How I’m Quietly Turning 4 Rental Properties into a Passive Income Goldmine While Crushing My 9-5 Grind
Ashley:
What’s the cashflow difference though? Is it usually everyone says the short-term rental is worth it because it makes so much more. What would you say in your opinion?
Mike:
My market is extremely seasonal. So for example, a good long-term rental in the southeast Michigan market, you’re looking at maybe two to $300 a cashflow per door per month, I should say per door. Last month for May, I should say for the short term rental, we walked away with 2,400 in cashflow. So eight x, which is fantastic. The only problem is the fall and the spring, if you’re lucky, if you’re breakeven, you tend to be a little bit in the red and hopefully not too far in the red. So you really make the bulk of your money in the summer and the winter because there’s a lot of ski resorts, there’s water parks, there’s a raceway racetrack up there where they do nascar. So it depends if you’re okay with the volatility in the long run, it probably breaks out to about five to $600 a month, maybe a little bit more if you have a good year. But it’s still nearly double what a normal door in southeast Michigan would give you.
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