Should We Host an Airbnb? #003

especially if they make you money. Yeah, that sounds like you. And this is a weird thing that could possibly make us some money. I mean, there's obviously a lot of people that have been doing it for quite some time making money, and I'm interested to see if it works for for us. And you and I both have different potential avenues at at doing this in our lives, and

we'll explain those in just a little bit. I'm pretty pumped to talk about it and see what it looks like when it comes to fruition to By the way, so this is a podcast about saving money, but we want you to enjoy the finer things in life. You can't enjoy all the finer things. You can drive a beater car and drink awesome beer. And that's kind of our lifestyle mentality, and so that's why you might find us drinking kind of expensive beers most weeks. That's something

that we're really really into. But we've chosen wisely. And this beer, I'm really excited to taste it today. Have you ever had this? No, I've never had it. This is this is a hard one to get to really, I think I thought so. Yeah, Rodenbach Alexander, So pop the cork. This is uh, this is a fancy one. Comes Cajun cork. And Rodenbach is a Belgian brewery. Cathie's hearing that I just gave you that a little sniff. There we go. So roden Bock Alexander is a Belgian

beer that is aged in footers with cherries. So, um, I'm expecting a lot of the difference between a food or and just a barrel. So it's just like a big barrel, right, Yeah. The footers are like enormous, uh, and I think, I mean, yeah, I've seen them. I've seen them before. I just I mean, I don't know, you don't know why that, yeah, I guess just because the just the size difference in the think big barrel turned up on its side. Yeah, not not so, I don't.

I guess sitting on its end, um sitting in a brewery, right, And I think probably in the US, probably New Belgium on Colorado has some of the biggest, biggest foods out there has like the most They've got a punch and they age a bunch of tasty, tasty sour beers in their foods. And so this road in Mick Alexander's got cherries in it and it's aged for up to two years. And so I mean, I don't, I don't know about you, Matt.

I'm a huge fan of the Belgian sour beers with fruit and so oh yeah, man, I really fort that acidity, which is like they're darker. I mean, so essentially there it's like the Flanders red style, right, So there's they're a little more heart like a higher that a city d level. Because some of these American darker wilds, I'm just not as big of a fan. They kind of come across like sort of round and soften like a little sticky, which I prefer. I prefer my stoubts to

be that way. So as always, we'll take an initial sip here. We'll be drinking it throughout the episode. At the end we will give you our tasting notes on Rodenbach Alexander. So before we get into airbnb talk, Matt cheers, cheers. I mean I can smell those cherries. It's got a huge oakey presence in the cherries are fantastic, nice dark brown color. Yeah, it's not super tart m hm, but it's got just a little bit of that. Yeah. I like it. Not super tarp, but it's not overly sweet. Yea.

We we'll talk more about about what we think this beer later. You can taste it some more and change my mind before we launch an airbnb. Yeah, man, what's going on? I you know, I have weird ideas almost every day, and so my weird idea of the day, do you know, uh, wrapping cars with advertisements used to be big years ago. Yeah, right, like back in two

thousand three. Yeah, and then all these companies that would they would there were startups and they were like I'm pretty sure I remember a student at E. G. A had a a red bull like a little Red Bulls shorty or something like that with like the tilted you know, the giant can in the back or whatever tilted up. Yeah, you know what I'm talking about. Yeah, yeah, oh yeah, totally. Um. Wait, so you're thinking about doing this something about doing this.

So there's a there's a startup called Rapifi w R A P. Your wife's gonna kill you. I mentioned it to her to night. She laughed a little bit because she knows about that. You're serious about my ideas, and then I'm serious. And but you can make forty bucks a week wrap in your car forty a week. I don't know if that's enough, man, because I'm driving through the center of sixty bucks, a giant metropolitan city. I mean with a rap up. I mean, I don't care.

I used to dry have a beater like and you know my car is still not beautiful or anything like that. But what what would the would you put it on the leaf or you're yea on my niece on leaf? Okay, So yeah, I don't know, man, that's my hair hair brained idea of the day, if that's if that's your I don't So We've got one vehicle, right, being in one car family, and I just don't see. I don't see any way I could get kid on board. I mean, I don't know. I'll be honest with you, I don't

know if i'd be on board with that. I've got a certain level of vanity that I like to maintain. Maybe, but I mean I would if they're paying a lot more. I mean, you said forty bucks a week. Did if they're paying four hundred of a week? Well, yeah, anybody's got a price, right, I mean, if it was twenty bucks a week, I wouldn't do it. But forty bucks a week, I'm like a hundred sixty bucks a month, breaking in the hundreds at the end of the month. Yeah, I get worth it. Well that makes sense? Can you?

Can you bail it? Wait? So how much have you looked into this? So I have downloaded the app and it's tracked my driving to know kind of where I drive and how many miles a day and stuff, and then it kind of tells you whether you qualify or not to be a driver for them, because they want to see they want to make sure you're driving in front of people and that your car isn't just parked

in a garage. And so you know, my driving, I guess qualifies because I'm driving through downtown city and midtown actor downtown Midtown connector like obviously it's gonna get a lot of probably like an ideal, you can have a lot of people, a lot of people saying to me, do you want to know what the actual first advertisement is on it? That I think is what I would

end up. You are already know what it would looks. Yeah, it looks like I can tell from the from that, but it looks like it's it's promoting a new show with Honey Boo Boo's mom. Dude, No, seriously, not joking. Yeah, I definitely wouldn't do that. I think it makes it more awesome. I think it makes it funnier than my leaf is going to be driving around town, just like put putting around town with Honey booboos mom's face on it.

