25 Mar 21 ways to quickly raise money for your Passive Airbnb Business
21 ways to quickly raise money for your Passive Airbnb Business
Starting your Passive Airbnb business may sound like the ultimate dream.
Even if you have a strong desire to get your passive income stream started, you still need to have some cash on hand (find out more about its startup costs). Although you do not need tens of thousands of dollars to get started, you still need a few thousand to cover the startup expenses.
Is the lack of startup funds is the only thing holding you back?
A lack of cash can be difficult to overcome but not impossible. We will cover the best ways to quickly make the necessary cash to start your passive Airbnb business.
Typical Passive Airbnb startup costs
The startup costs associated with your Airbnb business are broken down below. Here’s what you will need to fund in order to get started:
Rent. The price of rent will vary widely by city. In large cities like New York, the average rent price will be much higher than a smaller city like Columbia, South Carolina. (tip: I’d not recommend NYC, but check out the adjacent cities like NJ for rental arbitrage).
Security deposit. An annoying but unavoidable expense associated with most leases.
Insurance. Getting the proper insurance is important for any kind of business, including a passive Airbnb business. Here is more information about the type of insurance you will need. In some cases, you’ll be required to get renter’s insurance. I personally use Lemonade. It took me 60 seconds to sign up and the whole process was painless.
Furniture. You’ll need to furnish and provide the modern conveniences of a hotel.
Utilities. You will not find a visitor that is willing to rent an apartment that does not have electricity, water, or heat. You will be responsible for these bills.
Other Costs to Consider
Subscriptions. Many potential guests expect to have things like the internet and Netflix included in their stay. If you choose to provide these, then you will need to pay for the subscriptions.
Soft goods. Everything that is in a real home should also be in your Airbnb. Things like pots, pans, plates, etc should be available to your guests.
Replenishable goods. Anything that you need to resupply on a regular basis like toilet paper should be included in these costs.
Services. Anything that you will need help with along the way is a service that you need to pay. This includes things like an interior decorator, cleaning crew, photographer, etc.
Take a look at the average costs of each of these items in your area to find out what your initial start-up costs will be. I’m guessing it’ll be in the mid-thousands.
21 ways to earn your startup costs
Once you know how much money you need to launch your passive Airbnb business, it is time to start saving. Create the goal and set a timeline to motivate yourself for success.
Here are some of the best ways to pay for your startup costs quickly.
Remember, these methods are just a means to an end. Many of these may not exactly be fun ways to earn money, but they will get you to your goal faster. Do not just choose one option, work through a variety of options to see the best results.
21 proven ways to quickly raise some cash:
- Sell something. Take anything around the house and sell it for cash.
- Babysit. Ask around for a family that needs childcare and work it into your schedule.
- Dog walk. Find dog owners on an app like Rover to earn money walking dogs.
- Take Surveys. Several companies, like Survey Junkie and SurveySavvy, will pay for your opinion.
- Work overtime. If your workplace offers overtime, then take advantage of that option.
- Cancel unnecessary subscriptions. Easily save money by cutting your cable or other recurring monthly expenses that you can live without.
- Deliver for Postmates. You would be delivering anything to anyone anywhere. If you live in a big city, then this is a good option.
- Download the Neilsen app. The company will track your internet usage in exchange for $50 a year.
- Drive for Uber. If you have a car, then use it to get the startup cash you need.
- Check for unclaimed money. Yes, it is completely possible that you have unclaimed money available. Keep on unclaimed.org.
- Rent out space in your own home. Use Airbnb to make some cash to fund your next step.
- Write for Listverse. You can earn a quick $100 to write a “listicle.”
- Ask for a raise. A quick way to more money is to ask your current boss for a raise.
- Earn through Swagbucks. You can earn money for watching videos and taking surveys.
- Try freelancing. Take a skill you know (or learn a new one) and sell it to someone.
- Teach English online. Several online platforms offer opportunities to teach English online. It is possible to make over $500 a month through a site like VIPKID.
- Test websites. You can test websites and get paid through UserTesting.com.
- Use your tax refund. Once a year, you have the opportunity to use your tax refund to fund your startup costs.
- Find a part-time job. You can always pick up a part-time job to save up the necessary cash.
- Flip a freebie. Check out Craiglist for a free item, then sell it for cash.
- Mystery shop. Although you cannot make a living through mystery shopping, it can be a great way to earn extra cash.
Bonus Tip: create a slide deck and you can use it to pitch to your friends and family for a quick boost of cash.
Check out our professional designed pitch deck to help you pitch to landlords and raise money from family and friends as well.
Don’t let the lack of startup funds start in your way. Instead, take on some income earning activities to build your investable capital. Once you have the start up costs saved, get started creating your dream passive Airbnb business.