386 - The Fine Art of Control

In this episode, Tyler Sheff shares his experience with utilizing the Airbnb platform to generate extra income from a rental property. He had a tenant who was having trouble paying rent, so he offered to renovate the apartment in exchange for exclusive control of the property for eight months of the year. Tyler and his team spent $3,000 to renovate the apartment, and then he rented it out on Airbnb for the remaining eight months, generating significantly more income than he had previously. Tyler eventually ended his arrangement with the tenant, but he continued to lease out the property on Airbnb and it became his top-performing apartment. Later in the conversation, pilot Mike Marino discusses how he has been able to generate income by leasing a four-bedroom house to fellow pilots who need a place to sleep between flights. He chose to lease instead of buy because he wanted to maintain control of the property without taking on all the financial responsibilities of ownership. Tyler emphasizes that there is no one-size-fits-all approach to real estate investing, but it's important to consider all options before making a decision.