Turned a $52k condo into $6250 in rent / month. Forget 2%, This is an 8.3% PROPERTY!

[Jack Tucker]

How to make $6250 rent a month on a condo? Here's how I did it. 

• BANK CALLED ME and I agreed to buy a condo they were about to take back in Athens Georgia near UGA. 3 story, 5 bed, 4 bath with nearly 3000 square feet. 
• Bought it with cash using our Roth IRA.
• Did serious upgrades by knocking down walls, installing new granite countertops and remodeled kitchen, put in durable LVP wood flooring throughout, and a Brand New HVAC
• List it as vacation rental at $500-1000/night.   We are completely booked during Oct and Nov weekends. More reservations rolling in for Dec and 2015.
• Then rent the bedrooms to young professionals during weekdays for an additional $1750/month. 
• Oct revenue = $5700. Nov revenue = $6250. WOW! Return on Investment is huge!  We are all-in after repairs at $75k.  That makes this a 6250/75000= 8.3% property!!

The best news is that we already own a neighboring 5 bed/3 bath that we plan on converting over to the same strategy when the existing folks clear out next year.  This is a major game changer, my friends.  

• Seems like we have hit a ridiculously lucrative niche in our market. Now, the main question is how can we keep this vacation rental stream going all year? 

Stay creative... like renting your place for weekdays to young pros willing to clear out on the weekends! Look at all your options. Realize that there are always more options than you may assume.  Go figure out how to milk your cash cow!

Ever onward and upward!