Special offer

How To Make Money in Real Estate On January 20, 2009 . . .

By
Real Estate Agent with RE/MAX Realty Services

January 20, 2009 is the big money day for the Metro Washington DC area because of the demand for hotel rooms for the inauguration.  I heard it on WTOP Radio today.  This is amazing to me, I understand but it still amazes me.

First of all every hotel room within about a hundred mile radius is booked solid for the historic inauguration and so they should be.  The city is expecting 5 million people to be in the city for the inauguration.  5 MILLION people in DC.  That is going to be a traffic nightmare.  The Metro, our subway system, is going to start running trains at 4:00 that morning to start moving people through the city.

People have rented camping spaces all over the local area.  Can you imagine DC in January and camping?  I swear I am such a sissy. 

Today, on WTOP radio, people were talking about renting out their basements, extra bedrooms, dividing up their houses to have make shift rooms for people to rent because they cannot find any where else to stay.  Cheap, they are not.  A woman in Chantilly Virginia said she was going to rent her extra bedrooms out for $300 a night and a gentleman on the radio said he would rent his rooms on Capital Hill out for $750 a night.  His fee included breakfast and a tour of the city though.  I thought that sounded like a bargain for sure though, do you know how much a cab is in the city?  Not really, they are not so bad.

How do you screen these folks?  What a strange thing to have strangers running through your home?   Maybe if December is slow I might be singing a different tune? ;0)

Supply and demand?  I guess some folks could make enough to pay off the holiday bills?  For me, I will be happy to watch everything right smack on the big TV in our family room where I wont have to fight the traffic, and be toasty and warm while doing it.  Maybe it will be the biggest real estate day of the year???

Sharon Alters
Coldwell Banker Vanguard Realty - 904-673-2308 - Fleming Island, FL
Realtor - Homes for Sale Fleming Island FL

We thought about renting out our home during the Super Bowl here but we couldn't get beyond strangers in our house and not knowing them...

Nov 22, 2008 02:12 PM
Jean Powers
Kane & Associates call 510.908.9002 - Alameda, CA
CRS,e-PRO,HAFA,SFR Broker, Northern California

I wouldn't rent my house to strangers. It isn't worth it

Nov 22, 2008 02:20 PM
Lisa Friedman
Alliance Realtors - Bedminster, NJ
Central New Jersey Real Estate

Wow, that is really interesting.  It would be exciting to be there, but waaaaay too crowded for me.  Plus I hate waiting,

Nov 22, 2008 02:25 PM
Anonymous
Brenda Lachman

One of the keys is to vacation rent your home. Real estate is a great investment, but vacation rentals is the niche within the niche.

 

Read all about it in my new book: Welcome to the world of vacation rentals, or how your property can work for you.

http://www.strategicbookpublishing.com/WelcomeToTheWorldOfVacationProperties.html

Nov 22, 2008 02:36 PM
#6
June Piper-Brandon
Coldwell Banker Realty - Columbia, MD
Creating Generational Wealth Through Homeownership

I got an email today wanting me to rent my investment property out during the inaugeration.  I just rented it so it's not available.

Nov 22, 2008 02:58 PM
Amanda Evans
DFW Living - Fort Worth, TX
Real Estate Broker - Fort Worth Texas

It sounds absolutely insane.  I think I'll visit DC in the summer. :)

Nov 22, 2008 03:39 PM
Michael Setunsky
Woodbridge, VA
Your Commercial Real Estate Link to Northern VA

Audrey, I too am going to take in the festivities from the comfort of my own home.

Nov 23, 2008 12:52 AM
Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

Audrey, It is going to be an amazing day, that's for sure!  Some people can stand the cold...I'm not one of them :)  But on a much smaller scale it reminds me of The Macy's Thanksgiving day parade where people are outside for HOURS and hours or even the US Open...where people are renting out any part of their homes or yards---and they're making some serious money :)

Nov 23, 2008 02:17 AM
Chris Ann Cleland
Long and Foster Real Estate - Gainesville, VA
Associate Broker, Bristow, VA

Audrey: I heard this story when I was driving yesterday.  I can't imagine renting a room in my home to complete strangers!  I'll be staying home, or at least staying local, on the 20th.  I usually drive my Mom into FAirfax for an eye doctor's appointment the 3rd Tuesday of every month, but not the 20th.  I'm not fighting event traffic.

