Furnished units.. pros and cons???
I decided to advertise a Furnished apartment in our 60 unit complex.. We are located next to a Major University and have alot of students who come here from other countries with absolutley nothing.. and they end up going to Grad school, and getting jobs in DC once they graduate.. they are very minimal they whole time they are in school.. The furnished units would come with the following
a sectional couch, beds, pictures on the wall, shower curtain, rugs, dishes , pots and pans, dining room set.. etc..
I advertised a 2 bedroom apartment that I can usually get $1,200 empty for and was asking $1,635.00.. well I signed the lease last week.. and have procured all of the things I will need from a consignment shop.. in total I spent almost $1,600 ..so i will pay myself back in 4 months.. after that it is all profit.. so of course my wheels started turning and I cant stop thinking if I can do this with at least half of my units.. 30 x $400 a month = $12,000 a month profit from renting people my furniture.. err. thats $144,000 a year... just for the furniture.. minus my investment of $48,000 furnishing the apts..
I am looking for advice from anyone who has don this in the past or still does it?? Am I looking at any liabililty if someone is say " horsing around on the furniture" and it collapses on them?? is there something I can get them to sign waiving me of any said liability?? I know we rent furnished houses at the beach every year and I have never signed anything.. however I am sure it is in the contract
My thinking is people rent their own personal houses right now on air bnb.. and vacation rentals.. in my mind I am sure there is something I wont be happy with but for that kind of extra monthy income I am willing to give it a shot.. and looking for input.. ya or nay?? would you do it??
and yes I am considering that these items will need to be replaced approx. every 4-5 years..