Turned a $52k condo into $6250 in rent / month. Forget 2%, This is an 8.3% PROPERTY!

[Jack Tucker]

How to make $6250 rent a month on a condo? Here's how I did it. 

• BANK CALLED ME and I agreed to buy a condo they were about to take back in Athens Georgia near UGA. 3 story, 5 bed, 4 bath with nearly 3000 square feet. 
• Bought it with cash using our Roth IRA.
• Did serious upgrades by knocking down walls, installing new granite countertops and remodeled kitchen, put in durable LVP wood flooring throughout, and a Brand New HVAC
• List it as vacation rental at $500-1000/night.   We are completely booked during Oct and Nov weekends. More reservations rolling in for Dec and 2015.
• Then rent the bedrooms to young professionals during weekdays for an additional $1750/month. 
• Oct revenue = $5700. Nov revenue = $6250. WOW! Return on Investment is huge!  We are all-in after repairs at $75k.  That makes this a 6250/75000= 8.3% property!!

The best news is that we already own a neighboring 5 bed/3 bath that we plan on converting over to the same strategy when the existing folks clear out next year.  This is a major game changer, my friends.  

• Seems like we have hit a ridiculously lucrative niche in our market. Now, the main question is how can we keep this vacation rental stream going all year? 

Stay creative... like renting your place for weekdays to young pros willing to clear out on the weekends! Look at all your options. Realize that there are always more options than you may assume.  Go figure out how to milk your cash cow!

Ever onward and upward!

[Account Closed]

I'm curious if these are the pictures you are using for your vacation rental listing?  I assume it's fully furnished, which means the kitchen is complete and can be used to serve meals to 10-12 people?  If so, get the dishtowels and the coffee maker and the canisters out on the counter.  Make it look ready for the kids to plop down and someone to cook dinner (even if they aren't going to).  If you don't have a table to serve 10-12, then show a storage space with portable table and chairs and linens for when large groups stay.  What about outdoor space?  Is there a grill and outdoor seating furniture available.

No need to apologize for the furnishing price points.  But warm that space up asap.  You've got a great thing going, given the location and allocation of space.  Online reviews are going to start showing up on whatever service you are using.  You want your reviews to focus on comfort, not expense.  Area rugs, coffee mugs, art on the walls.  Colorful towels.  Books, magazines.  If you need ideas, go on airbnb and look at the pictures of the other 4-5 BDR rentals in the area.  Most of them are pretty decked out in terms of looking fully furnished and decorated.  You can get some great ideas from others and then do it on the cheap.