Upscale properties have the give property owners the ability to generate significantly more income than properties in the average town; in come cases, many times more than the market value. One example is to extract home equity and put funds into an investment delivering superior ROI. Another is to host movie and television shoots. Bottom line - property owners in upscale cities can generate huge incomes; frequently more than enough to pay off the mortgage and provide passive income to the homeowner.
Property owners who travel a great deal of the time should explore the untapped earning potential of their homes, farms, offices and industrial space. There are many companies that will screen applicants and find reliable and trustworthy tenants and partners. There are also consultants who can assist property owners who want to maximize the income capability of their properties located in upscale cities and towns. Here is a list of popular and effective ways to maximize profit potential of upscale property.
VIP homes are short term rentals where the actual street address is not published; the exterior of the residence is also not published. Food and security are highly screened and facilities are highly secured; often with security personnel provided along with the accommodations.
VIPs can be very wealthy individuals and families, corporate executives, famous speakers, royalty, heads of state, protected witnesses - profits from such a rental can be as high as $10,000 per day - or $300,000 per month.
If your home is paid off, or if your home's value is significantly more than your debt - you can probably qualify for a home loan. Because home loans are secured by the property, they are much easier to get than personal or business loans, and the amount of the loan can be quite high; based on the market value of the home. Interest rates on home loans tend to be quite low (often under 3%) so if the money is invested into something that is more profitable - funds from home loans can be positioned to generate low-risk passive income.
Senior citizens older than 50 can take advantage of a cutting edge product called Reverse Mortgages. Although regulated by the government, loans are often sold to wholesellers, who have been known to use unscrupulous practices to foreclose or encourage foreclosure on senior citizens.
Downsizing is for empty next parents, single seniors, heirs, or anybody with too much room and enough equity to benefit from a home sale! Living in an upscale house without the real requirement for the space and resources is a huge waste of potential income. Selling, swapping or investing in additional property allows the owners of upscale residential property to rent, lease or sell property at a time when the market makes it advantageous.
Small to medium events can be hosted in homes with the space for 60 to 200 chairs. Kitchen and office facilities are a plus. Seminars, retreats, project meetings and more, are examples of events than will pay as much as $2,500 per day for weekends and $1,500 per day on weekdays.
Film shoots can be very lucrative for homeowners; who are given a fee and often asked to take a hike during the shooting. FIlm shoots can pay homeowners from $5,000 to millions of dollars - depending on the length of the shooting and the amount of remodeling required for the shooting.
Rehabilitation homes can generate from 10,000 per month for 10 beds, to over 3 million dollars per year. Spacious homes with lots of bedrooms generate the most revenue, but homes constructed specifically for this application are already in large supply.
California has a program for emancipated youth who are being transferred from orphanages to public life. Due to a shortage of housing, the state licenses homes that provide minimal support for these individuals.
Air BNB rentals can provide a higher level of profit for premium homes in upscale cities. Full time rentals at upscale homes can generate from $50,000 to $120,000 to a million dollars per year by earning high ratings and providing excellent customer service.
Because Universities lose students when there is no place for them to live, they are leasing and purchasing homes specifically to lease to students. These programs are typically a year or longer and can provide a stable souce of qualified and screened tenants.
Traditional long term leases can provide a huge source of revenue for home owners.
Since so many Upscale homes store RVs and boats, many homeowners choose to offer them for short term rentals. Craigslist and a host of online web sites and apps allow RV and boat owners the ability to connect and transact with renters.