of that was my experience doing Airbnb rooms.
Speaker 1: We loved it. We of course, I mean had over
Speaker 1: one hundred people. We had over one hundred stays because
Speaker 1: right now we have one hundred and twenty eight reviews,
Speaker 1: so we had we had to have had over one
Speaker 1: hundred stays just in our room, and I can count
Speaker 1: on one hand maybe the number of bad experiences we had.
Speaker 1: So I would highly I put out there, do Airbnb
Speaker 1: rooms if you can. Airbnb is pushing rooms. It's a
Speaker 1: great time to get into rooms. I think you if
Speaker 1: you do Frugal Friends podcast dot com slash Airbnb, you
Speaker 1: might get a bonus for signing up to be an
Speaker 1: Airbnb host. I am not one hundred percent sure that
Speaker 1: is our link, so don't quote me on it, but
Speaker 1: sign up through that link and see what happens. You
Speaker 1: might you might get a bonus after you first host
Speaker 1: your first day. I'm pretty sure. I just don't know
Speaker 1: what it is, but highly highly recommend if you have
Speaker 1: extra space, renting out a room on Airbnb and that
Speaker 1: will help you, even if you just do it for
Speaker 1: a couple months to get your feet wet, or maybe
Speaker 1: do it for like one weekend a month, whatever. It
Speaker 1: doesn't have to be like this full time thing where
Speaker 1: you always have people in your house. It gets you
Speaker 1: a little extra money and can train you to become
Speaker 1: a really good co host.
Speaker 3: I love hearing your positive experience with it. It has
Speaker 3: definitely reduced my barrier to entry just in considering renting
Speaker 3: a room. Still haven't done it, but I consider it
Speaker 3: way more because of how you speak of it and
Speaker 3: how well that went. Just to clarify something that you
Speaker 3: said earlier for our listeners, you're describing that it wouldn't
Speaker 3: be a good idea correct to rent a room in
Speaker 3: a place that you yourself are currently renting, Like that
Speaker 3: would be considered a sub letting situation that you think
Speaker 3: is not the wisest.
Speaker 1: No, if you do not own the property, I would
Speaker 1: not recommend doing any sublet. So you can sublet if
Speaker 1: you are honest with your landlord and being like, hey,
Speaker 1: I'm gone for a month out of the country. Can
Speaker 1: I sublet? On Airbnb? There are a lot of longer
Speaker 1: mid term it's called renters on Airbnb. So we have
Speaker 1: a property in the back of our house. We rent
Speaker 1: that out to midterm, so like one month or longer,
Speaker 1: but less than a year. So we do that and
Speaker 1: honestly most of our guests are from Airbnb. We have
Speaker 1: it listed on Airbnb and furnished Finder, and I thought
Speaker 1: most of them would come from furnished Finder all the month.
Speaker 1: Two months stays are coming from Airbnb, so it's great
Speaker 1: for that too. But you have to be honest with
Speaker 1: the landlord. Do not hide this from the landlord because
Speaker 1: if they find out, one hundred percent chance you'll get evicted,
Speaker 1: like very likely. So don't put your steady. Yeah, don't
Speaker 1: put yourself at risk for that just to make some
Speaker 1: extra money. But if you are, if you own a home,
Speaker 1: and maybe this is your first home and it's maybe
Speaker 1: a little outside of your price range because of home
Speaker 1: prices and mortgage rates, this could be a really great
Speaker 1: way to subsidize the cost of your housing. We're always
Speaker 1: talking about the big three housing, transportation, food. This is
Speaker 1: one of those housing choices that can recoup your cost
Speaker 1: of your house one thousand dollars a month if you
Speaker 1: want to do it all the time, so like you
Speaker 1: could live for almost free if you do this. So
Speaker 1: it's really great if you own your home as a
Speaker 1: way to subsidize this cost, maybe just for a little
Speaker 1: while before you have kids, or maybe you're not choosing
Speaker 1: to have kids. People love dogs. If you're just honest
Speaker 1: on your listing that you have a dog. That could
Speaker 1: be a selling point, you know, So you just have
Speaker 1: to be smart about it. Do not try to gain
Speaker 1: the system.
