Coming out of the pandemic, many people have found additional ways to hold on to more cash.
Reyes Corona, 34, works as a construction technician and engineer for a Southern California gas utility and may have hit the jackpot with his latest venture.
Reyes told business Insider That earlier this year, he decided to buy a house to live in and rent it out during the year, in order to have additional income.
They ended up buying a fully furnished, four-bedroom, two and a half bath house in Indio, California, for $545,000.
It is close to the Polo Fields where the popular music festival coachella Held every year in April.
Reyes says that because so many festival-goers look for places to stay during those two weekends, it’s a money-maker.
He lists it on vacation rental marketplace VRBO and rents it five times a day for about $180 a night.
But during Coachella, it’s almost 10 times.
Reyes says that during those two weeks, he charges festival-goers $1,900 per night, with a four-night minimum.
“Eight young concertgoers heard about my house through a mutual friend and even booked it for four nights,” Reyes told Business Insider.
“They’re paying my Coachella price for a total of $7,600.”
Reyes says the increased rates are able to reduce any stress about his mortgage for the entire year.
How to Follow Reyes and Fares
If you have a home that you want to start renting, there are a few ways to do it and a few things to consider.
Renting is a great way to make supplemental income, especially by: rental prices are increasing.
To begin renting out your space, it’s wise to check your local, state, and federal landlord-tenant laws to make sure you’re complying with all laws.
Next, you should determine a price that works for you and the potential renter.
They will help you estimate pricing based on your location, the type of rental you have, and other specifications.
When you do find tenants, it’s important to follow a few protocols:
- Screen every tenant
- Quickly accept/reject tenants
- Keep your place clean/up-to-date
- be available when needed
To attract renters, you have to be a good renter.
It is important for your guests to go the extra mile so that they want to come back and therefore give you good reviews.
Reyes told Business Insider that he has a few steps in place to make sure his guests enjoy their stay.
“I leave keys for renters, as well as written instructions that include suggestions for local bars and restaurants,” he said.
He also tells them that they can call him anytime.
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In addition, thousands home buyers There will be a $10,000 grant under this program.
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