As soon as you said that, though, all I'm thinking of that gift where Honey, like Honey Booboo is a little girl, right, yeah, it means still going around that gift. If anybody doesn't know who Honey, I mean, I don't really watch TV but that much, but I know who Culture Phenomena google it, yeah five years ago or something. Come on, how much funny would that be? I just love to do little experience too, to see what kind of weird ways can you make money out there? I

thought you, I thought you commute to work on your bike. Yes, So the first episode was on biking, and I did said it. But it's been brutally cold lately here, brutally cold. And I did get in a bike accident too, and so I had my bike had been out of commission. So I've been back in my car um and so that is the reason that I have been back in the car. And so I'm gonna try this out for a month. This is like a one month long campaign. All right, Well, report back. I'll report back. That could

be a whole another podcast. See how it goes. And you know what, maybe if it goes well, maybe they'll consider wrapping my bike. They're not going to wrap your bike, I mean. Or maybe I could just wear a sandwich board while I'm on my bike on the way to work. I don't know. I just have donated kidney. You'd sell a kidney, maybe, dude. I hadn't even looked into that. Okay, I'm gonna start looking craigslist. Anybody need a kidney? How much will you pay? All right? So obviously I like

weird ways to make money that leads us to Airbnb. Airbnb, and you talked about this, uh a few months back. I think you mentioned to me a possibility of putting it an Airbnb in your house. Yeah. We I mean, you know, we talked about it again. We're just always kind of thinking of just thinking of different different ways to have a little side hustle going on for us, you know, I mean, our income is is variable, so having an unpredictable income keeps us on our toes. And

that's just something we we had considered. But Airbnb, we don't even need to explain it, right. Everybody knows what Airbnb is, sure, and if anybody that doesn't, It's a website where you can rent out literally a spare room in your house. You can rent out an apartment, an apartment, a tiny home, a whole house, whatever you want to do. Mention And I mean we've looked at I've looked on there before and seeing some of the stuff that people have listed. The's like how it's like Janet Jackson's like

mansion like down to south of Atlanta. I mean there's some huge houses on there. I've stayed in some really fun, interesting places on Airbnb, and I've stayed in some really super cheap bedrooms on Airbnb, so I feel like I run the gamut. I mean, not like mansion houses or anything like that, because I'm not a baller, but airbb to me, it's changed the way I travel in a really positive way. I've had a lot of passive experience

with Airbnb, and dude, it's awesome. I mean being able to go to get on there and you can basically for the same amount of money that you would spend on a hotel on a crappy, you know hotel, you can stay in a pretty sweet place and a better location for either less money or the same you know, or the same amount that you had spent on a on a crappy hotel. Anyway, it's awesome to me. The great thing is when you visit a city, the hotels

are usually in a couple of spots. And let's say you when Emily and I went to Norway in to Oslo, and the hotels are pretty much all downtown, right and you know, I'm sure they're in some other spots, but the particular place that we wanted to stay, there's no hotels. You have to get an Airbnb and it led to the best experience ever. It was and those are the places you want to visit anyway, are the places where

there aren't hotels because there's no hotels there, right. So it's like a ten minute bus ride from downtown and it's right on the Fiord. Literally, it's this tiny home right on the Fiord with there's like a dock right in front of it. Is that where they filmed Frozen? Is that why you wanted to Uh? Yeah, you know, I wanted to want to me was there a castle there? And we only know Frozen because we Matt and I each have daughters. So we went Frozen Rozen non stop

lately with it being so cold. I mean literally, the girls are like, it's cold outside, let's watch Frozen, and you're like, no, put on my headphones. Yeah, actually, don't mind. It's it's a good movie. It is good. It is good for what it is. I prefer to pressing movies. But it's fine with the kids. Fine. So so that was my favorite Airbnb experience ever. I jumped in the Fiord and it was some of it was like this

ice cold water is like jumping in glacier water. It was amazing, But that was an experience I could not have gotten for air and existed. Really, Oh is that yeah? I mean it's a house on the water, right, it was almost on the water. It was almost on the water. It's like a tiny home, kind of in the back of somebody else's home, right right. I remember seen a picture and it looked like you're as a picture out the window and you're looking at yeah, exactly, Yeah, you

look on the mountains in the fjord, exactly. I was incredible. I was a little jealous. Great, and it costs less than a hotel room, but my experience was so magnified by doing that and the people you meet. You know, we talked to the owner for a while, and it just felt like this beautiful experience getting to meet someone from Norway, talk to him for a little bit, kind of get their vibe for what they enjoyed doing, like the local experience, and you just don't get that out

of hotel. You talked to a concierge, she was like, yeah, there's a McDonald's around the corner, dude. Yeah, I don't even talk to the the concierge. I'm just like not worth Yeah, I know where I want to go. It would just let me, let me do what I want to do. And before Airbnb, I guess there was is couch surfing, right, So couch surfing dot Com, which it's kind of like the predecessor, still exists, but couch surfing wasn't really a

capitalistic endeavor. It was kind of this little more hippie yeah, like sign up, find a place to stay, connect with people. Did you ever do couch surfing? Oh? You should have. I just honestly, I don't think I even really knew about it, to be honest with you. With you man, Yeah, so my buddy, I love the idea of it. My buddy Travis and I we bought a car and we traveled across the country for three months. So we end up doing a lot of couch surfing, finding a lot

of people. Sometimes we just meet people in person and ask if we can stay at their place, like the original form of couch surfing. Yeah, no internet needed, but we would do the couch surfing dot com. And my buddy Travis, interestingly enough, after that trip, he met not so not on the trip with me, but he met his wife couch surfing in New Orleans. That's that's pretty awesome. So you can find love through these sites too. Yeah, out, I was gonna go down the path, but I decided

