Are you one of those people whose friends always come to with questions? Do you secretly enjoy providing the answers and helping people out? Whether you’re an expert at something or just a friendly person who loves to help others find solutions, you can put your skills to work and make money answering questions online. […]
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Have you thought about becoming an Airbnb host in D.C.?
In a city that’s so expensive, home sharing can be a great way to supplement your income. Thousands of Airbnb hosts list places in the District, according to data from the home sharing platform.
“Part of what makes Airbnb so successful for me is the city,” says Snyta Keeling, a 43-year-old Airbnb Superhost. “D.C. is great for home sharing because there’s something going on at every time of year.”
Between the cherry blossoms in the spring, the Fourth of July in the summer and the elections in the fall — which draw businesspeople, students, lobbyists, sports fans and activists — there’s certainly a demand for space.
The first step to becoming an Airbnb host is to list your place. The process itself is simple, but you’ll want to exercise tact, so your space stands out from others.
We’ll walk you through the process, plus share some pro tips from Keeling, a federal government employee and attorney who hosts guests in her three-bedroom townhome in Southeast D.C. She quickly rose to Superhost status when she started hosting back in 2015.
In this first part of setting up your listing, you’ll answer some basic questions about your space, which could be anything from an apartment, an extra bedroom or house to a campsite, yurt or RV, depending on your local laws.
Basic questions in this section include the number of guests your space can accommodate and the included amenities.
If you don’t have an entire place, list your spare room. That’s what Keeling, a D.C. Superhost, does. At first she was worried guests would be uninterested, but she’s found they love the hospitality.
Keeling compared Airbnb listings to dating profiles — and she’s so right. If you come across someone who’s posted a bathroom selfie with the flash on, you’ll probably move along — even if they do rescue puppies and own a private jet.
The same idea goes for Airbnb; photos are everything.
The platform offers some basic photo tips, which include utilizing natural light, avoiding flash and shooting in landscape mode from the corners of rooms, so you add perspective.
In addition to internal photos, Keeling emphasizes the importance of external photos as well. “It’s important to do external photos, so you guide a person through how they’ll approach the home and what the surrounding community looks like,” she says. “If you live close to a metro stop, you’ll want to have a picture of that, for example.”
Think about what makes your space and your location appealing, and illustrate those elements through photos. In addition to metro stops, you might also include photos of the nearby neighborhood, any tourist attractions (ahem, the National Mall), or even a photo of the closest grocery or convenience store.
Once you hook people with your photos, continue to lead them through your listing with the description.
Here, you’ll be able to highlight what makes your space unique. If you’re not sure where to start, take a look at other Airbnb listings in your area to see what other hosts highlight.
Keeling has a few tips you can follow when crafting your description:
After you host several guests, you’ll get to know your audience, so you can lean into that. For example, Keeling quickly realized she’s not attracting club-goers and partiers; she gets guests who are looking to get away from the bustle of the city and value their sleep.
This might seem like a small task, but naming your listing is just as important as nailing your photos. Airbnb urges hosts to create a title that highlights what’s unique about the space.
For Keeling, one of the most appealing aspects of her listing is the free parking — a rarity in D.C. Her space is also green; it’s decked out with solar panels, rain barrels, vegetable gardens and composts. This is a unique draw, so she emphasizes it in her listing title. It also attracts like-minded guests, which is important when you’re sharing your space.
Airbnb has a set list of rules you can opt into if you’d like them included in your listing. A few of these include: suitable for pets, smoking allowed, and events or parties allowed. You also have the option to write in additional rules.
“Don’t go crazy with the rules, but come up with some core rules that are important for you,” Keeling says.
Keeling, for example, maintains a shoeless house. That’s partially cultural, but it also just makes the space easier to clean. She also emphasizes no smoking of any kind, and no eating in the bedrooms.
Taking time to set up your calendar is important, because if you cancel on your guests, Airbnb will charge you a penalty fee.
A few questions you’ll answer include:
When starting out, Keeling suggests limiting guests’ length of stay to a couple of nights. That way you can get guests in and out and start racking up reviews, which will build your ratings.
Keeling allows for at least one day between bookings, so she can have time to reset the spaces, and she doesn’t let guests book more than three months in advance, in case something comes up.
You’ll be able to adjust these settings as you go, so you can find out what works best for you.
Airbnb has a Smart Pricing tool, which you can opt into to automatically adjust the price of your listing according to demand. For example, when the demand during the Cherry Blossom Festival or Fourth of July spikes, Airbnb will likely increase the price of your listing automatically.
You can set price minimums and maximums, so your listing won’t dip below a certain amount or spike to something unrealistic. Although Airbnb will suggest these amounts when you’re signing up, Keeling urges new hosts to do their own research.
