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Welcome to Ghost Business 👻 Your (mostly) weekly email, where we turn $1 into thousands building these weird but simple side hustles

Homeless Owners

Knock, knock… If this idea was a snake, it would’ve bitten me. One of the hardest parts about writing this newsletter is coming up with ideas. These can either be fresh new wild ideas, or ones that others are currently working on.

This idea was obvious. I was paying some young guys to do this for one of my properties. I like it because its a wonderful opportunity, low/no investment, and can be operated remotely (although you’ll want to be in the same city starting out).

It’s AirBnB arbitrage.

How does it work?

You find home owners who are currently renting or possibly thinking of selling their home and offer AirBnB host services. Your time is spent checking guests in, handling cleaners/handymen, and managing home owner payments. That’s about it.

Here’s the step by step:

1. Find a home owner

2. Convince them to use your services to market and book their home as an AirBnB

3. You do the research on how much the home should rent for

4. You draft up a rental agreement between you and the owner

5. You get a 10-20% on EVERY BOOKING

So how can we land our first customer and how much can we make building our homeless rental empire? 🏡 

The MVP (Getting your first customer)

Easy street… After doing a very small amount of research on this hustle, one thing stood out immediately. It’s REALLY easy to get these customers.

There’s the obvious ways:

• Ask friends/family

There’s social media

• “What’s truly passive income? Well it’s right in front of you! Your house is waiting to make some cash! Here’s where I come in, I’ll manage it just like an airbnb and all you have to do is accept checks? Can you accept checks? Great! Let’s get started!

There’s hitting the streets

• Find folks with handwritten “For Rent” signs, they likely are behind in the times and probably having a hard time renting

There’s paid ads, cold calling HR professionals (corporate housing), calling hospitals (travel nurses), etc.

Tons of ways to skin this cat and get your first listing!

Rise and grind, dollar bills!

Put your money to work in a high-yield cash account with up to $2M in FDIC† insurance through program banks.

Get started today, with as little as $10.

Getting Your Next 100 Customers

Ding dong rich… So you got your first sucker customer, now what? Time to “make like a reptile” and scale this thing.

Referrals will always be your number one source for getting new customers. Offering a discount or a $100 Visa gift card for referrals (after doing great work) is a sure fire way to get your some new business.

Reaching out to houses in neighborhoods by hospitals is also a great way to market to home owners. When you know your numbers, you can tell the owner “I can guarantee $x rent for your property from traveling nurses, without you lifting a finger”.

Get your SEO setup so people can find you online (this is how I found my guys).

So how much can this make and what would it cost us?

Let’s take my home for example:

• It can Airbnb anywhere between $4,000 - $10,000 depending on the season (in Scottsdale, AZ)

• My guys could make anywhere between $800 - $2,000 per month

• Their time was used to coordinate with cleaners, guests, and me. Only a couple of hours a week.

• Their expenses were hiring a photographer for listing images, their own marketing and of course their time. Hundreds of $ per month.

Let’s say you manage 5 listings averaging $5k/mo in revenue. This means you could be making 20% (your take) x $5k (rental income) x 5 (properties managed) = $5k/mo only working a couple hours a week 🤯 

Viability:

1 [building spaceships] 🚀 to 5 [easy peasy] 😊 

New neighbor, who dis?… Once you’re locked in with solid property owners (who are committed to their rental) this can be a very lucrative business.

Of course, you’ll want to know short term rental laws, have handymen and cleaners on call, and do a ton of research on seasons and events in the area.

(As usual each business will have it’s own setbacks, and it’s all about the execution and consistency rather than just having the idea)

It’s a great day to be great!

Love, Mike 👋