2. do you have enough to invest?
Besides paying mortgage or rent on the unit itself, a rental host needs to be prepared to make an initial investment in furnishing and getting their property ready for guests. You will be spending money before you start making money.
No, you can’t put all of your old furniture in your new rental. You have to get into the mindset that your rental business is not the repository for all your old stuff- not your furniture, or chipped plates, or old sheets. The short-term rental business is definitely one in which what you put in is what you will get out.
We’ll discuss decorations and must-haves in later chapters, but for now, it is important to understand that you will need to invest in furnishing your rental.
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Furnishing and setting up your rental can cost anywhere between $3,000 and $7,000 for a 1-bedroom unit.
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You will not only need at least some new furnishings, you will also need linens, a fully stocked kitchen, a television, and more.
you can find a list of must-haves in the next section. Fortunately, if you manage your rental correctly, you could pay for your initial investment within your first few months of operation.