Here are a few tips to help you determine these numbers:
When you’re starting out, you’ll want to price your place lower, so you can get guests in, accumulate reviews and work your way to that Superhost status, which will help increase bookings in the long run.
You’re almost done setting up your listing! Now Airbnb will remind you to familiarize yourself with your local laws.
In December 2018, the D.C. Council passed a set of regulations that would limit some kinds of short term rentals. Check with the District if you have questions about current laws or when (and if) the pending regulations will come into force.
In addition to hosting laws, you’ll also want to check with your homeowners association or landlord to make sure short-term rentals are permitted.
Also note that short-term rentals could invalidate some homeowner’s insurance, so check these policies with your provider.
Airbnb also includes liability insurance for up to $1 million, but Keeling reminds us that this is not a substitute, so she suggests setting aside some money for damages. You can also set up a deposit with your listing and make claims, though Airbnb will only reimburse you for the repair value — not replacement. This has worked for Keeling multiple times.
As you start booking guests, you’ll also want to keep tabs on expenses and revenue for tax purposes.
When starting out, Keeling suggests limiting guests’ length of stay to a couple of nights. That way you can get guests in and out and start racking up reviews, which will build your ratings.
She also reminds hosts to take advantage of tax deductions. Because she has guests staying in her space, she can deduct many charges as business expenses, including utilities, furniture, home improvement, even electronics — basically anything guests will also benefit from or use.
How are you feeling? Like we said, listing your place on Airbnb is simple — but it does require some creativity and strategy. The good news is you can adjust or change your information and settings at any time, so you’re not locked into anything permanently.
Keeling’s favorite part about hosting has been the connections she’s made. She recently traveled to New York City to watch one of her former guests graduate.
Oh, and the extra income is nice, too. “When you feel depressed about getting out of debt or getting into a house, building a life, home-sharing could be your gateway to all of that,” she says.
One final word of advice? Keeling makes an effort to stay at places on Airbnb when she’s traveling. She likes taking in the guest’s perspective and finding ways she can improve her space.
Carson Kohler (carson@thepennyhoarder.com) is a staff writer at The Penny Hoarder.
This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.
RoadLoans.com is an online lending platform that offers auto loans for new or used cars as well as auto loan refinancing. While the company doesn’t offer any loans itself, Roadloans.com works with third-party lenders that offer car loans at more than 14,000 auto dealerships nationwide.
If you’re ready to shop for a new or used car but want to get your financing lined up before you do, RoadLoans.com may be what you’re looking for. Keep reading to learn how it works, what kind of loan terms you’ll get, and who RoadLoans.com is best for.
RoadLoans.com may not offer any loans on its own, but it does serve a helpful purpose for consumers. You can use one website to shop around and compare auto loans from more than one lender, and they even offer a tool that helps you find auto dealerships they work with in your area.
There are a few minor restrictions that limit who can use this platform, however, and the type of car you can finance with a RoadLoans.com auto loan. For starters, you have to be 18 or older to apply, and you have to be willing to borrow between $5,000 and $75,000 in most states. The vehicle you plan to purchase must have a clean and clear title as well.
For used car loans through RoadLoans.com, vehicles must be 9 years old or newer and have less than 120,000 miles on them. For auto loan refinancing, your car must be 7 years old or newer and have fewer than 105,000 miles.
While RoadLoans.com seems to offer loan options that are fairly cut and dry, it’s important to note that RoadLoans.com won’t be your lender in the end. This platform connects consumers with auto loans from a variety of lenders while helping push them toward dealerships in the same network.
For that reason, you’ll want to be careful to read all the fine print and loan terms for the auto loan you end up with. You may be asked to pay a loan origination fee, for example, and you should ask about prepayment penalties and any other fees you may be assessed.
Another downside of RoadLoans.com is the fact they aren’t very transparent about loans offered through their platform. You have to do a lot of digging on their website to find any real information about their partner loans online, and even then, there’s plenty of information that’s not available at all. For example, they don’t list any interest rates on their website. For that reason, it’s hard to know if their loans are a good deal or not until you fill out an application.
Finally, RoadLoans.com doesn’t let you get pre-qualified for a loan through their website without a hard inquiry on your credit report. You have to fill out a full loan application with your Social Security number to find out if you qualify, and if so, what interest rates you’ll be asked to pay.
At The Simple Dollar, we aim to provide a general overview of a lender’s products and services through a standard rating process. After a thorough research and discovery period, here’s how RoadLoans.com stacks up:
| Roadloans.com at a Glance | ||
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| Availability (credit requirements, geographic reach) | |
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| Ease of Use | |
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| Transparency |  |
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RoadLoans.com makes it easy to apply for an auto loan, and they are clear that “all credit types can apply” even though they’re not transparent about the loan terms borrowers can qualify for.
