Podcast Summary
Monetizing underutilized assets with Airbnb: Explore side hustles like hosting on Airbnb to offset costs and make financial gains. Real estate opportunities abound in shifting trends of living costs and urban vs rural areas.
Monetizing underutilized assets, such as hosting a space on Airbnb, can be an effective and easy side hustle. The speaker, who is a podcast host and writer, shares how she uses Airbnb to offset the costs of leaving her home empty while she writes in remote cabins. She emphasizes that Airbnb makes hosting simple and accessible, making it an attractive option for those new to side hustles. Additionally, the real estate industry has seen significant changes in 2020 and 2021, with shifting trends in living costs and desirability of urban versus rural areas. These changes present opportunities for individuals to make financial gains through real estate, whether it be buying, selling, or renting. Overall, the speaker encourages listeners to explore these opportunities and make the most of their assets.
Staying Organized During Apartment Hunting: Keep necessary paperwork accessible, bring checks for deposit, consider less desirable units, prioritize needs, and be patient and persistent.
Being organized is crucial when apartment hunting, especially during these uncertain times. Here are five key things to keep in mind: First, make sure all necessary paperwork is organized and easily accessible. This includes proof of employment, freelance work, and bank statements. Having these documents ready can give you an edge over other applicants. Second, bring checks to pay the security deposit instead of cash. A check provides a record of payment, which can be helpful if you lose the receipt from the landlord. Third, don't overlook less desirable units. While it's natural to want the best, competition can be fierce, and being open to other options may increase your chances of securing a place. Fourth, consider your budget and prioritize your needs. It's essential to determine what's most important to you in a living space and focus on finding a place that fits within your budget. Lastly, be patient and persistent. Apartment hunting can be a stressful and time-consuming process, but staying organized, focused, and determined can help make it a successful one.
Consider older buildings and new developments for potential deals: Explore older buildings for potential discounts and new developments for empty units, but always inspect conditions before signing a lease.
When looking for an apartment, consider both older buildings with potential deals on lower floors or in the back, as well as newer developments or high-rise buildings during their grand opening. Newer buildings may offer empty units at lower prices to quickly fill the building and boost their profile. However, it's crucial to thoroughly inspect all rentals, ensuring that fixtures, tiling, heating and cooling systems, and other essentials are in good condition before signing a lease. Small details, like water pressure and electrical outlets, can significantly impact your living experience. Don't hesitate to negotiate repairs or upgrades with your landlord before moving in. Overall, a combination of careful research and attention to detail can lead to finding a great apartment deal while ensuring a comfortable living situation.
Negotiating with your landlord for a better deal: Ask for a lower base rent or longer lease term to save on monthly rent. Landlords often prefer longer tenancies and may cover renovation or utility costs to secure a deal.
Negotiating with your landlord can lead to significant savings on your monthly rent. Instead of signing a lease with the sticker price, ask for a lower base price or additional months in the lease. Landlords often prefer tenants to stay for longer periods, so they may be willing to compromise and even cover some renovation or utility costs. Remember, the answer is always no if you don't ask. By framing your requests in the right way, you can ultimately get a better deal on your apartment. Additionally, a longer lease saves landlords time and resources in finding and preparing a new tenant, making it a win-win situation for both parties. So, don't be afraid to negotiate and get into the landlord's head to secure a better deal.
Expand your apartment search and negotiate for a lower price: When looking for an apartment, don't limit yourself to your initial budget and try negotiating for a lower rent
When searching for an apartment to rent, don't limit yourself to what you initially think you can afford. Instead, cast a wide net and negotiate the price down if it's outside your budget. Remember, you can always ask for a lower rent, especially after listening to Money Rehab, where you've learned effective negotiation strategies. Money Rehab is a podcast produced by iHeartMedia, and it's your go-to resource for personal finance advice. Hosted by Nicole Lappin, it's brought to you by producers Morgan Lavoie and Catherine Law, and edited and engineered by Brandon Dickert with help from Josh Fisher. The podcast is executive produced by Mangesh Hadikadur and Will Pearson, with Michelle Lambs leading its preproduction and development. And most importantly, thank you for tuning in to Money Rehab and taking the crucial step towards improving your financial situation.
