Are you interested in hopping into the rental world full time but unsure of where to start or how the numbers will shake out?
The world of co-hosting is an amazing place to start, especially if you are interested in the short term rental or vacation property world. Your income can be whatever you make it. We’re going to dive into the exact numbers and hours invested into a property and outline how you can make supplemental income all the way to full-time income in order to replace your career.
Keep in mind, our numbers are based on our Cincinnati, Ohio market. These numbers are also going to be conservative, based on our slow season. So let’s break down one example:
Basic 1 Bed/1 Bath.Tastefully decorated, not dated. Basic amenities (parking/wifi).
$2000/mo Short Term, $1100/mo Long Term
Monthly Time Commitment:
TOTAL: 8.5 hours for one property
Average Commission for co-host: $50/hr
Assuming you do not save time scaling out more properties (but trust us, you do), if you want to replace a full-time 40-hour job, you would need 19 properties to make $90,000 a year. Again, these numbers are all being highly conservative.
We hope this illustrates just how flexible building a co-hosting business can be. It can be something you do on the side for a little extra income, or it can quickly replace a full-time job. As you scale, you will develop systems that save you time and make you more money, and you will get better and more efficient at every piece you touch. The only limit is what you put into it and what you hope to get out of it!