Trying to make a fortune at a casino is hardly a safe investment. The odds of winning seem to favor the casino. Investors who wish to make money with real estate, however, might welcome the news casino gambling is coming. The notion a new casino would boost real estate may go against conventional wisdom. Casinos seem to have a negative effect on real estate prices. To those hoping to make money from the sale of a beach home, the arrival of a casino to a vacation resort region might be troubling. For a buyer looking to rent out the property, the debut of casino gambling might be a safe bet.
Turning the Property into a Commercial Venture
Selling property is not the only way to make money with real estate. The beach home could become a rental. And rental demand could skyrocket With casinos, there comes employment opportunities. Offering a nice deal on monthly rent could end up quickly locking up a tenant who will immediately be generating income on the property. One tenant may reflect a consistent and conservative source of rental income for the landlord.
Depending upon the structure of the home, the second floor could be rented to a year-round tenant while the second floor becomes a "online rental endeavor".
The Home Stay Market
Online services opened doors for the lucrative "home stay network" of rentals. The way this process works, a homeowner rents a room in a home out for a day, week, or month through an online marketplace. The costs are cheaper than a motel, and visitors to a casino would be looking into such deals. Renting out a second-floor of a house for $75 a night and a discounted amount for a one-week stay does bring in nice added income. The first-floor renter could be paying $1,100 each and every month while six rental days per month allows the second floor to generate an additional $450. The money generate per month could very well cover taxes, insurance, and, most importantly, take a big chunk out of the short-term investment property loan issued to buy the home.
Second Floor Basics
Since the second floor is not intended for long-term stay, no kitchen is really needed. As long as there is a bathroom and area to sleep, the short-term tenant would be getting something comparable to a motel room but with much more space. Perhaps building a outside staircase leading to a new door installed on the second floor is all the is needed to run the "motel side" of the investment property.
Just double-check to make sure there won't be any zoning issues or other impediments before considering such a plan.
