It may not be what you think? Over the last 5 years Bed and Breakfast establishments and Vacation Rental propery have been popping up all over the country.
What a great way to earn passive income on your investment while at the same time creating a space that allows famililes get closer together and retail to thrive.
For 5 years I had the pleasure of owning a vacation rental company called Chi-Town Suites. It was a blast. Not only was I able to take a 2 bedroom unit that normally rented fot $1800 a month and turn it into $5,000 a month, I created a system that worked like magic.
At one point I had more than 10 units in Chicago and things were humming along. I was able to have my family come and use the units when they came to town as well.
This was great. Even the doormen at the various buildings loved it. They were getting great tips from all of my guests.Â
I loved being able to send thousands of dollars each year to Children's Charities as well. My hope is to get back to that.
This, in my opinion if it's allowed in your area is a great way to turn a simple rental into something that not only serves the community, but also generates more than double the regualr rental income.
If you would like to learn more about how to set up your own vacation rental property please contact me.