Business
Have you ever wanted to become an Airbnb host, but you didn’t know where to start? Laura Coleman at Family Money Coaching talks with Saffron, an active duty service member, about her side hustle renting out rooms in her house. Saffron shares some tips for increasing your booking chances, how to protect yourself as a homeowner, and how multiple sources of income can really turbo-charge your goals. Is your home in a great location for Airbnb? Saffron explains that capitalizing on popular local events are a great way to ease your way into Airbnb hosting. These are events that bring in a lot of traffic like: Local sporting events National parks Iron Man The Paralympics Traveling doctors or nurses or interns Political conventions Nearby universities with international students Airbnb Amenities: how to guarantee return guests and great reviews Saffron talks about the preparation work that will make your Airbnb stand out. Make your home look like you’re going to sell it, and remember the little treats like snacks, drinks, and smaller scale shampoos and soaps. Many of these soap items can be purchased in bulk from Amazon. Providing your kitchen for your guests’ use is a huge amenity. How do you protect yourself as a homeowner? Saffron suggests that you ask guests about themselves. Find out what they’re doing and where they’re going and the more forthcoming they are, the more you can trust that they’re legit. People who can instant book are frequent guests on Airbnb. Don’t be afraid of the renters and trust the system that’s in place to protect you. Put boundaries in place by making your cancellation policy aggressive, choosing your schedule carefully, and looking at renters’ recommendations from other people. When is it time to create your own Airbnb business? If you rent for 14 days or less, you don’t count as a business. But if you’re ready to take your Airbnb hosting to the next level, be sure to file the right paperwork so that your tax bill doesn’t take you by surprise. What are some mistakes you made for saving up for adoption and fertility? Saffron encourages listeners to contribute the max to their HSA because you’ll never know when you need it for health problems. She recommends that couples adopting or going through fertility use multiple sources of income so that they can more confidently achieve their goal. --- Support this podcast: https://anchor.fm/laura-coleman/support