January 19, 2023 at 6:25pm | Will Hamburg
Are you thinking of investing in a short-term rental property? Before diving into such an endeavor, we will walk you through what you need to know.

First and foremost, it's important to understand that some projects will require permits and others that don't. When you're working on renovating a property, it's important to discuss with your contractor if the work needs to be permitted. Not only does getting permits save you from potential heartache in the future, but it also helps when it comes time to sell the property.

We'll also dive into factors that affect rental income and how much you should budget for renovations. A three-bedroom, four-bathroom, 2,300 square foot property with a two-car garage could bring in up to $165,000 of gross annual income with just a little updating budget of $10,000. If you're willing to invest more money into this property (say $40,000 - $50,000), your returns could easily reach between $165,000 and $190,000 in gross annual income.

Plus, the improvements you put into the property will make it more desirable when you sell it. Enabling better first impressions, improved guest satisfaction, and higher five-star reviews.

In conclusion, investing in a short-term rental property can be profitable if done correctly. Do your research and reach out to us. We're here to help answer any questions you may have - feel free to get in touch with us anytime!



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