Speaker 3: So to keep ripping through this article. Another way that
Speaker 3: you can make money off of Airbnb without owning property
Speaker 3: is to become an Airbnb consultant. This would be a
Speaker 3: good option for you if you have already had experience
Speaker 3: and managing Airbnb rentals, whether your own or other peoples,
Speaker 3: but you no longer want to be involved in the
Speaker 3: actual physical space or again you don't have physical space
Speaker 3: yourself for this becoming an Airbnb consultant helping others to
Speaker 3: learn how to get started and up and running with
Speaker 3: their short term rentals, what they're going to need to
Speaker 3: do to maximize their bookings, how to maybe identify a
Speaker 3: specific niche just there's so many questions people have as
Speaker 3: they get started in becoming an Airbnb host, and so
Speaker 3: if you kind of want to be the person that
Speaker 3: they can come to for answers, that can be a
Speaker 3: whole other little side hustle for you.
Speaker 4: Mm hmm.
Speaker 1: Next would be to start an Airbnb cleaning service. That's
Speaker 1: number six, and this is great because people are always
Speaker 1: looking for cleaners for their airbnb. It's very expensive, and
Speaker 1: cleaning for an airbnb is typically less than cleaning a
Speaker 1: regularly lived in house. So when we were we were
Speaker 1: hosting in our house, it was great because all I
Speaker 1: had to do was kind of like wash the sheets
Speaker 1: and make the bit because I was already keeping everything
Speaker 1: else clean because it's my house, so it was I
Speaker 1: never had to hire a cleaning service for the apartment
Speaker 1: in the back of our house. I have often considered
Speaker 1: it because while they're not in there for very long,
Speaker 1: so they don't make a ton of mess, it's still
Speaker 1: substantially more so this is something that every people who
Speaker 1: owned propers. I So after doing this for six years
Speaker 1: and doing a whole house, like a whole apartment and
Speaker 1: a room, I really it's And now we have our
Speaker 1: other original house as a long term rental. We were
Speaker 1: considering doing that as a short term rental, but the
Speaker 1: idea of cleaning it frequently stressed me out, and I
Speaker 1: could have hired a cleaning service, but with only one rental,
Speaker 1: it's it takes away so much of your profit. Right,
Speaker 1: if you have ten rentals, it makes sense to hire
Speaker 1: a cleaning service. So if you found one job as
Speaker 1: an Airbnb cleaner, you've probably found nine more. Essentially, because
Speaker 1: you can be the cleaner for one person, they're probably
Speaker 1: going to have more than one rental. So it's really easy.
Speaker 1: If cleaning is something you love to do, if you
Speaker 1: love talk, if you watch cleaners on Instagram and TikTok,
Speaker 1: and you want to create media cleaning stuff, this would
Speaker 1: be a really good one for you. I'm sure you
Speaker 1: will have no shortage of work. You will have to
Speaker 1: be there. You will have to be flexible on when
Speaker 1: you're going to be there because you might have to
Speaker 1: do a quick turn on certain days. But so this
Speaker 1: one would require flexibility, but I assure you if you
Speaker 1: can do it, you will have no shortage of work
Speaker 1: and you probably only need to find one person to
Speaker 1: work for.
Speaker 3: Yeah, the last few things I'll say on this article
Speaker 3: are just their other suggestions. Number seven, you could host
Speaker 3: an Airbnb experience. So this is just completely a part
Speaker 3: and separate from property whatsoever. If you've got a hobby
Speaker 3: or a program or a skill set, or do you
Speaker 3: live in an area that is just prime time for
Speaker 3: a guided tour of some sort, or you have the
Speaker 3: skill sets to host a cooking class or you name it.
