My friend I mentioned above - I'll have to ask her for an update now that she's been doing it for 6 mos - but she was covering the mortgage cost in just a few stays. She actually bought an additional studio apartment to go back and forth, renting out vs staying in either depending on customers.
Don't underestimate the work tho. For your average customer:
Laundry and Cleaning - The big two. She's doing a lot of laundry (mostly time, some cost). Sheets and towels for each customer. You have to keep it spotless (Unless you're pricing really low in a big market. For instance, dirty wouldn't do well in my smaller city, but in Chicago, the place I stayed wasn't really clean, but I was getting it for really cheap.)
Gift basket - she does a little gift basket for customers with local things. You wouldn't have to do this, and you could keep this cost fairly low, but good customer service for sure.
Replacing things - People spill shit, bleed, throw up, have incontinence, etc, etc. Might as well prepare to replace the sheets, towels, comforter, lamps, furniture, clean carpets.
The big one - If they're staying in your spare room (ie where you live), the hassle of having someone there.
My friend usually doesn't worry about being there when they leave (probably check in as well) Her logic is, "I can either spend my time making sure the tenants don't do anything stupid like stealing stuff when they leave, or I don't worry about it and plan on spending some replacement costs for that random weird person who takes my tv."
I know she's made exceptions to this for people she didn't trust.
Don't underestimate the work tho. For your average customer:
Laundry and Cleaning - The big two. She's doing a lot of laundry (mostly time, some cost). Sheets and towels for each customer. You have to keep it spotless (Unless you're pricing really low in a big market. For instance, dirty wouldn't do well in my smaller city, but in Chicago, the place I stayed wasn't really clean, but I was getting it for really cheap.)
Gift basket - she does a little gift basket for customers with local things. You wouldn't have to do this, and you could keep this cost fairly low, but good customer service for sure.
Replacing things - People spill shit, bleed, throw up, have incontinence, etc, etc. Might as well prepare to replace the sheets, towels, comforter, lamps, furniture, clean carpets.
The big one - If they're staying in your spare room (ie where you live), the hassle of having someone there.
My friend usually doesn't worry about being there when they leave (probably check in as well) Her logic is, "I can either spend my time making sure the tenants don't do anything stupid like stealing stuff when they leave, or I don't worry about it and plan on spending some replacement costs for that random weird person who takes my tv."
I know she's made exceptions to this for people she didn't trust.
“Until you make the unconscious conscious, it will direct your life and you will call it fate.”