My first short-term rental booking: 4 day stay, $14,245 in rents

[John D.]

    Well I closed on my first vacation rental property last week, a huge place down in Indio, CA (about 30 minutes south of Palm Springs).  I've been rushing like mad to get it listed, furnished, etc. for the upcoming Coachella Festival.  I got the listing live a week ago, and just booked 4 nights for week 1 of Coachella (despite the fact I don't even have bedroom or living room pictures live yet, as I'm still furnishing).  Gross rental rate for the 4 nights of $14,245.  I'll clear about $10k after prop management fees, cleaning, etc.

    Success is easy when there's a giant festival 1.5 miles from your house, and I've got my work cut out for me making this a year-round destination for vacationers, group gatherings, events, workshops, and possibly even wedding.....but hey, off to a strong start!

    I'm sure next year when I've further improved the property, marketed ahead of time, and have some reputation we'll get at least twice that for each of the Coachella weeks!