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Updated over 5 years ago, 05/30/2019
How to find a renter for a 9000 sqft home
Does anyone here have an idea how to make money out of a rental mansion?
My husband and I are considering purchasing a home outside of Portland Oregon. We would be buying this house primarily for the 3 acre lot that it's on, the house has very little value to us. In a few years we would extensively remodel or tear down/rebuild. In the meantime, we wouldn't live there, and we don't want the house to sit empty. We are hoping to find a way to earn a money towards the mortgage.
The house is a very tacky 9,000 square foot home. The mortgage would be about 8k a month. Rentals in that area are more modest in size and top out around 3,000 a month. We understand it's likely will be losing money every month, even with it rented out, but we would like to maximize our rental profit.
One idea we had was to rent individual bedrooms to students around $800 each. (The going rate for a bedroom.) We could probably make around 5K per month, but the vacancy rate might be higher than we expect.
The house is spacious, but not at all beautiful inside. Because we would be tearing it down we are not interested in sinking a lot of money into updating it right now. however, we would put up temporary walls or things like that if it could increase the rental income enough.
The backyard has a pool, vineyard, and tennis Court.
Thanks for any advice!