Podcast Summary
Exploring side hustles: Renting out your space on Airbnb: Airbnb hosting is an accessible side hustle with low startup costs, providing extra income for those new to side hustles. Sharing living spaces or upgrading with a partner are alternative solutions to affordability challenges in expensive cities.
Monetizing what you already have can be an effective and easy side hustle, such as becoming an Airbnb host. This was shared by a podcast host who enjoys writing but finds it hard to do so at home, leading her to rent out her space on Airbnb when she's away. She emphasized that this is a great option for those new to side hustles as it doesn't require significant startup costs. Additionally, the discussion touched on the topic of moving out and upgrading to one's own place, highlighting the challenges of affordability in expensive cities like New York. The speakers suggested alternative solutions like living with a partner or continuing to share living spaces to save on costs. Overall, the conversation emphasized the importance of making the most of what you have and exploring creative ways to earn income and improve your living situation.
Finding a stable living situation is crucial for personal growth and relationships: Despite increased prices, a stable living situation is essential for personal growth and relationships. Financial planning and adaptability are key to navigating the housing market.
Having a stable living situation is important for building serious relationships and advancing personally. The speaker shares his experience of trying to find a solo apartment in the city with a larger budget than before, but discovering that prices have significantly increased. He laments the challenges of living with roommates, including long showers and limited privacy, and expresses a desire for a more independent lifestyle. Despite his success, he recognizes that the current rental market favors property owners over renters, making it difficult to find an affordable, desirable living space. The speaker's frustration highlights the importance of financial planning and adaptability in navigating the housing market and achieving personal goals.
Balancing Enthusiasm and Practicality in Renting an Apartment: When renting an apartment in a desirable area, be aware of the competition and high prices while maintaining enthusiasm to secure the best deal.
The high cost of living in desirable neighborhoods in cities like New York can lead people to consider less expensive options, even if they mean sacrificing some amenities or conveniences. The speaker in this conversation, Mike, had been looking for an apartment and was surprised by the high prices, especially for smaller units. He found a place he liked but wrote an eager email expressing his interest, only to later tone it down and make it more aloof. The email, which was to be sent to a woman named Katrina, expressed his readiness to move quickly but also acknowledged the competition and the previous rental price of the unit. Mike's experience highlights the importance of balancing enthusiasm with practicality when making big financial decisions like renting an apartment.
Prepare for apartment negotiations with research and budget understanding: Thoroughly prepare for apartment negotiations by researching and understanding your budget, focusing on price and lease term, and being ready to apply before discussing price.
During apartment negotiations, it's essential to come prepared with research and a clear understanding of your budget. Negotiations involve give and take, and bringing up insignificant issues, like application fees, may not yield results. Instead, focus on the price and lease term. Corporate apartment complexes may have strict rules, so be prepared to put in an application before negotiating. The landlord needs to verify your qualifications before engaging in price negotiations. Overall, a successful apartment negotiation requires thorough preparation, clear communication, and a willingness to put in an application before discussing price.
Maximizing Income and Saving Costs: Airbnb hosting can generate income from underutilized spaces, while LinkedIn Jobs offers access to a large talent pool for cost-effective hiring.
As a landlord, it's important to ensure potential renters have financial stability, and hosting on Airbnb can be a profitable side hustle for monetizing what you already own. For individuals looking to hire, LinkedIn Jobs offers access to a large pool of qualified candidates, even those not actively seeking new employment. The platform has over a billion professionals, with 86% of small businesses finding a qualified candidate within 20 hours. However, negotiation may be necessary when renting an apartment, as prices can change quickly. Airbnb hosting and LinkedIn Jobs are valuable opportunities for generating income and reducing expenses, respectively.
Unpredictable apartment pricing in high-demand areas: Be prepared for unexpected price increases in high-demand areas and negotiate persistently with landlords or building managers.
The pricing of apartments in some buildings, particularly in high-demand areas like Long Island City in Queens, New York, can be unpredictable and subject to frequent increases. In the case discussed, the price of an apartment increased from $36,000 to $38,100 between the time the applicant saw it and when the application was approved. The reason for this increase was unclear, and the leasing office was unable to provide a satisfactory explanation. Additionally, the price seemed to vary depending on the move-in date. The applicant was unable to negotiate a lower price or have the amenity fees waived, and ultimately decided to look for another apartment. The experience highlights the importance of being prepared for unexpected price increases and being persistent in negotiations with landlords or building managers.
Navigating Freelance Income and Housing: Freelancers and small business owners need proper financial planning and organization to prove income for housing applications and set up business entities. A CPA or accountant can help simplify this process.
Navigating freelance income and securing housing can be a complex process, especially for those who are new to self-employment. The speaker in this conversation found himself in a situation where he needed to provide extensive documentation to prove his income for an apartment application, despite having a tax preparer. This experience highlighted the importance of having a CPA or accountant, especially for freelancers and small business owners. The speaker also mentioned the need to set up an LLC and other business entities, which can be time-consuming and costly. This conversation underscores the importance of proper financial planning and organization, particularly for those who are self-employed or freelancing. It's crucial to anticipate these needs and take care of them promptly to avoid unnecessary stress and delays.
Secure financial and legal services for apartment renting: Renting an apartment? Secure a CPA and set up your business structure early to avoid complications and stress
Procrastination when it comes to financial and legal matters can lead to unnecessary stress and potential future issues. As discussed, if you're considering renting an apartment, it's important to secure the services of a Certified Public Accountant (CPA) and set up your business structure, such as an LLC or S Corp, well in advance. By doing so, you can avoid potential complications and save yourself from added stress and potential financial trouble. Furthermore, having a wake-up call, like the one experienced by our guest, can serve as a motivator to take action and get your affairs in order. In essence, taking care of these matters promptly can give you peace of mind and help you move forward with confidence.
