Revenue November 2012 – November 2013: $19,613 Average monthly revenue: $1,634 Rough monthly profit: $1,134 (after cleaning, bills and other expenses) Yearly profit: $13,608
These numbers would be a little higher but I’ve stayed at the apartment myself for a few weeks and also let friends stay for free.
By these rough numbers it should take a little under 4 years to completely pay off the price of the apartment.
-I was recently speaking with a man that has four rental properties that he owns. They are all long-term rental homes. Other than those traditional rentals, he does something I had never heard of; he rents out long term rentals himself, for around $1500, furnishes them and then sublets them for around $2500. He says he pulls in between 3 and $4k a month on the 4 sublets he has based on the cost of utilities -the only consistently changing variable. -Interesting.