it's amazing though. Yeah, that is it's very cool. I mean, yeah, an Airbnb obviously provides that that's that same similar vibe, right, Like you get to meet meet different folks, whether I mean sometimes the hosts aren't there, which is which is fine, but I just like being able to stay even in a neighborhood that you wouldn't even hardly even visit, right. Kate and I we had our anniversary trip this past fall and we went to Boston and we stayed in

a neighborhood called back Bay. Super ritzy, I mean brown stones that are like a hundred and fifty years old, honestly prettier than any brown stone I've seen in New York Brooklyn. But in Boston, dude, it was gorgeous, unreal. And we pulled up Zilo Zillo up on our phone because we're like, man, I wonder what some of these units are going for, you know, And we had like a fourth floor walk up or something like that. There was a fifth floor like on the building right next

door to it. List list it out like one point three million for in all these units are when I guess maybe square foot like a thirteen square foot two one at most. I mean the one we stayed out only had a single, single bedroom, but to be able to stay there, and so I think we only paid about like one twenty a night to stay in a neighborhood in a part of town that we would obviously

never be able to afford to live. But I loved it, man, just being able to walk the walk the streets and walk past the buildings, and there's this sort of park down the in between, like on this one avenue that we got to walk down, so you're not even on the sidewalk, you're walking down like the stretch of park in between these buildings. It's awesome, cool, that's cool. Yeah, I love that experience that are being be can provide.

So let's tell people. So Matt and I I think Matt's a few months ago had had the idea to do it in his house and he's kind of started work a little bit. And then I'll tell you, guys, kind of my seed that started germinating just a few weeks ago. Since then, I guess I got you thinking. So we've been thinking about it, and basically we've got space under our house, our our basement space, and so the idea is to be able to basically create an apartment down there, just to let folks know it's not

a finished baseman. It's yeah, another floor and stuff. So like you got a lot of work to do. I mean literally we would have to create it, I mean, including digging some dirt out to to make sure there's enough enough head clearance. It's I mean technically maybe it might be more considered to be a cross space, but it's a huge cross space. I mean I think if I if we took out like a foot of dirt, we would be able to have eight foot ceilings, you know.

So it's it's pretty big up under there. And yeah, there's not a ton of space, so we knew we would never want it to be a traditional lease where there's somebody always down there. Part part of it has to do with too not wanting to create a kitchen, creating a little apartment for someone to to be able to spend the night, obviously a bathroom and uh you know, maybe like a little mini mini bar, mini fridge kind of action for them to put leftovers in or something

like that when they're going out to eat. But that's kind of something where we've been considering. I've been down there every other week or so. I'll go down there with like a tape measure and take measurements to figure things out. But no, we have not started actually digging or creating the space anything like that. It's it's kind of all a it's all a pipe dream at the

moment at least, all right. And so if you if you crunch numbers on it, and what what do you think you could make on it, and what's your what's your aim here? Yeah, I mean, so the idea is, I think based on the demand I'm seeing in our neighborhood. So Joel and I both live in a pretty popular neighborhood I guess pretty close to east line of village. So a lot of folks are are wanting to kind of hang out there. And I think we could rent it out like easily twenty twenty out of three days

of the month, just about. And I think it could go for between like sixty two somewhere between sixty eight bucks a night for how many square feet. I think we measured out about two like somewhere between like two square two to fifty. Yeah, I mean it all kind of depends though, So I'm mine started to take place because I like to search rain of things in Craigslist.

There's like a few of my favorite search terms that I'll type in every once in a while if I just kinda I got a down minute and I want my brain to race about weird stuff, and airstream is one of the things that like to type INTOUP. Yeah,

you've been talking about an airstream for yeah a while now. Yeah, it's been kind of on my mind, and I've looked at it at different times, and probably a year ago, I was looking at a couple and then I tossed in the Craigslist the other day and there's a guy literally right around the corner for me, less than a mile away, who's selling an airstream that he currently rents on Airbnb. It's super good looking. It's yeah, you showed me a picture of it, Yes, my kind of style.

But the interior it needs a lot of work, and um, I'm just not sure how if I'm ready to like redo a bathroom in an airstream right now? But why why why is he why as he's selling it, he's moving. So he just kind of got me thinking specifically about that one and then figuring out the market a little bit more. So I went to there, there's an air stream classified websites. I'm taking through there to kind of see what's nearby and what's available and to kind of

auto trader for air streams exactly exactly. So Craigslist has like some merit there, but these air stream classifiedes, if you're willing to travel especially, I think are it's it's a it's a better website you can you can get a better idea of the value too. So after looking at that, I knew that this guy was asking too much. He would think he was asking eighteen and I think probably for his I'd be willing to pay like ten to twelve. Yeah, it's because I found some that were

bigger and had much better renovations done to them. And yeah, that because that was something I was I was thinking about when you told me that, which is it's one thing to do a renovation, I guess on a regular traditional building or home, I feel like with a air stream, but there's gonna be specific specific parts are sure, and

like that's gonna make it. I mean, I think at least I've never done this, but I feel like it would make it a little trickier to kind of replace stuff like a bathroom, for instance, And that's definitely the case for for certain parts theater stream. But I think you have a lot of leeway to I mean, there's people that tile out the bathrooms and air streams, and so you can kind of basically just do whatever you want.

It's not like you're trying to restore it to its original the original condition or yeah, yeah, it's not a restoration. It's really really is just a renovation, and a lot of people have renovated and and done them well. So there was one about an hour north of us. They're asking about twenty but crunching the numbers, like you said, renting out alan average twenty nights a month, which I

think is pretty reasonably. That kind of gives you a little bit flex to even say no to folks if you know, you want to have a party that weekend or something, and save it for yourself. And I know a couple of people in town that have their own airbnbs and they've pretty much said nights a month is pretty average for running theirs out. So what do you think you could you know, as far as the other numbers, how much do you think you could get for it?

