Making Money in Los Feliz: Short-term Rental as an Income Generator

Little Dom's - one of the many reasons that Los Feliz makes is a good place for a vacation rental

Little Dom's - one of the many reasons that Los Feliz makes is a good place for a vacation rental

Los Feliz is awesome. It's safe, beautiful and close to downtown LA.

Did you know that you can make some extra money from your Los Feliz home while you're out-of-town?  It's called short-term rental. You rent your home to vacationers coming to Los Feliz and Los Angeles.

They pay you handsomely. You get to take a vacation of your own.Short-term rentals in Los Feliz can range from about $1,000 for a week to over tens of thousands for a month.

That's a lot of money to simply let someone stay in your house for a little while.

The best way to arrange this is to use a website that provides you with a reliable system for renting.There should be a rental agreement that provides for damages, etc. Also, you should, as with any other rental, know to whom you are renting or get some form of deposit.

There are lots of great websites that will allow you interact with potential renters.It's not legal everywhere – Although not a problem in Los Feliz, there are places where this isn't legal.  Before you rent, you should check local ordinances to make sure.

There are no guarantees, maybe – Some rental sites, like AirBnB, have begun to include “host guarantees.” At AirBnB, it's $1,000,000! It still won’t replace your home owner's insurance, but it's worth knowing.

Check with the neighbors -If you're out-of-town and your renters end up hosting a kegger, it's your neighbors who will be bothered by it. You might find one who will call you, if there is a problem. You should definitely make sure they all know and have information to get a hold of you.

Tell your insurance agent – Whether your in good hands or have a piece of the rock, your agent is going to need to know what you're doing. If something goes wrong and they don't know, you might end up footing some expensive repair bills all by yourself.

Relax and Have Fun – Once you have made all the right and smart decisions, relax.

There have been millions of short-term rentals and a very small handful of problems. Short-term renting has become a great way for folks to make a bit of extra income from their homes and it provides visitors from your area to be part of the community, rather than staying in some sterile hotel. This is especially important when they are traveling with large families.