Expansion of my air bnb empire
After blowing away a few paydays from my Air BnB, I became captivated with the idea of multiplying my money; 10x-ing my $730 to be exact. And then I was asking for advice from my wise and rich friends when Sean Lawrence sparked the idea of me expanding my Air BnB business. I mean he has been like a broken record with that pitch, however, it really did make sense to my bones when I thought about it. Rent in Korea is rather expensive, not only because of the high real estate price but also because of the ridiculous amount one has to pay in deposit. The standard I would say is about 10~20,000 dollars, and the minimum would be like $5000. And this is where the business opportunity comes in. Due to the high deposit fees which a lot of foreign exchange students don't have, they are willing to pay 2x or even 3x the amount of the marketplace rent price. So what do I do? Well, I rent the places in Hongdae and Sinchon and rent it out to students for 2x the price I pay. Rental arbitrage, BOOM...