Short Term Rentals (STRs) offer premium rents for shorter stays. We service fully furnished apartments, condos, and houses can be rented for 29 days or less anywhere in the United States; single rooms can also be rented, instead of a hotel! STRs are cleaned regularly due to high turnover, which also makes it easier to keep up with needed repairs. Be sure to check your state for possible licensing requirements.
Any lease over 29 days is considered a long-term rental, which provides cash flow. Consistent income provides a guaranteed profit with less fluctuations. Long-term rentals can be furnished, though they are more frequently not furnished, and property maintenance and cleaning is less frequent. Long-term rentals will require the responsibility to act as a landlord or engage a property management company to fulfill those duties.
Redeveloping residential properties can lead a profit for a short term hold while making property improvements that range anywhere from minor, cosmetic touch ups to full rehab projects where square footage can even be added. The key to ensuring a profitable rehab project is through balancing the purchase price, project costs, and the schedule.