Nov 23, 2008 03:00 AM
Alan Gross
PrimeLending, A PlainsCapital Company, Equal Housing Lender - Bethesda, MD
Loan Consultant

I hope this isn't another example of the news hyping a story for rating purposes. Renting a room for a day or so could bring a little extra income but there are risks of having someone unknown to you staying in your home. Think about a realtor meeting someone you don't know at a vacant house for sale based only on a phone call.  There are also people and ticket brokers selling tickets to the inauguration events that haven't been issued yet and are free. Be careful.

Nov 23, 2008 03:32 AM
Yvette Smith
LONG & FOSTER - Williamsburg, VA
Realtor In Williamsburg VA, Homes for Sale

HI AUDREY!

WOW!  I tried to get a room, but to no avail.  Can you put my husband, 2 boys & me up :o)?  Kidding...I don't know if I'd rent the rooms in my house out.  That'd be kinda strange!

I'll be watching it on the tube also!

Nov 23, 2008 08:38 AM
Ellie McIntire
Ellicott City Clarksville Howard County Maryland Real Estate - Ellicott City, MD
Luxury service in Central Maryland

I hope the Baltimore area gets their fair share of the action too. I have quite a few clients that are BWI cabbies. It's been a lean year.

Nov 23, 2008 12:31 PM
Jesse Clifton
Jesse Clifton & Associates - Fairbanks, AK

Audrey - Traffic was a *&$@ in DC when I lived there in the 70's.  It hasn't changed one little bit in the decades since.  I can not imagine adding 5MM people to the mix.  Forget it... I have no problem camping in January (MH has radiant heat) but I wouldn't think of going north of Fredericksburg during the inauguration.

Nov 23, 2008 06:10 PM
Mike Klijanowicz
Cummings & Co. Realtors - Perry Hall, MD
Associate Broker @ Cummings & Co. Realtors

Now how is that guy going to give a tour of the city with 5 MILLION PEOPLE in his way?  People will say anything to get someone to pay.  If I were you, I would go shopping for two weeks worth of groceries the week before and STAY AT HOME!

Nov 24, 2008 02:25 AM
Kathy Clulow
Uxbridge, ON
Trusted For Experience - Respected For Results

This event will be one of the highest attended events ever short term rentals will likely never see this much activity or demand again.

Nov 24, 2008 04:57 AM
Patty Carroll
Vancouver, WA

It is a great idea. There are people that need a room and others that have them. It could be like a B&B just for this event.

 

Nov 24, 2008 05:25 AM
Audrey June-Forshey
RE/MAX Realty Services - Darnestown, MD
GRI, Gaithersburg, MD

Hi All, You are so funny.  I agree, the guy with the tour is not going to be able to move on the streets of DC during the festivites.  If you know DC and all the round a bouts, OMG, 5MM people, it is going to be a disaster.  I am staying home!!

Nov 24, 2008 01:42 PM
Mara Hawks
First Realty Auburn - Auburn, AL
Inactive-2012 REALTOR - Homes for Sale Auburn Real Estate, AL

That is too much of a crowd for me, but all very interesting! Brrrr.......

Nov 29, 2008 12:22 PM
Richard Stabile
Re/Max Real Estate Limited - Oradell, NJ
Bergen County New Homes Builder Realtor

I hope we find ways to make money after January 20, 2009. I think sales are going to pick up with all this money in the system now.

Richard

Nov 29, 2008 02:13 PM
Lanre-"THE REAL ESTATE FARMER" Folayan
Samson Properties - Bowie, MD
I don't make promises.I deliver results.SOLD HOMES

Audrey a lot of people are putting up ads on Craigslist renting their homes out. But you have to be careful because you never know what the people who you are renting your house too might be doing. But I hope after January 20,2009 the real estate market in Washington DC will pick up again especially in areas such as Deanwood,Congress Heights and Anacostia. Great post Audrey.

Dec 03, 2008 02:08 PM