Want to get rich quick? Many claim that they have the formula for creating a passive income using Airbnb properties… Recently, we attended an event in Brisbane where the couple presenting claimed that they had the winning formula….
Their approach is a method that we use;
- Renting a property under a lease*
- Subletting via Airbnb, Booking.com + HomeAway
* With the owner’s permission + stated on the lease However, the claim of working 1.5hrs per day & not doing any hard work…is a joke. This business is ALL hard work + never stops…24/7. After flashing up (quickly) the income that they supposedly earnt, I quickly checked their maths & it was either overstated, or complete bogus. It is the same sales pitch that is synonymous across these Invest in Real Estate seminars… They hype you up with some go, go music & then proceed to ask questions like; “Do you want to make money, while you travel the world….?” Audience cries…YES! “Do you want to only work maximum 1.5 hours per day & enjoy life?” Audience cries…YES! After you have answered YES to enough of these ideological questions…then the sale pitch kicks in & of course you say…..??
Finally, this couple showed videos of their students who were singing their praises. 1 of these students, was the presenters brother & the other 2 people were reading an off-screen card verbatim. It’s amazing that people actually believe this, but unfortunately, they do, while waiting outside the room, are people to sign you up to their $5,000 course (with finance if you don’t have any upfront monies).
Again, this method is something that SleepOver Brisbane uses with Airbnb properties, however to set some facts straight… Using a 1-bedroom apartment example;
- The setup was approx. $5,000 – Furniture, new paint, new aircon, professional photos, rugs, microwave….the list goes on.
- Then you pay the 4 weeks bond + 2 weeks rent = $2,100
- In all the setup totals approximately $8,000
So… going back to our friends, you are at $13,000 with their winning formula, before the first guest arrive & the real hard work begins. Visiting one of our clients yesterday, he remarked “we absolutely love Airbnb…the income is 2-3 times what we were getting on a long-term lease & we don’t do anything (you do)” After now attending many of these so-called winning formula seminars over the years…the answer is simple. Give it to a professional to do .