So I think, uh, airstream would be able to rent for on Airbnb for roughly sixty five a night maybe if we do some good landscaping and stuff back there too, Yeah, make it look cute around it, and yeah, get good reviews, get get landscaping back there, and make sure it's a good experience. Well, and I mean, I will say for you specifically an air stream, I think it's perfect for

your location. Like your house is corner lot, You've got that concrete slab or whatever, and I've seen that for you is what you're thinking about exactly, So basically it used to get back it up right onto that you've basically, I mean, that's a perfect spot. Many side access off the street, so it's not like they're having to like go through your front gate if you you know, exactly. The backyard really good set up. The backyard really feels like entirely separate space in a lot of ways from

the house. Like we don't use the back yard all that much. It's just perfect space though for this, So it kind of feels like a different lot, separate lot. Almost. Yeah, so it just feels like it's it really is kind of perfect for us. It's not kind of trying to shove a square peg into a round hole. It really actually does fit. And so yeah, so unlike maybe us, what do you mean, It's not like it's everything's already there, laid out perfect for us. It's it would definitely be

some work. But I mean, I'm not afraid of hard work or you know, even like manual labor, since the idea is to be able to do a lot of that myself when I'm not busy with my full time job, kind of you know, pick it up in between, uh, during the slow season. But yeah, so let's say sixty dollars a night, running out twenty nights a week there be, and B takes her cut. Let's say you're making a thousand dollars a month. Yeah, that's pretty good. You're gonna

pay on a year. Yeah, you're gonna pay off the air stream in less than two years eighteen ran, yeah, year and a half maybe. Plus I want to have an air stream just to like take my family around one of these days, oh man speaking air streams like so Monday night bery bery over on the So they've got their second location now and then they're massive tasting room. If it's an air stream, right, don't they have that camper or something? You remember we went on one of

the opening nights. We took our kids. I lost my youngest your your daughter was lost? Where was she inside? The air stream? Run down? Beat up air stream? It was pretty funny. Yeah, and I'm a bad dad. You're okay, It's fine. I'm average at least, I'll take that. Yeah, let's talk about some some more of the benefits then, yeah, right, so yeah, so I think I mean you can make money. You can. Uh, let's say you run out a room in your house. There's a lot of people that can

do that. Let's say you're living in a two bedroom place and you don't use one of the bedrooms, or maybe you do, but you could stop using it sometimes certain times. There's a guy that I talked to just the other day who does this very thing. He rents out just one room in his house, just a regular dude. He's a teacher, and he made over three thousand dollars last year from Airbnb, just from an extra from an extra room. That he'd and out sometimes, Yeah, that's awesome.

I think a lot of people, based on anytime we've gotten on there and looked around at some of the available um houses or rooms or whatever near us, there are I mean the vast majority of folks that's what it is. It's not it's not an entire house. It's just a room. And which is why I think, Well, that means I think it's part of why an air stream or a separate apartment would be amazing, because you can say that you've got your own space, you're not

sharing it with anybody. And I think for folks, they don't need something huge. They just want to be able to Sometimes if you're at a conference or or you're in town to see a concert or to see family, you don't want to have to also go home to where you're you know, go back to where you're staying and talk to somebody. You just want to be able to walk in, close the door and just go to

sleep or watch the TV or something. Yeah, open the door and walk in drunk at one am or something like that, and maybe the post is sleeping just they can hear you that that feels a little awkward. I agree, I usually we've slept, we've done the bedroom thing before, but it's not our preference. We definitely prefer our own spot. It can be a little awkward sometimes, Yeah, you need me to be cost a little bit more. We're usually willing to spend the extra money exactly our own place.

But that's why the air streams or small rooms are perfect. I love a small room by itself or something like that. Just I don't care if if it's a smaller space, but it's our space, I'd rather I'd rather do that. Yeah, absolutely, I'd rather have our space then this massive space that

we're sharing. Yeah. Absolutely. But but yeah, so income, right, and it's not just income, it's I mean, the benefit of that is to diversify, right, And so if I mean that's for for us, it's just been able to diversify the kind of the different income streams that we have coming in, the different sources of income. Again, with our our income being more variable, to be able to to have a little extra extra flow coming in from a different source. Man, that's great. And for it to

be more passive. Yeah, you know, that's what's so great about this is not it's not like you're having to work really hard to do this. It's just a a few clicks here and there and maybe lean it up the place or what have you. But it's it's definitely a little more passive than most folks. Yeah, I'm all about that diversification. If you're one of those people that wants to retire early, I think doing something like this

is great. There's a lot of people that buy duplex, live at half, run out the other half, and it pays for most of the mortgage. Anything you can do like that, you know, house hacking, having your own airbnb, that those kind of things will help you to get that extra income stream and you can divert that to saving for retirement or building up to buy more things that will actually bring you a return in the long run. Yeah, you can buy more leafs that you can wrap to

uh make even more money. It's just this compounding machine. Well, you know, there's some people that have there's a few people that do touro, which is a website where you can rent your car out, and there's people a few people that have found it works so well for them that they buy a fleet and of cars. Basically they become their own rental car company. Totally. Yeah, that sounds terrible to me. I know, I don't want to do that either, but those kind of I love that that

there's these side hustles exist now there. It is nice for folks to have options out there, right, I guess just the whole car side of it just I just feel like so much can go wrong with I don't know, with the vehicle you have to be driving around hitting people. Yeah, like, no one's gonna kill somebody with your airstream, right Like, but I know something about a vehicle just kind of

freaks me out. I don't I don't like cars. I think if you're get into the airbnb game, you're gonna want to consider how much money you're willing to put forward up front, and you're gonna want to keep the investment minimal. I wouldn't suggest going out and buying a house and putting it up on Airbnb and seeing how it works out, seeing if it sticks. And obviously there's

