July 14, 2021
By Angie Weeks
Angie is an experienced realtor in So Cal and a podcast co-host, contributor and a blogger with Money, Real Estate & More. Ask me about crowdfunding down payments! Certified International Property Specialist (CIPS) ~ Divorce Specialist (RCS-D) ~ Green Designation ~ Short Sale & Foreclosure Specialist (SFR)
Making Money In OC With AirBnB
Getting help paying your mortgage while traveling the world!
Renting out your home as an AirBnB allows you to travel as much as you want while still making an income to help pay your mortgage. You have complete control over who you allow to stay in your home and you are also in complete control of when you choose to have your home rented out. Why wouldn’t you want to get paid to go on vacation and have someone else paying your mortgage for you? We have had such a great experience using AirBnB and wanted to share what we’ve learned so that you can do it too.
Here we are on a wonderful Costa Rica family vacation in Nov 2017 that AirBnB rentals paid for!
Our AirBnB tips and tricks
Finding a good place to stay while your house is being rented is very important! You’re renting out your house to make money, but you want to be somewhere comfortable too. You want a daily rent potential that is at least 125% of your daily mortgage to insure good profit! When thinking of making your home or a place you buy into an AirBnb, make sure you consider the tourist destination and proximity to arenas and conventions near that property. You’ll also want to make sure that community or city allows short term rentals. We also found it beneficial to make sure we had closets that we could easily lock or a detached garage/storage shed to safely keep items while we were renting out our home.
Having a smart lock such as IglooHome is a great idea. It’s easy for guests, and safe for you. We have “AirBnB Bin” with sheets and towels that are only used for guests, that way the ones we use for ourselves are never used. Shampoo and soap dispensers in the shower are super helpful as well. We make sure our supply closet is always on stock and that we have a house keeper on call, just in case. Syncing with your calendar makes it easier to stay organized with the schedule of your rentals.
Humble houses still make money! Here’s our historical Santa Ana pad before we earned the money from AirBnB rentals to pay for our new walkway.
Refinancing your Mortgage with AirBnB Income
An initiative is starting this year in order to help you refinance your mortgage using the income you make as an AirBnB host. Previously, banks wouldn’t count your AirBnB income when considering whether or not to refinance your mortgage. Thankfully that is beginning to change. The three financial institutions participating in the initiative include Quicken Loans, Citizens Bank, and Better Mortgage. They have the chance to consider home sharing income earned on Airbnb when hosts in the U.S. apply to refinance their mortgage on their primary residence! This is just another benefit to using AirBnB – someone will be paying your REDUCED mortgage rate which means even more profit in your pocket!
Here’s a video of Angie sharing this information with one of her networking groups!
Finding A Good AirBnB Investment in Orange County, CA
If this sounds like something you want to learn more about, follow our Automatic Millionaire Homeowners group on Facebook! If you want to search out an Orange County property to buy and make your AirBnB contact Angie at 949-338-7408.
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