Speaker 3: Get creative. What does your area have to offer that
Speaker 3: you think others might be interested in, And you can
Speaker 3: just post an Airbnb experience that people can pay for,
Speaker 3: sign up for that kind of a thing. And then
Speaker 3: lastly they kind of just mention other adjacent services that
Speaker 3: you could offer to people utilizing the Airbnb platform, like
Speaker 3: becoming an Airbnb photographer. That's something people often need when
Speaker 3: they are first listing their properties is good photos. As
Speaker 3: good as our cameras can be on our phones. Oftentimes
Speaker 3: people will want to pay a little bit of money
Speaker 3: to get those really awesome shots that are going to
Speaker 3: just elevate their listing. So if you've already got a camera,
Speaker 3: you're a good photographer. Boom right there, Flexible hours, Airbnb
Speaker 3: copywriter and yeah, that's about it, so writing out the
Speaker 3: Airbnb copy that we again need to go on the listing.
Speaker 3: So those are some other things that you can look
Speaker 3: into as a side hustle related to this without having property.
Speaker 1: Yeah, and as a SuperHost, you can choose they give
Speaker 1: you a reward. You can either choose one hundred dollar
Speaker 1: Airbnb credit or you can choose to get pictures taken
Speaker 1: like professional pictures taken of your unit. So if you
Speaker 1: can figure out how to become one of those professional
Speaker 1: photographers that Airbnb sends out, then that could be a
Speaker 1: good way to add to your photography income. But I
Speaker 1: personally always take one hundred dollars. Our next article is
Speaker 1: going to be specifically on co hosting because that's the
Speaker 1: thing I think is going to be most accessible to
Speaker 1: most people. Rooms. I think you can make the most
Speaker 1: renting out a room. We I mean, we made one
Speaker 1: thousand dollars a month easily, sometimes more when we were
Speaker 1: renting a room. But not everyone's going to be able.
Speaker 4: To do it.
Speaker 1: Not everyone's going to want to do it. So co
Speaker 1: hosting on Airbnb can be a really good way to
Speaker 1: make money on the platform, create a skill set that
Speaker 1: can be taken off the platform and potentially scaled to
Speaker 1: be a full time job if you want it, or
Speaker 1: can continue to just be short term virtual in house.
Speaker 1: There's so many ways to do it. So this one
Speaker 1: is from short term stage dot com and it says
Speaker 1: co hosting on Airbnb can you do it without prior
Speaker 1: hosting experience? And the short answer is yes, yeah.
Speaker 3: So essentially what this is is the step below being
Speaker 3: a property manager. You are helping another person to manage
Speaker 3: the tasks and responsibilities associated with having an airbnb or
Speaker 3: vacation rental property, So kind of taking on just the labor,
Speaker 3: which a lot of people are looking for that especially
Speaker 3: if they've got multiple properties or they want to rent
Speaker 3: it but they don't want to deal with all the
Speaker 3: back end stuff. So being a co host on the
Speaker 3: platform and doing these tasks for a person can be
Speaker 3: a really great way of bringing in some extra income
Speaker 3: and they give a lot of really helpful resources from
Speaker 3: videos and extra links on this particular website. But I
Speaker 3: do just want to highlight here too, along with the
Speaker 3: kind of what is it, what are the general responsibilities.
Speaker 3: So some of this can include getting the place ready,
Speaker 3: So this could even be from the very beginning if
Speaker 3: you are a part of co hosting from the start
Speaker 3: before the airbnb is actually established, that could include some
Speaker 3: of the design, decorating, purchasing of the essentials, creating the
Speaker 3: house manual. I always love that part whenever I go
Speaker 3: and stay atification rental reading and going through the house manuals,
Speaker 3: and man, there are some that are just stunners. People
Speaker 3: really did an excellent job with it. So if that's
Speaker 3: something that you enjoy from there, it's going to be
Speaker 3: managing the listing, coordinating the photo shoots, possibly uploading updated
Speaker 3: can making sure if photos are updated. That's a big
Speaker 3: deal if someone gets to an Airbnb property and it
Speaker 3: is not as advertised, so making sure that the listing
Speaker 3: is up to date, Coordinating the calendar and pricing, screening guests,
Speaker 3: messaging them, coordinating their arrival, welcoming them, kind of possibly
Speaker 3: having the twenty four to seven assistants while guests are
Speaker 3: staying there, addressing any issues, Coordinating the cleaning and turnover.