some locations that will work better than others. So if you live in rural Pennsylvania, I don't know, maybe a lot of people come there to visit, but maybe they don't, So you're gonna want to look at the market, see what's around you. Look up on the Airbnb. You can see what other rentals are currently available, what they're charging, Talk to somebody that's done it. Do your research, but don't overinvest. Don't put in a bunch of money when you can't get the return. Yeah, you need to be

smart about it. And like you said, man, like that map feature is just so nice. You can literally go to where you live, look around and just get some comps. If if they've got a ton of reviews and a lot of activity, well guess what many they're running it out a bunch and it might be worthwhile. Yeah, like I was looking at there's a hundred dollar a night

one here and sixty dollar night when there. And I can say, well, if I got this air stream and be a little bit better than that one and not quite as good as that one, and this is probably

the market rate I could charge. You know, if it is going to work out for you to do Airbnb, if you've got you know, either even just an investment property, is that and you have the potential to make a lot more then if you had a traditional lease, like a traditional one year lease, where you've got a full time, full time tenant, you could have someone in there for half that time and be making more than you'd probably likely be able to pull in a rent at least

here in Atlanta. Yeah, and so part of me has thought about using this as kind of like a little tests. Yeah, because I have houses right around the corner that I leased on a yearly basis and might be switching over to Airbnb. If I kill it an Airbnb, why not start running, you know, furnish those homes and and see what I can do on shorter term rentals or Airbnb.

This is why it seems appealing, is that it seems that you can save on So there's gonna there's always some expenses when it comes to buying like a new house, like an investment property at something you know, like you and I, we've got a couple of investment properties. Is something that we're into. But there's a lot of money

associated with that. It's you know, you're looking at additional insurance, you're looking at the cost to purchase the home, just closing costs, and just the general upkeep of a set completely separate house and taxes and just everything. I mean through a trailer in your backyard. Sorry, airstream. I don't want I don't make it sound like a double wide, but or you know, we finished at the basement apartment. Some of those costs are already baked in, They're already

built into your existing properties. So those are costs that it's overhead that you don't have to even consider when it comes to when it comes to an airbnb. I agree. I think that was a lot of the benefit that I see in doing an airstream. That's doing an airbnb more affordable, kind of upfront, right, totally more affordable, better return, and less less hassle, less to deal with. Well, we'll talk about that in a second. I think running it out at the day to day there's could be a

lot of hassle there. But the tax structure, right like if I buy a house, I'm gonna have to pay real say, I'm gonna have to pay taxes annually on that, I'm gonna have to have insurance, all that stuff, right like you just mentioned. With an airbnb, I don't really have to have any of that, And so it makes it a lot more appealing to just grab something put it in my backyard that's kind of going and used in a lot of ways, and it is a perfect space for it. Do that see how things go? You

think I could? Uh so we just built built a playhouse for the girls and in the backyard over Christmas, And would you think I'd be able to like it literally like an airstream or kind of a basement apartment. It gets you thinking and you're like, man, how much would somebody spend to sleep? It's the equivalent of I mean, it's nicer than like a camping shelter like on the a T if somebody want to just come to Atlanta sleeping there, sleeping back. It doesn't really have a door

that closes. It's got it's got a nice tin roof. You might be able to get like three bucks a night. Three that somebody would pay tis like ten or twenty. Get some electricity out there and maybe yeah I know, yes, people at least want to be able to charge their cell phone. Yeah, yeah, no electricity. I don't think anybody wants that for more than three bucks and zero cost there. I mean, obviously it cost us some money to build it.

But yeah, so are you concerned about like this sort of the day to day keeping up with it, cleaning? I'm not yeah, and I tell you, I'll tell you why. I think certainly there is there's a lot of like learning curve I think on the front end on that that will definitely happen. But just like take the sheets off and just shake them and just put them back.

I think we'll definitely have two sets of sheets, probably three, and just change them out every time, say, with towels and linens all that stuff, right, and but we'll keep it super basic. There will be two plates in a coffee pot and two mugs. That's all you need, you know. Yeah, there's gonna be two of everything, and it's gonna be super chill. There's not gonna be a whole lot involved. And I think it's gonna be quick wipe down of the counters, you know, quick sweep and get out of there.

This in fact good to go. Yeah, I think it'll take twenty to thirty minutes maybe and maybe a little bit longer in the beginning as we're kind of learning our system. But I'm not really worried about that. And I think if you create enough barrier in between the checkout and the check in, uh, and there's some time, you mean, like the first time checkouts, it eleven and and check in is until three pm or something three

or five. Give yourself a few hours. Yeah, So if I give myself that kind of leeway, then I think I think it's easy. Obviously haven't done it yet, but I've talked to other people that have, and I feel like I've gotten a good understanding. And most people say it's pretty chill. It's really not that hard. And and again, one of my favorite things about doing air Baby myself, going and running a place is meeting the people. And

I don't do that every time. You know, lots of times the person that runs the runs the joint isn't there. But I love that when I do get to meet them and hang out with them and get a little insider knowledge. And I really think I love the other side of it to getting to meet people that are visiting our town here what they're in town for. Yeah, and hey, wha, well have you thought about going into this place and creating a book of some of my favorite places for them to go see and stuff like that?

