Anyone have any experience using PeerSpace? Would be curious to hear feedback and I couldn't find any threads about it here on BP.
I've yet to use it myself with my properties but my son is in the film industry in Los Angeles and he clued me into it. It's used a lot for film shoots, photo shoots, weddings, parties, etc.
Kinda seems like an interesting (and possibly more lucrative) alternative to Airbnb or short term rentals, since you're renting by the hour. Especially with film shoots where your hourly rate may not be too far off from what you'd get for an night's stay in some places. Plus they're not occupants so it may not be as heavily regulated.
Currently in the U.S. there are 6 major markets they're in:
- San Francisco
- Silicon Valley
- Los Angeles
Some of those places (i.e NY & LA) are obviously more popular than others but it's interesting because there are other cities that don't have much of a presence on the site - especially with things like film shoots, like in Philadelphia or Miami. Both places have a film industry, albeit smaller, so it'd be interesting to see if they grow on the site in the future.
I haven't heard of this but it's something that I've been hinting at since the creation of liquid space. I'm definitely going to look into Peer Space.
Glad I could turn you onto it @Myka Artis . Would be curious to hear how you do if you choose to go that route.
My son's friend does it in the LA area with just three properties (one his own, and two of which are his family members). His house is apparently pretty standard, and since it's in a typical residential neighborhood, he can mostly only do photo shoots (which won't do more than $50/hour at 2 hour minimum) but they're pretty consistent. Still not bad for a personal property that wasn't making anything prior to that!
The family members own sizeable houses with pretty nice views, so he uses them for a lot of music videos - so he gets a much higher hourly fee for those (I wanna say around $130 to $175/hour). And a lot of those shoots typically shoot for 10 to 12 hours. And since they're not in a tight residential neighborhood, it's good for film trucks, crews, etc. Plus he doesn't own the properties, so he's leveraging these places without owning. Pretty cool.
Hmm. I’ve seen these, but it might take time to setup and what niche you want to concentrate on. Have seen couple of tattoo shops or recording rooms. Then bureaucrats came in and knocking them down in paper, permits here and there, fee here and there, etc etc.
@Dave Van Horn It's funny as show business explodes with different mediums like Amazon and Netflix I have been wondering how the studios would keep up with demand for filming locations This niche is one that can be unbelievably lucrative in the right market. Definitely not for everyone because of their locale but with the correct damage protection verbiage and insurance it's very interesting.
Also, pretty cool if you require a picture of the shooting in progress. People love that stuff.
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing