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Old 01-19-2008, 09:14 AM
 
Location: Lake Wylie, SC
622 posts, read 1,585,152 times
Reputation: 475

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I have a client who has the opportunity to buy a 1 bedroom apt in an apartment complex that is selling individual units. They would like to furnish the apartment with nice furniture and provide all the amenities. The complex has a pool, tennis courts and an exercise room. It is in a nice area (SW of Charlotte) and convenient to the city and airport. They would plan to rent it on a short term basis (3 day minimum) with the rent being $55 - 85 per day based on length of stay.

As I appreciate the candor and wealth of knowledge in this forum, I would appreciate any feedback on this venture that I can pass on to the client. This is not a solicitation as it is not a reality at this time.

Thanks in advance for your input (pro and con thoughts welcome).

Last edited by Belmarin; 01-19-2008 at 10:01 AM..
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Old 01-19-2008, 09:19 AM
 
20 posts, read 107,160 times
Reputation: 15
Such a short turn around without having a hotelesque managment program would be a logistical nightmare. IMHO..
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Old 01-19-2008, 09:32 AM
 
Location: State of Being
35,885 posts, read 67,065,320 times
Reputation: 22371
And . . . without doing individual background checks for every renter. . . all sorts of potential liabilities. I am not in insurance, but I do know that personal liability for the property would be a problem . . . and I would think that being an apartment . . . there may be problems w/ this type of "sublet" arrangement, including allowing a stream of different people to have access to amenities.

Not a specialist in any of this . . . so hopefully, someone who is involved in property management will have better answers and will post.
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Old 01-19-2008, 09:58 AM
 
Location: Lake Wylie, SC
622 posts, read 1,585,152 times
Reputation: 475
Default My Bad

I neglected to mention that there is on-site property managment to handle the day to day issues. Also the all the units are being sold to individual investors and individuals for personal use.
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Old 01-19-2008, 10:08 AM
 
126 posts, read 531,739 times
Reputation: 67
We have been in the bed and breakfast industry for 10 years, so I guess I can chime in on this and know what I'm talking about.

Whether or not people want to rent the unit will depend on location, location, location - and also amenities. If you're near a hospital, you can market directly to traveling nurses. They are typically on 6, 9 or 13 week assignments. There are loads of niche markets that you can tap into - all depending on what is in your immediate area.

You can also list on sites like VRBO.com (Vacation Rental By Owner) - they have folks looking for leisure and business stays.
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