Speaker 3: Sometimes this could include actually also doing the cleaning. It
Speaker 3: doesn't have to, that's just going to depend on what
Speaker 3: your arrangement is with the person you're co hosting with,
Speaker 3: reviewing the guests after they stay, providing the guests with
Speaker 3: that review, which can often help with the Airbnb themselves
Speaker 3: getting a review, communicating with Airbnb for any issues that
Speaker 3: need to be resolved, and just all around acting as
Speaker 3: the virtual assistant. So if all of these things sound
Speaker 3: again really within your wheelhouse something you enjoy, this really
Speaker 3: could be a great side hustle. So that's kind of
Speaker 3: what it is, and then we want to go into
Speaker 3: how would you do this? How would you start coming
Speaker 3: in and go home?
Speaker 1: Yeah, there are a lot of ways to customize your
Speaker 1: co host responsibilities and abilities, and again to take them
Speaker 1: off platform, because that's the best way to scale something.
Speaker 1: So at first, like this very first one, getting a
Speaker 1: place ready, like informal interior design stuff like that. It
Speaker 1: instantly made me think of my friend Sarah Weaver. She
Speaker 1: runs aria Design, and so she's a real estate investor.
Speaker 1: But her company Ariya that she co owns, all it
Speaker 1: does is help investors launch their furnished rental businesses. So
Speaker 1: this is short term rentals and mid term rentals. That's
Speaker 1: literally all they do. They will buy the stuff on Amazon,
Speaker 1: set it up, make sure it's all well and stocked
Speaker 1: and ready for the people who have bought the house
Speaker 1: to start hosting these short and mid term rentals. So
Speaker 1: there's a lot of ways to monetize your co hosting
Speaker 1: skills and to kind of take what you like and
Speaker 1: make money off of that, even if you aren't in
Speaker 1: a place to buy a property for short or mid
Speaker 1: or long term rental. So how do you start with
Speaker 1: co hosting? So first, that says that you want to
Speaker 1: launch your co host profile on platform, so you can
Speaker 1: first launch it on the platform, but also you will
Speaker 1: have to market your services additionally. So there are co
Speaker 1: hosting marketplaces. Two of them are co host Club and
Speaker 1: co host Market, so you can create listings there to
Speaker 1: let other property owners know about your services. And then
Speaker 1: you can also go on platforms for freelancers, but I
Speaker 1: think co host Club and co host Market they're targeted,
Speaker 1: so they are probably the best. You can also join
Speaker 1: vacation rental groups and forums to get some leads. They say.
Speaker 1: Air hosts is a forum dedicated solely to hosts and
Speaker 1: property managers. Bigger Pockets also has one for property owners
Speaker 1: and investors. But you can also use social media. So
Speaker 1: when I was talking about like starting a cleaning service
Speaker 1: and recording yourself cleaning, like that's not a joke. That's
Speaker 1: to market your services if that's something you want to do.
Speaker 1: Or rearranging the stuff in your house. You don't have
Speaker 1: to buy new stuff, but just rearrange and like pretend
Speaker 1: to decorate your house and record it and use that
Speaker 1: as marketing for your social media. To become a Airbnb
Speaker 1: home decorator, like my friend Sarah and you don't need
Speaker 1: one hundred thousand followers to get this. People value location
Speaker 1: and you know that they want a little bit of experience,
Speaker 1: but mostly they want you to be local and so
Speaker 1: you don't need to be local, but because like Sarah
Speaker 1: will fly around to all these different places and do this.
Speaker 1: But it does help a lot if you're local because
Speaker 1: then it's cheaper for the investor. They don't have to
Speaker 1: pay for you know, flying you out or anything. So
Speaker 1: Facebook groups in the rental property industry, the host Nation
Speaker 1: is from short term stage. I think it has twenty
Speaker 1: seven thousand members. So find these places to mark, like
Speaker 1: first create your profile on Airbnb and then find ways
Speaker 1: to share it on all of these places.
