For those not familiar with Airbnb, it’s one of those new disruptive apps that allows you to list your spare bedroom or entire house for holiday rent on its platform.
The concept started when three struggling flat mates wanted to see if anyone would pay to sleep on an air mattress in their lounge room floor less than a decade ago. It turned out, someone was willing to pay $80 a night to do so and the concept was born.
Thus, the ‘Air’ in Airbnb was from the air mattress. Today Airbnb has over 3 million homes listed around the world and growing rapidly with a value of over $30 billion dollars. Although, most people are making some part-time income generally from a few thousand up to $15,000 p.a., there are numerous people making six-figure incomes and a few making seven figure incomes.
We recently interviewed Jamie McIntyre- a leading educator and bestselling author who on the side built up a million dollar plus income from Airbnb in a short period of time. We asked him about what it takes to make the big bucks on Airbnb. Here’s what he had to say:
When did you start using Airbnb?
JM: One of my internal company analysts put me onto it 3-4 years ago. I tested it on one of my holiday homes and nearly a quarter of a million-p.a. extra income later from one home, I started to take it more seriously.
When did you discover how to make $1 million plus from Airbnb part time?
JM: I was living in New York last year. It was hard to get an apartment to lease short term because to get a lease in the US without a Social Security number is harder than getting a bank loan in Australia. I was paying about $4500 USD for a nice one bedroom apartment in the Financial District. When I wasn’t using it, I put it on Airbnb, thus generating $9000 USD during many months.
This got me thinking, I don’t just have to own property to put it on Airbnb, why can’t I lease them and put them on Airbnb?
What happened then?
JM: I started taking on leases in different parts of the world such as New York, L.A, Queenstown New Zealand and Australia. I chose places I often travel to so I could have holiday homes that I could put on Airbnb when not using them.