Transcript for How to Earn Big When Renting Your Home
Now "Gma on the money" and this morning how to earn big when renting out your house. ABC's Mara schiavocampo has the secrets to making your place stand out on sites like airbnb. Reporter: The stuff of dreams. Making enough money renting out your house to quit your job and travel the world. This woman seems to be doing it telling buzzfeed news she made a staggering $60,000 a year renting out her two-bedroom California condo on airbnb, enough money to fund trips to Costa Rica, buenos Ayres and more. Unlike her many are just trying to make ends meet. I'd like to get to the point I'm mortgage-free so that way I can work on some of the debt I have. Reporter: First time homeowner Betsy hall in oceanview, California, put her spare bedroom on airbnb for $69 a night but so far not a lot of interest. Mortgage is very expensive. So renting out helps secure the fact that if something did happen then I still have some form of income. Reporter: Enter home makeover specialist kimba hills. Her first secret, it's all about the color. Hills said classic bold Hughes like white, black and green make a room pop. So we add an accent rug and cover up that dull brown couch adding some colorful throw pillows. I got lucky. I love it. Reporter: Next sell your spot. Take what's unique about your location and highlight it. Betsy's home is close to the beach. A huge selling point. So kimba adds a tropical vacation theme with fresh flowers and beach themed light fixtures. We spent $500 on improvements and after just a few hours of work, we turned that bedroom from this to this. Oh, my gosh. This is a completely different place. I know. The final step, nail your ad. It's in sights like airbnb and itopover.com to rent your space. Airbnb will send a professional photographer to your house to take pics for free. Transforming Betsy's online ad from this to this. Airbnb's appraisers telling us Betsy could now list her room for now up to $100 a night which could bring in $13,000 a year. A nearly 45% bump. Now, not every site screens potential guests so if you're concerned about who may be staying at your place do your own screening and make sure they have a fully completed profile and if there are any red flagstaffs raise them directly with airbnb because they will investigate further. I wonder about insurance. Airbnb offers a million dollars of insures above the security deposit so you should be good. Hopefully they're not causing more than that. A lot have cleaning fees built in. Another thing that a lot do, link to social media sites so you can do some social media sleuthing of your own. I think that's a good idea. And you can turn people down if you don't feel comfortable with anyone. They shouldn't be in your home. Great tips. Coming up, everybody, Chris
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