Cashing In On Crisis And Utilizing Space
Whether it be commercial, residential or industrial, there’s always money to be made in real estate investing.
If we take a snapshot look at Seattle, the average house price in the year 2000 was $176,300. Millennium speculators will now be sitting pretty on any investment worth more than 5 times that much, with the average price setting back prospective buyers $915,340 – or a cool million when considering agent fees, taxes, Uhauls etcetera.
Getting A Solid ROI On An Investment
So how does a Seattleite seek a solid ROI on a million bucks? Attracting travelers to rent out your property is a sure-fire way of generating a passive income and there is no more popular platform than vacation rental giant, Airbnb. The site provides a simple, clean and concise way of linking your property with anyone globally and at a time and date of your choosing.
Airbnb Listings Have Been Super Profitable In Recent Years
Last year, Airbnb listings generated a massive $48.9 billion in gross revenue for the company and its hosts, an increase of 76.6% from 2020 when gross revenue sat at 27.7% billion. During the global pandemic coupled with travel restrictions, consumer needs changed, catapulting the company to dizzying new heights.
With travel costs now further increasing due to inflation and rising fuel costs, many Americans are opting for cheaper staycation trips and if you are lucky enough to live in a location with beautiful surroundings such as Seattle, you can expect to make a pretty penny in peak seasons and weekends. Renters can also enjoy the flexibility of being a host or renting out the full property. So if you are a single homeowner, clear out the clutter in that spare bed and create a cozy space for weary travelers to rest. There is no obligation to feed your guests, but the smell of freshly baked cookies wafting through your home will be sure to add an extra point to your feedback score.
What Are You Waiting For?
So what are you waiting for? Get your design hat on and make profitable use of spare space and start your side gig today, all from home.
With interest rates being so volatile, it will be interesting to see what happens in the real estate market for the second half of 2022.
Business tip: On a rental using Airbnb, short term rentals can give you two or three times that amount your monthly mortgage is. Variable factors that can affect are depending on the location and the season. As a tax benefit, if you rent your home for 14 days out of the month you don’t have to pay state or federal taxes.