Getting approved for one of their loans online is as simple as offering the following information in your loan application:
RoadLoans.com doesn’t charge loan application fees on their end, although you may be charged lender fees by the lender you work with. You can also get an instant decision online, then take your approval letter with you to the dealership. Once you find a car you want to buy, your dealership can work with your lender to line your financing up and get you on the road.
The biggest benefit of using RoadLoans.com is the fact you can get preapproved and have financing in place before you start shopping for a car. Not only does this help you determine how much you can afford to spend, but having an approval letter may put you in a better position when it comes to negotiating a final sales price.
Also note that RoadLoans.com offers auto loan refinancing for any car loans you already have. If you believe you could qualify for a new loan with a lower interest rate or better terms, it’s possible that refinancing your car loan could make a lot of sense.
Keep in mind, however, that you’ll need to research any lender you plan to work with through the platform. You’ll also need to ask about any fees you may be charged and read all the fine print on your final sales contract.
Related:
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Carvana is an online auto dealer that offers an array of used vehicles nationwide along with in-house financing. This means you can shop for a used car and find financing all in one place — online, and from the comfort of your home.
Carvana allows you to get pre-qualified for a car loan without a hard inquiry to your credit report. They also offer a seven-day return policy on their vehicles, which is generous for this industry.
If you’re thinking of getting a used vehicle and like the idea of a one-stop-shop, consider checking our Carvana. This review goes over all the relevant details you should know, including their loan terms, pros and cons, and who Carvana is best for.
As we’ve already mentioned, Carvana is an online used car marketplace that also offers in-house financing. You can get pre-qualified online without a hard inquiry on your credit report, and your personalized loan offer is good for 45 days.
When you apply for financing through Carvana, you get to choose from over 19,000 used cars throughout the United States. In some cases, free delivery of your chosen vehicle may be available.
While Carvana does offer used car loans for consumers with bad credit, they do have some minimum requirements in place that limit who can qualify for their loans. For example, you have to be 18 years old to apply for a loan from Carvana, and you must have a minimum annual income of at least $10,000. It’s also important to note that, although bad credit is okay, Carvana doesn’t extend auto loans to consumers with an active bankruptcy on their record.
The main benefit of using Carvana is the fact that you can apply for financing and find a car in one place. You don’t even have to visit a car dealership, in fact, since any auto you choose from the Carvana website can be delivered to your home.
The main downsides of Carvana are the limitations that dictate how you can use their loans. For example, you cannot use Carvana financing for a car purchased anywhere other than the Carvana website. You can use outside financing to purchase a car from Carvana, however, which is good to know if you find a car through the platform and want to buy it with financing from another bank.
Also note that Carvana doesn’t offer any new cars on their platform. They only offer used cars, which may not work for you if you were hoping for a new car. Another limitation to keep in mind is the fact that Carvana only offers loans for single borrowers, so you can’t apply with a co-signer.
Finally, remember that the best loan terms and interest rates will go to consumers with good or great credit. Carvana may accept you as a borrower if your credit is poor, but you can expect to pay an interest rate near the higher end of what they offer. You may also be limited in how much you can borrow depending on your income and other factors.
At The Simple Dollar, we aim to provide a general overview of a lender’s products and services through a standard rating process. After a thorough research and discovery period, here’s how Carvana stacks up:
| Carvana Used Car Loans at a Glance | ||
| Overall Rating |
Affordability (interest rates, fees, and terms) | |
| Availability (credit requirements, geographic reach) | |
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| Ease of Use | |
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| Transparency | |
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Getting pre-qualified for a car loan from Carvana is an easy feat, and you won’t have to worry about a hard inquiry hitting your credit report, either. All you are required to do is share basic information like your name, your date of birth, your annual income, and your home address. After you provide that information, you’ll be presented with a range of auto loan options to choose from.
Once you know how much you can borrow, you can use that information to browse used cars available on the Carvana network. Fortunately, they offer nearly every type of vehicle imaginable, including luxury cars, basic commuter cars, family vehicles, and more.
Carvana also lets you search their selection of vehicles based on specific details like the make of the car, the year of the car, the model, and more. Once you’re approved for a Carvana vehicle and you find a car you like, the platform lets you apply your financing and get the keys to your new car in a matter of days.
While some auto lenders provide financing options you can use at any dealership, Carvana provides in-house financing you can only use for one of the cars in their used car network. This makes them a good option for people who want to complete the entire auto purchase experience in one place.
With that being said, Carvana is not an ideal option for anyone who wants to visit physical dealerships and test drive a ton of different cars. This platform is also a non-starter for anyone who may want to look at new cars in addition to used vehicles.
Before you buy a car through Carvana or any other platform, make sure you understand the pros, cons, and any fees you’ll pay. The right car and auto loan is out there for everyone, but sometimes you have to do some digging to find it.
Related:
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