Speaker 3: Yeah. I like how they also mentioned from there having
Speaker 3: all of those things set up. But other ways that
Speaker 3: you can find work is just getting to know the
Speaker 3: property owners in your community. Are there landlords who'd be
Speaker 3: interested in renting their spaces? Are there people already doing
Speaker 3: this but they might need extra help. Some of that's
Speaker 3: going to come from social media and kind of going
Speaker 3: online and finding the people on Facebook or yeah, seeing
Speaker 3: do they need additional help with this. Having your profile
Speaker 3: set up already is going to help. One other thing
Speaker 3: that they also mentioned with setting up this side hustle
Speaker 3: for yourself is just expectations on how much you can make.
Speaker 3: That you could either choose to charge a flat rate
Speaker 3: for your services kind of per booking, or a percentage
Speaker 3: per booking. So they say that generally people are making
Speaker 3: twenty to twenty five percent off of the booking as
Speaker 3: a co host. So that's just something that you can
Speaker 3: be expecting with that. So then related to the amount
Speaker 3: that you charge, having an agreement drawn up with your
Speaker 3: co host on payment. So Airbnb particularly is going to
Speaker 3: send revenue directly to the listing owner's account twenty four
Speaker 3: hours after the guest checks in, So there isn't going
Speaker 3: to be a way for you to have the money
Speaker 3: go straight to you from Airbnb, and that's where an
Speaker 3: agreement with the primary host is going to be best
Speaker 3: to have written up signatures all of that. Then decide
Speaker 3: upon if you're going to do bank transfers then mo, PayPal,
Speaker 3: you name it on how then the owner will pay
Speaker 3: you and in what time frame, and whether you're doing
Speaker 3: a flat rate or a percentage.
Speaker 1: Yeah, the twenty percent thing is what I mean by
Speaker 1: people with one or two listings. Are not going to
Speaker 1: be hiring these out because that's a big chunk of
Speaker 1: your limited income. This is going to be for people
Speaker 1: with probably more than one listing, or for people who
Speaker 1: live people who live out of the city. Maybe they
Speaker 1: want to keep their house but they had to move
Speaker 1: for work. They're going to hire a property management company
Speaker 1: or some kind of co host to help. Most of
Speaker 1: the time, it's going to be people with more than
Speaker 1: one unit that are going to be using your services.
Speaker 1: So if you can find one, you are like really
Speaker 1: set set up for success. So that's why kind of
Speaker 1: getting familiar with the platform and everything involved with hosting
Speaker 1: gets you ready to be a really good co host
Speaker 1: so that you only need one or two clients to
Speaker 1: have like a full roster of co host stuff. Because
Speaker 1: twenty percent, i mean of the listing and I'm I'm
Speaker 1: not sure if they're charging per like, because we just
Speaker 1: had a listing for a booking for six days, we
Speaker 1: are going to get four hundred dollars. Maybe it's not
Speaker 1: it couldn't have been six days. We're going to get
Speaker 1: four hundred dollars, but we saw we can see what
Speaker 1: the renters getting and they're paying six hundred, So airbb
Speaker 1: is getting like two hundred dollars in fees, So you're
Speaker 1: probably going to be making twenty percent of what the
Speaker 1: host is getting their payout. So that is something to
Speaker 1: take into consideration. If you're doing all virtual for sure,
Speaker 1: twenty percent. If you're doing anything that requires you to
Speaker 1: be local for sure twenty five percent. And then if
Speaker 1: you are doing any cleaning, you're going to charge a
Speaker 1: flat fee for that. In addition, so I would look
Speaker 1: at the Airbnb rentals available in your city, look at
Speaker 1: the hosts, because a lot of them are going to
Speaker 1: have either companies as the host, or they're going to
Speaker 1: have a co host listed that is a company, And
Speaker 1: you can google these companies and see if you can
Speaker 1: become a co host for them, or if you're you
Speaker 1: can click on a host's profile and see how many
Speaker 1: units they have. If they have a bunch of units
Speaker 1: and they don't have any co hosts listed yet, you
Speaker 1: can reach out to them and see if they need
Speaker 1: co hosting services. Say you're just getting started, you'll start out,
Speaker 1: you know, charging fifteen percent to see how it goes,
Speaker 1: and then if it goes well in ninety days, you
Speaker 1: jump to twenty you obviously want to get all this
Speaker 1: in writing and signed upon, but these are just some
Speaker 1: ideas to help with if you want to, you know,
Speaker 1: get take some you know, some work off of these
Speaker 1: people's plates. Like start small, say like, hey, I'll just
Speaker 1: do the virtual stuff, and then they'll get really used
Speaker 1: to having the free time. Because I know because this
Speaker 1: happens to me, Like with the podcast, somebody will we'll
Speaker 1: hire someone and I'll they'll take stuff off my plate
Speaker 1: and I'll be like, oh my gosh, this is so great.
