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If you’re looking for a side hustle that can move you toward your FIRE goals without requiring a lot of time, an Airbnb can be a profitable way to earn extra money and cultivate financial independence.
“I had been in digital marketing for years and hated that it felt so short term; you’re always worried about how you’ll make money next month,” says JR Rivas, an Airbnb owner, real estate investor, and co-founder of BNB Leverage, a company that helps people buy and list their first Airbnb. “I knew I needed to diversify my income streams.”
Rivas got into real estate investing. Seven months after purchasing his first property, he listed one on Airbnb. The income was surprisingly impressive.
“I listed four more of my properties, and now have five on Airbnb that generate six figures of revenue a year,” he says. “I want to play a long game.” The entrepreneur has steadily turned his vacation rentals into an airbnb business that produces positive cash flow each month.
Since it first started in 2007, Airbnb has grown into a major rental platform with four million hosts and over a billion guests. You can list a home, apartment, room, or shared space as a vacation rental property; there are options to make money in various ways from short term rentals. Airbnb has over six million listings in 220 countries, and its hosts have earned over $150 billion, according to internal reporting from the company.
There is a lot of money to be made from having a successful Airbnb business. Here’s what you need to know about how to start an Airbnb business, listing your short term rental property, and how an Airbnb business can become a profitable side hustle.
What You Need to Get Started on Airbnb
If you’re wondering how to start an Airbnb business, there’s good news: the process is relatively straightforward.
You need a home, apartment, room, shared space, or other rental property to list. If you want to list an apartment or room for your Airbnb business, you first need to make sure it’s allowed in your lease and that your listing complies with local zoning laws.
Assuming you are in compliance with local laws and homeowners association rules (if you own and will list a home), here are the steps to getting started on the vacation …….