Short Term rentals (by Barb [MO]) Mar 12, 2019 7:49 PM|
Short Term rentals (by myob [GA]) Mar 13, 2019 4:50 AM
Short Term rentals (by myob [GA]) Mar 13, 2019 4:51 AM
Short Term rentals (by Steve [MA]) Mar 13, 2019 5:46 AM
Short Term rentals (by Barb [MO]) Mar 13, 2019 8:17 AM
Short Term rentals (by Robert J [CA]) Mar 13, 2019 12:22 PM
Short Term rentals (by WMH [NC]) Mar 13, 2019 1:38 PM
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Short Term rentals (by Barb [MO]) Posted on: Mar 12, 2019 7:49 PM
Just wanted to see who else had gotten into the fully furnished short term business.
We watched the webinar that Mr. Jeffery organized a couple of years ago and were interested. When we built the 8-plex, we left one vacant, furnished and started advertising on AirBNB and Furnished Finders. Not much interest the first few months, but it has been full since January.
In fact, I ended up furnishing a December move out, and I have it filled as well.
My first one has extended their contract, and is staying until June. In my second one, the nurses are leaving this Friday, but I signed a lease today with a new one who is coming on the 23rd and staying until late June.
I've actually got a third one filled short term with utilities, but not furnished since she was on a super slim budget, and I didn't have and didn't want to buy furniture. She moves out in late April, and my new student moves in mid-May. The ELTFee covers the time no one is there. :) It was a late January move-out student.
Anyone else have this going on? How is it going?
Short Term rentals (by myob [GA]) Posted on: Mar 13, 2019 4:50 AM
I think most here are interested in any type of rentals. Just saying you like it NOW doesn't answer the investors basic out of the gate question? what's your return on investment-- including the furniture? --99.103.xxx.xxx
Short Term rentals (by myob [GA]) Posted on: Mar 13, 2019 4:51 AM
I re-read your post-- looks like you had several months vacancy also-- that's not good. --99.103.xxx.xxx
Short Term rentals (by Steve [MA]) Posted on: Mar 13, 2019 5:46 AM
At our last LL meeting there was a speaker pitching itripvacations (www dot itripdotnet). They basically handled the bookings & day to day managing of the rentals. Thru their web site I found several they were listed in my town. According to one of the owners tha t I know persoanlly he was collecting almost double his normal rent even after deducting their fees. --96.237.xx.xx
Short Term rentals (by Barb [MO]) Posted on: Mar 13, 2019 8:17 AM
I've not figured out my ROI yet, and I was fortunate enough to get most of my initial furnishings and such for very low cost or free (we moved Grandma from her apartment into assisted living). My second apartment we purchased a number of things, but still had some real bargins. I believe I spent about $800 - $1000 for the second unit, and probably $500 for the first. I've made all that back, plus a bit now.
I've got one week empty in my second unit, but signed a lease with a corporate agency yesterday for 3 months and the rent is high enough to easily cover a few weeks here and there. An off the cuff number is about $450 per month additional, above what I would normally get for regular long term rent.
I've put in a utility allowance, but made it more than I've ever seen for these units. Mainly to keep people from heating up to 90 and cooling down to 60. --131.151.xx.xx
Short Term rentals (by Robert J [CA]) Posted on: Mar 13, 2019 12:22 PM
I conducted an experiment. I have a property that is on the beach. Well the First Apartment building past the 1st street after the row of homes on the beach.
I started to rent out units on a short term basis. During the summer months everyone want's to live on the beach. So for 6 months of the year I can get premium rents. But when it's the dead of winter, when I try to re-rent those empty units, I have to accept way under market.
SO instead of playing this game, I simply get my units into premium condition and rent to someone for a full year lease term.
In the long run it all even's out but with less hassle. --47.156.xx.xx
Short Term rentals (by WMH [NC]) Posted on: Mar 13, 2019 1:38 PM
All RE is local. I live at the beach. Everyone wants a seasonal (4-6 months) rental for an annual rental price. They are not willing to pay extra for a short-term lease, they will lie instead and then break their lease come September/October.
The weekly rentals are too much work and are dominated by huge expensive houses managed by professional property managers.
My son does major AirBnB places in Mexico, and they make a ton o' money BUT he has a CREW of people to help manage the process. Cleaners and laundresses and repairmen etc. He is super stressed out all winter (their season) and honestly can't breath. But he's young, he'll live LOL!
We just decided against it. Annual rentals for us. --50.82.xxx.xx
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