Speaker 1: Please take more off my plate and you can grow
Speaker 1: with these hosts.
Speaker 3: Yeah, that's a good point. Do you know what takes
Speaker 3: work off of our plates and also doesn't require you
Speaker 3: to own property?
Speaker 1: Oh yes, and you need also no experience for this.
Speaker 3: The bill of the week.
Speaker 2: That's right, it's time for the best minute of your
Speaker 2: entire week. Maybe a baby was born and his name
Speaker 2: is Williams. Maybe you've paid off your mortgage, maybe your
Speaker 2: car died and you're happy to not have to pay
Speaker 2: that bill anymore. That bills, Buffalo Bills, Bill Clinton. This
Speaker 2: is the bill of the week.
Speaker 5: Hi you guys, this is Sarah. I'm excited about my
Speaker 5: lack of spending the past couple of weeks, I committed
Speaker 5: to not spending anything, which unfortunately coincided with a baby
Speaker 5: shower I'm supposed to help with. So I wanted to
Speaker 5: get a really special gift for my friend, but wanted
Speaker 5: to spend as little or nothing if possible. And I
Speaker 5: was able to find a bunch of old fabric and
Speaker 5: quilting supplies in my house so I didn't have to
Speaker 5: buy anything. I handstitched everything and just pick the colors
Speaker 5: based off of what I already had, and it turned
Speaker 5: out so much more beautifully than my usual baby shower
Speaker 5: target purchases. I also had to make cookies for the
Speaker 5: shower and just use the ingredients I had, and to
Speaker 5: make them fun, just grab the sprinkles that I had,
Speaker 5: and I literally hand picked out the colored sprinkles that
Speaker 5: I needed to match the.
Speaker 4: Color scheme I like random Christmas and Easter sprinkles. I
Speaker 4: was getting very creative and I didn't spend a dime
Speaker 4: and I'm so excited about it. So thanks for all
Speaker 4: your podcasts inspiring me, and I know you'll be excited too.
Speaker 1: All that's so wonderful.
Speaker 3: I love it, Love this Bill Holy Smokes. Also your
Speaker 3: voice sounds very familiar, and I really want to take
Speaker 3: a guess that this is actually my friend Sarah, but
Speaker 3: she didn't specify, so I'm just gonna have to text her.
Speaker 3: But this is double fun for me because I love
Speaker 3: gift giving that is homemade and thoughtful. It obviously took
Speaker 3: you a whole lot more time than if you were
Speaker 3: to have just bought a gift, And sometimes convenience is fun,
Speaker 3: but sometimes creativity is fun. And sometimes picking out the
Speaker 3: sprinkles that don't make sense just because you don't want
Speaker 3: to spend money is also fun. So I am sure
Speaker 3: that your friend felt so cared for and valued in
Speaker 3: all of the thought that you put into this. Well done, Sarah.
Speaker 1: So excited, Sarah Bille, Yes, I love again. The creativity
Speaker 1: that frugality inspires is one of my favorite things about frugality.
Speaker 1: We get resourceful, we get creative, and we don't have
Speaker 1: to get cheap to get creative. You created a beautiful,
Speaker 1: handmade item, awesome cookies, and they weren't cheap, they were
Speaker 1: just resourceful and creative. So well done, Sarah.
