Money holding you back from an epic trip to a surf town or surf trip? If you had a way to generate more income to take a beach trip (and then some) would you be open to it? If you own one property or more this is for you, if you don’t own yet, keep reading….you will want to consider buying soon so you can participate to.
Extra cash earned in August 2015 from short term rentals while traveling around the world. What would and extra $5,000 do for your travel budget?
You will see, I am going to reveal a lesser know strategy, that is legal, to generate significant income (Ohh yea and it’s not taxed, not even a penny, so you won’t have the IRS showing up to spook you out).
Committing to a travel and surf trips involves not only money, but also time. But we all know its worth it, thats why, you like us, keep doing it every year. So what is this tip?
Answer: Short Term Rentals
When you or your family spend time at your second home, or away from your primary residence and rent it, the tax rules can be highly lucrative. The best tax deals for beach goers with primary residences or investment property is when the property is rented for 14 or fewer days. Income earned for a two-week rental or less is tax-free. That could mean a a new found cash stream to help fund your travel, while you are away.
Whether the property is rented for $500, $5000 or $50,000 the IRS is not entitled to a cent. The owner pockets the proceeds, tax free. Sorry, if you don’t live in the U.S. you should check to see if you have similar tax benefits for short term renting.
Dialing in the right time: How to get the most bang for your buck?
1) Special Events and Local Events – Super Bowl, Local Festivals + Conventions, etc.
2) Long Holiday Weekends – Memorial Day, Fourth of July, Labor Day, Halloween
3) Epic Weather Events – People want to experience a location at its best and that usually involves great weather, but that is really hard to predict long-term due to forecasting limitations. Yet in the short-term forecasts are more accurate and reliable, providing more certainty that a guest will get great weather and a great experience.
**If you have a property in a surf town or beach town you may have another highly valuable opportunity. Just like traditional weather forecasting, forecasting for ocean swells long-term is difficult and complex, yet the most valuable time for water sport enthusiasts, like surfers, to visit a location and avoid “getting skunked” (as it’s well known in surfing culture) is during forecasted swell events – like Hurricanes, NorEasters, North and South Pacific Swells. The cool thing is that these “swell events” are typically off-season when activity is down and thus represent a great opportunity to rent space when it highly desired.
Here is the deal, renting space and hosting is not for everyone, that is okay. It is simply one solution to help folks that are open to it get more of the things they want out of life, like traveling, visiting epic beach towns, surfing or all three.
Do you have a passion for beach towns, like us? If you feel the best towns offer a mix of unique places to stay, welcoming and insightful locals, great culture, eating and a mellow vibe then we invite you to list your place with Live Swell. This would be a logical next step to help you start to earn extra cash.
For a limited time we are offering qualified hosts with unique places to stay to list their property with Live Swell for FREE – visit our “Apply to List Your Place” page to see if its a fit.
We also recommend listing on Airbnb (it is free to list with no minimum rental days – so it fits this model) as it is the largest network of short term rental available with a lot of exposure…When you sign up though this link they give a $25 travel credit and help us to travel more to.
“Life’s scorecard is measured in time and money, keep it balanced with smart preparation and you’ll put yourself in a position to do what you love.” – Mike Hamilton
Mike in Bali Summer 2015 – This trip was funded largely by renting the Chill Beach and Surf Bungalow OBX.
Want to learn how I earned over $5,000 in one month while traveling around the world?
Send me an email: mike@live-swell.com
It was not easy, but it was worth it. Live without regret!