A trend has been emerging and if you jump on the bandwagon, you may stand to make good money in real estate, even when times are tough. If you have a property that you just can’t seem to sell, why not try renting it out for tourists and special event activities?
If you live in a town that makes much of its revenue from travel and tourism, or near a popular football stadium, or even a busy flea market, you may be able to cash in big time.
It may seem too good to be true in such a poor economy, but if you do it right, it can most certainly be done. Believe it or not, people are still traveling, and people are still paying for entertainment. Your job is to cash in on those who are able to afford this luxury. Renting your home out on an “event” basis, or as a vacation home, can give you a nice extra income without all of the headaches associated with being a full-time landlord. Of course, you will be responsible for maintenance and upkeep, however having people stay in your home for a night or two, even a week, is a far cry from months and years.
The first thing you must do is scope out the area. You will have to do your research and find out what the going rate is for hotels and other places to stay in the area. The key is to offer an affordable, fully furnished place to stay for less than the going rate. Make your home appealing and comfortable.
Next you will need to draw up a contract, or nightly rental agreement. If you know a real estate professional you should consult them during the process. The document is your legal protection against theft and vandalism by your renters. Once you have come up with a rental price, you can decide whether or not you will charge a refundable deposit. The deposit would cover any damage that was done to your property during the rental period.
There are many places you can advertise your property both on and offline, but one of the best online sites is Craigslist. If you place just a few ads in metropolitan areas around the country, you may be surprised how many renters you get. Above all, get your property out there, you just may own a goldmine and not even know it.