Speaker 3: If you're listening and you're just resourceful and you don't
Speaker 3: mind spending some time for some extra meaning and money savings.
Speaker 3: Or your name is Bill and you don't even know
Speaker 3: why you're here, but you're here and I'm calling you out.
Speaker 3: Now visit frugal friendspodcast dot com slash Bill, leave us
Speaker 3: your bill, and now it's time for.
Speaker 1: A pew All right, what's the one thing you wish
Speaker 1: more hosts would do in their Airbnb rentals?
Speaker 3: M Mine is the same as yours. Okay, we'll just
Speaker 3: go I'll choose something different because I do have another answer.
Speaker 1: Okay, you go with yours, so well, no, you.
Speaker 3: Go first, because yours makes the most sense and mine's
Speaker 3: just silly.
Speaker 1: Okay, so ours our unanimous vote, and I'm sure you
Speaker 1: will agree, whoever you are listening to. This is for
Speaker 1: hosts not to require you to clean the airbnb and
Speaker 1: then have the audacity to charge a cleaning fee on top.
Speaker 1: Hate it. I've never made I've never left a list
Speaker 1: for any of my guests. In my home. It didn't matter.
Speaker 1: I literally it was just the bed. Nobody had to
Speaker 1: do anything before leaving with our rental in the back.
Speaker 1: I say, don't do anything. Just you know, do you
Speaker 1: just turned the the ac either to if it's in
Speaker 1: the summer, I say turn it up a little. If
Speaker 1: it's in the winter, I say turn it down a
Speaker 1: little because I may not get in there for a
Speaker 1: day or two. And that's it. That's all I tell
Speaker 1: them to do. I will strip the bed. It's my job.
Speaker 1: It's that's it.
Speaker 4: Yeah.
Speaker 3: Yep. Honestly, when it comes to this, there are times
Speaker 3: I'm about thirty percent more likely to book a hotel
Speaker 3: just because they're not making me do anything. So yeah,
Speaker 3: there's there's something for airbnb hosts. And then just all
Speaker 3: the rules. If there's an airbnb with just so many rules.
Speaker 3: This just happened to me recently, pages and pages, and
Speaker 3: it just felt what was the most ridiculous rule? Don't
Speaker 3: yank on the hot tub straps. Yep, that was a rule.
Speaker 3: Be gentle, don't yank on the hot tub straps, don't
Speaker 3: rip on the hot tub straps. Although, to be fair,
Speaker 3: it's funny because I did kind of understand it. We
Speaker 3: Eric and I have a hot tub, and lo and behold,
Speaker 3: hot tub covers are very expensive. It is almost more
Speaker 3: cost effective to buy a used hot tub than it
Speaker 3: is to buy a replacement hot tub cover. They're so expensive,
Speaker 3: so clearly they had a bad experience with someone ruining
Speaker 3: their hot tub cover and then they had to spend
Speaker 3: one thousand dollars to replace it. But it would cost
Speaker 3: you more if you ripped their hot tub cover than
Speaker 3: if you smoked inside their house. Their fee for you
Speaker 3: smoking inside their house was lower than if you tore
Speaker 3: their hot tub cover, of.
Speaker 1: Course, because of cleaning. I mean it's cheaper to you know.
Speaker 3: I mean, some smoke is hard to get out. But
Speaker 3: my more silly Airbnb thing that I wish more had,
Speaker 3: but I find myself saying it every single time I
Speaker 3: say in an Airbnb is more hooks. I don't know
Speaker 3: how these people be out here living and vacationing, but
Speaker 3: I can probably count on one finger the amount of
Speaker 3: times I went into an Airbnb and was pleased with
Speaker 3: the amount of hooks that they have. Just never enough
Speaker 3: hooks for new towel, all of it, Yeah, mostly towel.
Speaker 3: My biggest complaint is typically in the bathroom. Just where
Speaker 3: am I putting my clothes and where is my towel going?
Speaker 3: And what do you expect people to do? Do you
Speaker 3: really want people to be storing their stuff on the toilet?
Speaker 3: That's gross? More hooks, more hooks.
