If we could earn RM1,000 per week by renting out your current property, would we do it? I would, of course. As per an article in TheStar, quoting numbers from AirbnB, the RM1,000 per week may be more real than a dream. Take a look at the image. The lowest happened on the list happened to be Kota Baru Kelantan but the rest of the usual locations I normally visit, from Langkawi to Melaka and Cameron Highlands means that I would have been pretty wealthy if only I had a property in these places. I think this is a sign for me to think a little more seriously. I have been thinking way too much instead of actions. Yes, I have told my wife about owning an apartment / condo in Langkawi, Melaka and Cameron Highlands.
Coming back to the possibilities. RM200 per apartment / condo per night for a family of 4 and renting out just 4 nights out of 7 per week is already RM800 per week. Note that RM200 is only enough for a 3-Star hotel room for 2 pax per night. No wonder hotels all around the world has started to complain against AirBnB. As of now, I am still relying on hotels more than AirBnB. Sometimes, the home that I like, the owner is either new to the renting business or did not have much reviews. I am a little more cautious too as this is an individual whom I do not know much about. A hotel meanwhile is already an established accommodation provider.
What about possibilities of taking care of these rentals by ourselves? Well, it’s not that easy. We need to somehow pass the key and explain the house rules, followed by inspection and cleaning up for the next guest. If we have just one apartment or condo, it is clearly not sustainable even if it’s RM800 per week which is only RM3,200 per month. No doubt, RM3,200 is by far higher than the usual monthly mortgages but I do not think we will do this full-time. I think it’s best to find an agent who can do this for us and agree on a deal with them. Yes, I sort of know the rates that these agents charge and I think it’s still worth it even if they are not the owners of the home. As of now, I am nowhere near these kind of rentals yet. Perhaps I should try it out if any of my tenants do move out in the near future. Will update.
written on 5 July 2016
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