It sounds like a labor of love. To Jill's Guide to Atlanta, Yeah, it's gonna be a lot of greasy food. And I had a lot of like concert venues. Yeah, so I do think it would be easier with them both. I mean both of what we're considering are on site, like at our own, yes, own house, and so with you and your backyard with us potentially you know, down

in the basement, that seems really easy. But to have to maybe get in the car or hop on the bike and ride over to a different you know, a different house to where that set up, I I see that being way more of a hassle to actually leave

the home. I mean, you know too, if you had to just walk in the backyard like that's I think that's I mean, that's definitely a benefit to our specific situations, is that there's just it would be so easy to to just for us to run downstairs, change the sheets, clean up, Like if I wasn't home, kid could do you know, I work from home. So that's another reason for me that it's it would be great. It's just like, well, I'm already here. It's be really easy for me to

you know, just hop down there and do that. But even if I wasn't here, man, if you know, one of the girls, a couple of girls were taking a nap or something like that in the middle the day, Kate could run down there knock it out if I if I had a meeting, or if I was out of out of town or something. Yeah, I thought about that. For our my rental house, it's just around the corner. It's about half mile away. But I wasn't ready to kind of test it out on a full fledged rental

like that until I did. Like an experiment like this, I want to see how it works close up in my backyard and how I'm able to attend to it and see what how much of a pain in the ask factor does this add to my life? And once I do that, then I feel like I'll know, Okay, cool is it? Is it gonna be worth it for me? Will I make enough return on my money to make it worth it to turn my regular annual rental into

an airbnb as well? It's around the corner. If I can make a thousand dollars more a month, it's probably gonna be worth the hassle factor. But I mean, if you're willing to drive around the wrap car for right right, I still can't. Yeah, I still can't get past that. Well, I can't wait to report back and let you know how how honey Booboo's mom is doing on the side of my car. I do not want to see your vehicle. It's gonna be awesome with her face on it, so

so can we. We talked about the like the upside, right, the positives, pot positives? What are you concerned about? Have you thought through like potential downsides? Sure, yes, totally. You're worried about the whole murder thing. Uh, somebody getting killed? You know that didn't come on my list of potential downsides on my pros and cons. I could totally see a body in an airstream like way before I could see a body in a basement apartment. Really well, I

think they're both ripe. Once I said it out loud, I was like, oh, yeah, pretty, that's totally worthy. You've got dirt floors right now, dude, They're going to find a way polished concrete floors. It's gonna be awesome. It's gonna be nice, all right. Yes, So, I think the potential downsides one the first one, or that hassle factor, which is why I haven't looked into doing my regular

rental as an Airbnb. And I think the hasshole factor of and I think you have to choose, like I I on AIRBB you can set up whether you want to allow a minimum stay and stay. Yeah, and so I'm thinking, I don't know, probably two night minimum stay because I don't I don't want it to do every day every day, right. But that's one of the biggest

factors to me, was the in communist factor. But I think if we get it down to science and you know, my wife works a little bit but works from home, and so if we can kind of transfer those duties and you know, hey, can you cover this this day and can you cover this that day? I think we I think we'll be fine. It's just downside coming up

with the system. But that's a downside for Shure. It's definitely not I mean I kind of mentioned it as a positive like a second ago, but how it's sort of this automated source of income, right, But it's not truly passive income. It's not like an investment that's earning dividends, uh something like that. Well that's what they're gonna be honest. It still involves work. That's one of my pet peeves

is anybody calling something passive income. There's only a certain amount of passivity that you can actually expect from a rental home or an airbnb. And and it's not to call it passive income. It feels like a massive overstatement because there's a lot of work involved in buying and actually keeping up with your runtal home and your tenants and making sure you run one that that is good

in a place where people want to live. And so, yeah, passive income is is a phrase I like to avoid usually, and yet running an airbnb would definitely not be considered passive income in my book. But it's a different way of income. I think you can. The way I think of it is making a lot more than you could with your time doing this than you could doing a

lot of other things. So if I spend you know, let let's say thirty minutes a day, four days a week running this airbnb, and so that's you know, two hours a week I'm putting into that, but I can make a thousand dollars a month from it. That's a really good return on my time investment. So that's what I the way I look at it, not as this thing it's going to run itself necessarily, although there's a lot of mechanisms you can put in that will help

it run itself in a lot of ways exactly. And so yeah, yeah, to counter that, you could just set up a cleaning service, you know, where they know the system them you just send them a text or something like that, and you can set up the I don't know what it's called, I forget, but like the instant book basically, like you don't have to approve and click through with messages and stuff like that. You just I I assume you set a filter that you're willing to

accept people above a certain rating. And then also a lot of that can be automated, and you just set up the rules and instructions on how to get in with the keypadd and all that all that action, and I kind of saw some of those problems. But yeah, but yeah, so you're talking about only putting in thirty minutes, right, and so it seems like a no brainer. Another downside though, is that it still takes some upfront costs totally right. It's not like all of a sudden you can just

start doing this. Although if you I mean if you have a room, so if you know, if you already have a room in your house, like we're both talking about dropping some money to basically set us up for

this additional revenue revenue stream. But if you've already I mean, if you've already have a room in your house that's just not being used and it's just got your golf clubs or just whatever other junk sitting around in it, Dude, you could do it in one saturday with yes, like I mean literally just having all you can do it all in one weekend because you could set up a yard sale, sell your extra crap, use some of that money to spruce up the room, maybe a new coat

of pain, get some new linen's, some new towels. It is kind of a no brainer if you're up for for for up for house guests, yeah exactly. Yeah. A downside though, two house guests are privacy. Sure, you're gonna have some privacy issues. Then if you you know, you've got somebody staying in your house potentially, so that's the lowest cost of entry is the room extra room inside your house. But then that's also gonna be the most problematic when it comes to you know, having house guests,

You're not gonna have nearly as much privacy. And for for us, for like with a young family. That's going to be kind of I don't think we would be well reviewed on the Airbnb if we were renting out a room inside our house. Yeah, and I'm definitely not um I'm I wouldn't do that either. That's just not that's not where I'm at, But I was not where

we are. I think there's a lot of people. Or for instance, back when I was single, before I got married, I would have been you know, and I initially bought a two bedroom house and I've run it out one of the rooms to a friend. I would have been totally okay airbi and being that for the time, but at the point in my life that I'm at now,