Speaker 1: All right, Well, there you have it. If you are
Speaker 1: co hosting or renting room in your house, more hooks
Speaker 1: in the bathroom and fewer rules on the hot tub.
Speaker 1: Thank you so much for listening. I hope this episode
Speaker 1: helped you figure out if co hosting or renting your
Speaker 1: room on Airbnb is right for you. And if you
Speaker 1: want more tips to save money, then definitely get our newsletter,
Speaker 1: the Friend Letter. It goes out three times a week,
Speaker 1: and we know you are loving it because we get
Speaker 1: really cool emails like this from Carrie. She says, Wow, wow, Wow,
Speaker 1: I read every word of your newsletter, one of only
Speaker 1: three I can say that about, and this one is
Speaker 1: my favorite. I've learned a ton about financial trauma and
Speaker 1: how to make good choices even while recovering and in
Speaker 1: the midst of life falling apart. Thanks for your work.
Speaker 3: Wow, Carrie, what a kind, thoughtful email to send back.
Speaker 3: Clearly we're reading your emails. We do care, we do write,
Speaker 3: We write every single word of that newsletter, So I'm
Speaker 3: real glad to know that you're reading every single word
Speaker 3: in that newsletter. Yeah, thanks Carrie for this.
Speaker 1: Thank you, Carrie. Yeah, if you want freebies saving tips,
Speaker 1: values based spending hacks sent to your inbox every week.
Speaker 1: Head to Frugal friendspodcast dot com. Get the goodies and
Speaker 1: share them with your friends if you're already getting them.
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Speaker 3: See you next time.
Speaker 1: Frugal Friends is produced by Eric Sirianni Jill Again. So
Speaker 1: I got the last time we were supposed to do
Speaker 1: a guest and we ended up doing just the two
Speaker 1: of us. We made a mention of it, and somebody
Speaker 1: made it a point to come to my Instagram and say,
Speaker 1: I didn't know there was a pattern.
Speaker 3: I love for our community.
Speaker 1: Don't know what it is about twenty twenty three. We've
Speaker 1: been doing this podcast five and a half years and
Speaker 1: nobody has ever stood us up. And this is our
Speaker 1: second guest stand.
Speaker 4: Up in.
Speaker 1: Like two months.
Speaker 3: Yeah, I don't know.
Speaker 1: What they I guess we invite that. Here's the problem
Speaker 1: is that we turned down ninety nine percent of the
Speaker 1: guests that reach out to us, and we just look
Speaker 1: for guests that fit the topics that we want to
Speaker 1: talk about, and they don't necessarily want to be on podcasts.
Speaker 1: They just talk about things that we want to talk about.
Speaker 1: And this is the here in lies the problem.
Speaker 3: Yeah, we're the problem.
Speaker 4: It's me.
Speaker 3: Yeah, it's me.
Speaker 1: So that's when we come.
Speaker 3: The two times that it's happened, it's been on things
Speaker 3: that you and I are expert on or have experienced trill.
Speaker 3: So it is fine. You know what, if you're not
Speaker 3: going to show up for our podcast, We're just going
Speaker 3: to talk about it ourselves because we know how. We've
Speaker 3: been doing it for six years.
Speaker 1: This is true.
Speaker 3: Listeners don't know the pattern.
Speaker 1: If you have a cool person that talks about how
Speaker 1: to save money on something cool or make money in
Speaker 1: a cool way, let us know. And if they want
Speaker 1: to be on podcasts, I think that's maybe the.
Speaker 3: Number one they will show up for the time that
Speaker 3: we scheduled them for. That's really the only qualifier.
Speaker 1: That's it. We're easy to please. We don't. We don't
Speaker 1: gatekeep this show. Everybody can be on the show, but
Speaker 1: only when every three right, that's true.
Speaker 3: If you reach out, we do care someone to kind
Speaker 3: of gatekeep.
Speaker 1: So uh huh, yeah, well, well this is our call.
Speaker 1: This is the one and only call. Will ever do
Speaker 1: for guests. That's it, that's it. Come on in