Updated about 8 years ago on . Most recent reply
Generating Income From Vacant Rental
A client of mine is buying a large single family rental in Clifton, a neighborhood of Cincinnati, very close to the University of Cincinnati and to a few major hospitals. It's also less than a couple miles from downtown Cincy and some major event venues (sports, theater, opera, etc.) He'll buy at the end of January, spend February putting in at least one new full bathroom (it'll either be a 5bed/2bath or 5bed/3bath), but then the house will sit vacant until his daughter and her friends move in at the end of August. She's a UC student and the rent her friends pay will more than cover the expenses of owning the property, turning my client's expense of housing his daughter for college into a source of a little income.
My question to you is: If you were the one buying this property, what would you do to generate income with it after the rehab is complete and before you have long-term tenants moving in (March through mid-August)? Would you try to find short-term tenants? Would you put your daughter's dorm furniture in there and try to Airbnb it with only part of the house furnished? Airbnb it unfurnished? Do you think it's too risky to try to get people in there before your long-term tenants move in?
What're your thoughts on this?