I wouldn't do it. So we actually have a back addition to our house that connects to where we live, and it would make a great Airbnb, but I'm just not willing to do it because it literally attaches to our house. We hear them, they hear us. We wanted someone that was going to be the same person and the same persons lived there for three years now, and I mean you you knew her before, well, we wanted

to be able to know that person. She's she's a friend. Yeah, because it's that closer quarters and I just wouldn't be comfortable doing an airbnb with that. So you definitely have to figure out how close am I going to be to these people and how comfortable do I feel? And that's definitely a judgment all for you. Don't just look at the dollar signs thinking about the ways it's going to impact your life. But you can also do a test you can test out. Yeah, that's what's so cool

about that. Well, especially with the room. With a room, this is your almost you know, very little costs up front. You can just try it out. Yeah. So but like obviously with airstream or the basement department, we're gonna have to do a little more digging. We're gonna have to make sure the numbers are going to work out. Literal digging on on on my end, literal literal digging on your end, as basically a labor in your own home. Yeah,

I tell you. I I texted my my contractor friend James, so I told him, I was like, hey, man, I've got like two square feet worth the dirt. If I need to dig down about two feet with one person doing the work, how much you know, how how long do you think it would take. And he got back when it's like whoa. It's like, first of all, how far do you need to move the dirt? I was like maybe, he's like you can be using a wheelbarrow. Like, yes, he's like three weeks of hard labor. I was like,

oh my, that sounds sounds pretty brutal. At the same time, it kind of sounds awesome because it's like, I'm in, I'm gonna be a stud by the time. By the time I get done with that, I can have some strong shoulders and a strong back to workout routine right there, free same time, free workout routine. The appeal of that kind of actually sounds I over overly romanticize it, I think in my mind, but I think it sounds pretty cool. Well, once you're a weekend I'll be interested to hear how

you're romanticized. Might have a different, different tune at that point. Yeah, are you decided at this point, have you guys decided that, like we're definitely gonna do this, it's just a matter of finding the right deal, or are you guys still kind of on the fence. I'd say we're we're committed, So yeah, we're not act, So actually I didn't realize you guys were that committed. I like it. On our last episode we talked about budgeting and I talked about how are which By the way, I hope that's not

too dry for people, the budgets. The budgeting episode, no idea. They loved it. They ate it up. You know that. I'm just saying it can be a dryer subject. And I remember when we got when I got when we got finished that one up, I was thinking about. I was like, man, why did we choose budgets were so important? And I talked about how our goal was to pay off debt and that was and we don't have a lot of it, very little in fact, but it was like, let's just go hard at it and we'll be done

with it in in the first six months. And then I get this hair brained idea to buy a freaking air stream and things change because the payoff the debt planning overnight. But as you know, if you're buying real estate, really the best way to do it, if you want to maximize your returns, maximize your efforts, is to take on debt, take on smart debt. And I feel like I've always taken on smart debt had to put down every time, and so this again would be like, Okay, do we

take on a smart amount of debt? We basically yeah, instead of take taking it because I've got about ten grain in cash, do I take ten grain more on the home ecod a loan and put it towards it and then say, sionar to paying it off in the next six months or or do we really stick to that plan? And you know me, I can't. I can't pass up a deal. So I feel like it's gonna come down on airstream and it comes down to the numbers though, I mean, you know the terms year of

your home equally alone. I guess I don't know. I don't. We hadn't gone into details about that. Yeah. No, it's they're super chill, and so I feel like it's worth it to take out a little bit more. You're a little risk on this, a little uh you like the little lift on the edge a little more. But dude, I'm pretty risk averse man. Like I said, all my all my real estate deals have been done with down and never paid p M. I never you know, I I don't like debt at all, and I wouldn't encourage

people to take on debt for many things. But I think if you have a plan to pay it off quickly, for for instance, it would turn from a six month plan probably take a year and a half plan. We're just basically throw all the proceeds from this Airbnb air stream back at that debt paid off quickly, and then boom after that we have this amazing source of cash flow every month and we don't have any debt on it. Yeah.

What if another real estate deal comes along and in twelve months twelve months from now, Yeah, but the pounce on that one maybe, I don't know. That's the thing. It's harder for days, it's hard to predict. But I will say this, I don't think that the numbers on any sort of real estate deal are better than the numbers on an air stream in my backyard. Like they just can't be right, Like the return on your money is just so good. Yeah, the r O I for

sure as far as its as a as a revenue stream. However, to me, that's one of the downsides of setting up an AIRMBB instead of doing a separate and actual property natural investment property is that you're not going to see the growth, right, Like, I think what's important is to see it as an income stream and not really an investment, because it's not really it's not going to go up

in value. It's going to immediately provide income, which is awesome, and it's a it's an income stream, for sure, but as opposed to a property that uh that you know you've purchased recently in a kind of up and coming part of town. Man, you're gonna see that thing continue to climb over the years as far as a start as the value. You're gonna see your rents go up. Obviously, you know your taxes are going to go up a

little bit too. But but there's more than one way to make money when you've got to invest in investment property, right, You've got you've got the income stream, but then you've got the increasing value of the home. And so it's me at least that's one of the downsides to consider with an air stream or with the basement apartment. You're putting your money in a non appreciating asset, absolutely, and

