High Risk, High Reward

Do you want to be your own boss but can’t figure out where to start or what to do? Maybe this blog will finally allow you to start your business journey.

Airbnb. We have all heard about it by now, right? How do you become an Airbnb owner? Well, all you really need is an LLC and a place to rent. The biggest misconception there is about Airbnb is thinking you need to own a property before you can flip it for profit. All you need is an apartment or simply a spare room. If you already live in a two-bedroom apartment, this just got 10 times easier for you. If not, just keep reading.

First thing first, an LLC. Every Airbnb you do has to be licensed under an LLC, you do not need multiple LLCs for each Airbnb. But you do need an LLC for every state you have an LLC listed in. LLCs are very simple, you can find information on your state’s secretary’s website. It should only cost about $200 to $300! After you complete that process, get approved for an apartment or you can apply for or rent a house, up to your personal preference. But, this blog is specifically targeted towards college students or someone with a tight budget. If you already have an apartment and are not making a lot of money monthly this might be a bit difficult to accomplish since most apartments now need proof of income in order to be approved for the property. However, there are loopholes for this. You can have someone co-sign with you, make sure it is someone trustworthy like a family member or your spouse.

Once you get approved, the next steps are pretty simple. Just keep in mind that landlords are not fond of Airbnb because of the bad rep they get, make sure you inform your landlord still because if they find out you are not living in the property and instead are making money from it they might evict you. What a lot of Airbnb owners do is tell their landlords that if there are any maintenance issues, you will take care of it. Pro-Tip, when you apply with an LLC you can apply for the apartment under your business’s name instead of yours. This makes you more trustworthy to landlords.

After all the red tape, go to thrift stores and check out Facebook Marketplace to furnish and decorate the place. There are a few things you might want to splurge on like a TV or a nice mattress. But these are nitpicky things that you also can find for cheaper!