Francesco Sgroi via Compfight
I love traveling. Your mind is opened to new ways of thinking, you eat and drink the world’s best foods, you meet amazing people and see incredible things. The only bad part about it is that after a while (differs for each person), you start to miss home.
The home, and by this I mean the solid building within which you rest your beautiful head at night, is a delight and a hiccup. It’s something warm and refreshing when returned to, but a financial burden when left from.
If you’ve got a mortgage or are paying rent, you can’t up-sticks forever unless you have pockets as deep as the Mariana Trench. Holidays have to be kept as holidays. Very rarely can you go into a ‘mini-retirement’ or take a gap year abroad. Or at least, that used to be the case…
Technology has finally made the most immobile of objects, the most fixed of assets and the most cumbersome of structures – the home – completely mobile. And no, it hasn’t just whacked wheels underneath…
Easily Sublet Your Room and Get a Free Holiday
Airbnb allows you to sublet your house/room instantly, and with ease. By doing this, you allow someone else to stay in your house whilst you are away. They pay you a premium rate (higher than your rent), and this offsets any financial burden incurred by rent or the mortgage.
- It works because you can choose which dates you want to rent your house out for. And with protection insurance you can sleep easy.
I used Airbnb, amongst others, to sublet my room out three times during the summer. The income was significantly more than my rent, and contributed hugely to my holiday expenditure. Through this, I was able to travel in Malaysia, Italy and Spain, whereas without it I may have only been able to afford one or two of the three.
Case Study: Rent Out the Spare Room and Earn a Passive Income
Samantha Higs is a friend and medical student at UCL. Her course is very expensive but to pay for it she has done something ingenious. She found a two bedroom flat for rent, with a living room and other usual things. She turned the living room into a third bedroom, and sublets all three at a premium rate to long-term holiday-makers. People from New York and all over the world come and stay at her house for a minimum 4 weeks.
She makes a profit of 300% on her rent, and uses the money to pay for her degree. And here’s the part I love the most: It’s 100% automated. She has someone take the bookings online (Airbnb being one source), let the guests in, deal with any issues, and clean the house. Whoever said you need to buy a house to rent it out?
Want to learn more case studies?
Sign up to my newsletter and you’ll not only get more passive income case studies, you’ll also receive my best insights into productivity and communication strategies.
About Communication Is The Key
Communication Is The Key is the personal blog of me, Tom Church. Primarily, it’s about learning how to communicate effectively to gain success in life, business and leadership. However, through articles such as this one, I recognise that communication in itself is not enough to secure victory. Sometimes, discussing productivity or passive income strategies can help as well. Let me know what you think in the comments.