I totally understand that. But I will also say this that we're we're located right here in the heart of Atlanta, we have an idea and and some thoughts behind what neighborhoods are are going and have a positive trajectory, are

going in a in a positive direction. But for the most part for people buying rental properties, and neither you or I is buying speculatively for sure, but we have ideas of neighborhoods that we think you're gonna do better over the long term and outpaced the market at growth wise, And so that is something that goes into our minds when buying an investment property, but that is not what should cross most people's minds in most areas over most periods of time. You really want to look purely at

the cash flow. That should be ninety of your reason for buying something. And if you think that, I think it's an added bonus. Usually if the neighborhood appreciates faster than others, or or if it's you know, more up and coming and you make a good purchase by doing that, that's great, that's like that's icing on the cake. But that's not necessarily what you want to make your decision

on either. And so I think that's why I think that there may be if you're looking at it purely from those numbers, sins, which is for the most part, what you should be looking at when you're looking at real estate. Although I care about the neighborhood, I not buying in a lot more than than just the numbers. And you do too. But when you crunch the numbers on on the Airbnb, the numbers are better than any real estate deal that that I've been able to crunch.

The number three. Yeah, the the Yeah, the actual revenue stream in the r O. I yeah, you're gonna You're gonna win over a traditional investment property. It's just a balance though, you know, like you want to consider. I mean, I definitely when I crunch my numbers, I definitely take into account of the potential potential growth in equity. So yeah, alright, Matt. So where are you guys at on this possible rental airbb rental? Are you you gonna start digging tomorrow? No,

I'll come videotape it. We're still considering it. We're still talking about it. Well, you know, we spent some when we spend time on the road driving, these are the things we talk about. Now. We're I mean, I don't think we're anywhere near like you said, if you're if you guys are, we're at this point, we'll see yeah, man, well we'll keep we'll keep everyone up to speed on what's going on. Yeah, it's it's fun to kind of

build something. Yeah, and so this is kind of getting an air stream or or actually literally building out an apartment. It's it's building something. So it's fun. It's exactly. Uh, we're gonna keep you guys posting and let y'all know. Yeah,

it's really fun to think about. Even if I don't end up doing some of these things that I that I think about and sound like fun, I just enjoy thinking about them anyway and thinking about the possibilities, just like you know, the possibility putting Hondy Boobo's mom on the side of my car. It's exciting. Oh man, it makes me happy. Does not make me happy thinking for forty books a week. Man, to look at that mug every time I get in my car. All right, what

do you think about this? Uh? This beer? Alright, Rodent Bock Alexander. It's it's really really good. Yeah, it's it's gorgeous in the glass. I've had a few different roading box in my day, and this is my favorite one of there's there's are They always have a similar kind of taste, and they're always usually really okay and have kind of a nice little fruitiness today really okay, the fruit, And for me, it's the acidity I feel like, not all well in general, I think that's what I'm drawn

to about the Flanders red dialog. It's the the roden Bock beers always have a nice littleweetness to them too, and this one has that same thing. And I think it's the cherry is too that really come out and give it a little bit of that nice maybe a little more than some of it like their Grand Crew or even the Yea, but like the natural sweetness, like that natural cherry sweetness. You know, they make their regular like the original running back now and like four like

packs of four packs or six packs. Oh yeah, yeah, I've seen that because you used to be where you cann't you'd only you can only get that in a you know, like a huge bottle later bottle. Like it's kind of nice to be able to crack open it just a can of that if you just want to try it for yourself. So I know, I'm all about the smaller versions of packaging, so yes, make it last longer instead of I mean, we're drinking the big bottle

here because we're together. But Kate doesn't always want to drink one of these nice beers with me, and I can't afford to crack one of these open every every other night, right right. Yeah, that's why I like the four packs and six packs usually, but it's nice every once in a while to be able to crack one of these nicer, bigger, bigger bottles. Um, it's like wrapped. Speaking of wrap, this bottle is wrapped. Yeah it is. Oh,

I totally put that wrap on my car. Yeah, ruding back Alexander, I'd wrap that looks like why is that Alexander looks like Alexander Hamilton or something like that. But it's from Belgium, My doubt it. Oh yeah, that'd be kind of inside Belgium. Yeah. But if you're into fruited sour beers, which literally, if I had to say what my favorite beer style was, that would probably beget sours. I'd say, I'd say this is definitely one that you

should consider. Absolutely. Yeah, it's really nice and it's kind of a lighter sometimes. I like the ones that didn't make your mouth pucker just a little bit more than this. But um, but if you're if you're looking for kind of an entry level one into this genre too, it's perfect for that. This is the perfect entry level fruited sour beer, so Rod and Bock, Alexander, it's really nice. We'll have a picture for you up on the website and uh and a little review on our show notes,

and you should give it a shot. Yeah, absolutely, So let's recap alright, buying an airbnb, there's positives you can make money from it. And if you have a spare room in your house, it's actually pretty simple to clean it up, paint it up and get it listed and maybe make a little bit of money. Yeah. Great, easy way just to try, like kind of test out the waters.

If you if you've got a room, if you're thinking about, you know, adding onto your house or finishing out a basement, or or purchasing an airstream, be careful, you know what you're doing. You don't want to go over the top on something that you're not even sure if you're cut out for, just from a work standpoint, from a privacy standpoint, and obviously make sure you've you've got the money or

or or some smart financing lined up to consider as well. Yeah, crunch the numbers, know your own limitations, make sure that you're ready to take on the challenge and know that you're going to be making money quickly on it because you don't wanna. You don't want to post it and not be making any money and be a waste of your time. Absolutely, So, there's positives and negatives, and Matt and I will continue to report back on where we're at in our Airbnb potentials. Yeah, we'll let you guys know,

but for now, thanks for listening. Yeah, check out our website how to money dot com. We'll have shown ups up for this episode. And if you like what you hear, let us know, review and subscribe on iTunes or wherever you get your podcasts. Until next time, Buddy, best friends as friends out