EP191: Down Payments for Airbnb Hosts
Summary
This article discusses Loftium, a company that helps prospective homebuyers with down payments in exchange for hosting a spare bedroom on Airbnb for 12-36 months. It highlights the challenges of affording a down payment and how hosts can potentially use their spare rooms to generate income. Hosts can explore Loftium's model to potentially boost their own income, especially if they are looking to purchase a property.
Key Insights
- •Loftium provides prospective home buyers with up to $50K for a down payment in exchange for listing an extra bedroom on Airbnb for 12-36 months.
- •The average price of a home in Seattle is $700K and a 5% down payment equates to $35K.
Action Items
- ✓If you are interested in purchasing a property, consider researching programs like Loftium to understand how to leverage your spare bedroom to fund down payments or other property expenses.Effort: lowImpact: medium
Tools & Resources
- →Loftium: Loftium - a service that provides prospective home buyers with up to $50K for a down payment.(loftium.com)
Common Mistakes
- ⚠Not understanding the terms of the contract with Loftium could result in penalties, like paying back the pro-rata amount of time remaining, plus a termination fee, if a customer breaks the contract.
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