Is Airbnb investing for financial freedom a solid bet? Absolutely! Repurposing traditional weekend getaway places into high-volume short-term rentals is one of the easiest ways to generate additional income that you can save, reinvest, or use to do things you love. It's how we built a life we love!
Let's take a moment and unpack the whole financial freedom concept. While it can mean having lots of money to not work - it can also mean many other things. We've found that financial freedom means something different to everyone. It doesn't have to be a designer shopping spree or luxury vacation.
Financial freedom for us has a lot to do with flexibility of schedule and location. We were able to spend a year in Greece, managing our nine Airbnb properties remotely. It was a dream come true - we lived in a new culture, traveled to amazing places, and family memories that will last a lifetime. We are also able to attend our son's school sporting events in the middle of the workday with zero guilt. These types of freedom are priceless to us.
One of our Airbnb investing mentees wanted to buy a small mountain place, but was worried about stretching his budget too far. After spending time understanding the metrics around short-term rentals, he bought that place. It was so successful and his family enjoyed it so much, that he raised a fund and now operates a portfolio of 80+ listings!
A retired couple reached out to us about turning a long-term rental farm house into an Airbnb. Why? Because they wanted a little more income to be able to spend the winter months in Florida - that was their idea of financial freedom. Of course their farm house is successful and they are already superhosts! Added benefit: they now have a place where friends and relatives can stay whent they come visit from the west coast. They're now working on two more Airbnb properties!
If all of this sounds too good to be true - it isn't, but we understand why you would feel that way. We wrote a book, Host Coach, as a step-by-step guide to help anyone understand the Airbnb opportunities available, how to select a property that will generate revenue, and how to manage it for maximum return on investment. Give it a read or listen on Audible - you'll be an expert in no time! We're also launching a podcast this spring, so stay tuned for another way to learn more about Airbnb investing from the Tates! Finally, if you need an Airbnb coach - we would love to help you select the right property, set up your listing, and plug in all the necessary tools to be successful right out of the gate!