All Forum Posts by: Paul Sandhu

Wow. 13 questions in your post.  I'll answer question number 7, "how much does a really nicely decorated house command."

My furnished rentals are for guys working at a refinery.  Welders, pipefitters, boilermakers, electricians, etc.  My decorations are paintings of nude females, calendars of scantily clad females doing construction work, professional sports related memorabilia, hunting/fishing themes, firearms and ammunition, motion picture themes characters such as Arnold Schwarzenneger, Rambo, Quentin Tarrintino related, Fast & Furious, Brad Pitt, Avengers; Marilyn Monroe, etc.

I ask the guys if they mind all the stuff I put in. The last guys answered me "Hel no, that shi tis mandatory".

I bought a gooseneck 26' travel trailer from a guy for $1200.  It was parked in the driveway next to one of my furnished rentals.  The rental was a 2 bedroom house, but I had a 3rd and 4th bed in the living room.  Sometimes I would get 3 or 4 guys (refinery contractors) to rent the house.  My idea with the camper was to connect to the water and electric from the house and have the sewer go directly into the cleanout opening.  They camper people could do laundry in the house and use the wifi/cable service. 4 people could be in the house and 2 in the camper.

I ended up letting a tenant sell the camper and keep 100% over what I paid.  People like space.  They don't like cramped quarters.

No. 

Each evening I drive by the 4 local motel/hotels and count the cars.  After several years of doing this, I know that when the cheap motel in town has 2 or 3 cars I should have about 4 to 6 houses rented.  When the next cheap motel has 2 or 3 cars, I should have another 4 to 6 houses rented.  When the high end motels have 10-12 cars, I should have another 4 to 5 houses rented.

Cheap motel is $350/week for a room with 2 beds.

High end motel is $600/week for a room with 2 beds and breakfast, pool, gym, etc.

I charge $400/week for a house with 2 beds, washer/dryer, kitchen with all appliances, cable/wifi, plus all consumable supplies. The only thing they need to bring is clothes and groceries.

Add the tax to your base rate.  Advertise it as "All Taxes Included".  No brainer.

I print out a calendar each month on my computer.  I write down the rent that is paid each week for each address.  At the end of the week I add up the total rent for the week.  At the end of the month I add up the total rents for each week. 

My wife takes all the expense receipts and puts them in a spreadsheet.  Each column is the address of a property.

Each line is an expense category that is used by our accountant.  Supplies, repairs and utilities.

College students might be interested in a furnished LTR.  Make them sign a 12 month lease.  That covers 2 semesters and a summer semester. 

Maybe put some flyers up at local churches.  Your kind of clientèle is more likely to attend church than frequent a bar.  Although I would not dismiss the thought of putting up a flyer in a VFW, American Legion, or Eagles building.

Craigslist short term and temp rentals.

To answer your two questions:

1. Providing linens and towels would add nothing to your guests experience.  It is something that is expected.  Tell me this, when you go to a restaurant to eat dinner, do you bring your own silverware and drinking glass or do you expect the restaurant to provide silverware and a drinking glass?  After your meal, suppose you need to use the restroom.  Do you expect the restaurant to provide toilet paper and soap or do you bring your own?  If you are wondering whether or not to provide sheets and towels, I wonder what else you may be skimping on and not realize it.  Perhaps this sort of rental is not for you. 

2. What do I provide in my rentals?  Living room with an HDTV BluRay and access to Netflix, Hulu, Amazon with the renters own account; several recliners, end tables, lamps and guy oriented artwork.  Kitchen has all appliances and utensils.  I usually leave a fancy knife set that rests in a block of wood.  Bedrooms have an old style television, guy related artwork, and a complete bedroom set.  Extra things like horseshoe pits, fire rings, kegerators vary on a house to house basis.