Festivalgoers at Coachella.
Amy Sussman/Getty Images for Coachella)
- Reyes Corona, 34, is a construction technician and homeowner in Indio, California’s Coachella Valley.
- Corona’s normal rental rate is $180 per night. During Coachella, it jumps to $1,900.
- This is Corona’s story, as told to writer Jenny Powers.
This as-told-to essay is based on a conversation with Reyes Corona, a Vrbo owner in California. It has been edited for length and clarity.
In January, I bought a fully furnished, four-bedroom, two-and-a-half bath home in Indio, California for $545,000. The seller said she often listed her home on the vacation rental marketplace, Vrbo, and that it was extremely profitable — including during Coachella, the annual music festival in the area.
I remember thinking “Why not me?” So, I bought the home from her and began doing the same thing.
The house was in great condition, and it even came with a detached casita with a monthly tenant
I liked the way the former owner decorated, so all I had to do was buy some new bed linens for the master bedroom. Then, it was move-in ready. I live in the home, so when I rent it, I have to find another place to stay.
Reyes Corona’s house, which rents for $1,900 per night during Coachella.
Courtesy of Reyes Corona
Ironically, the home I’d previously owned was directly across from the Polo Fields where Coachella takes place. Back then, I hadn’t even considered renting out my place for the festival. I guess I should have.
Over there, they didn’t allow street parking. But at my new place, you can pretty much park anywhere you want. You could even bring an RV if you wanted to.
To date, I’ve rented my home out five times for $180 per night. During Coachella, it’s $1,900.
It was early February when I first listed the property on VRBO for Coachella in April — $1,900 per night, with a four-night minimum around the dates of the festival.
Reyes Corona.
Courtesy of Reyes Corona
Within three weeks, a group of four booked it for 4 nights. Two of those nights fall under my regular nightly rate of $180, while the two days closer to the event are running them the $1,900 rate. The renters told me they’re independent contractors and working at the show, which is why they arrived earlier than attendees would.
Then, eight young concertgoers heard about my home through a mutual friend and booked it for 4 nights as well. They’re paying my Coachella pricing for a total of $7,600.
I leave the keys for the renters, along with written instructions that include suggestions for local bars and restaurants. I also tell them they can call me at any time.
I’ve been to Coachella in the past, and it’s really fun. I didn’t get tickets this year, and it’s definitely for younger people. But despite being 34, I think I could still hold my own.
My parents live here in the Valley, so I’ll be living with them while I rent my place
I’ll be with my parents for about two weeks. They charge me to stay there, which I think is fair since I’m making money renting out my own home. I also think it’s my responsibility as a son.
Inside Reyes Corona’s house.
Courtesy of Reyes Corona
It’s been a while since I’ve lived with them, so I kind of feel like a teenager again. I don’t have the kind of privacy I have in my own home, and I can’t do certain things like change the thermostat or I’ll get in trouble.
During the day, I work for the Southern California Gas Utility, where I’m a construction technician and engineer. That’s a fancy way of saying I dig holes, fix pipes, and look for leaks.
Being a host has been a great experience, and I enjoy it
Renting out my home is a great way to bring in additional income, and thanks to my home’s close proximity to Coachella, these increased rates will now keep me worry-free about my mortgage for the rest of the year. I plan to put any other rental profits into my savings, because you never know what’s going to happen in the world during these crazy times.
I don’t travel much myself, so I’ve never had the chance to rent a VRBO. But having been on the other side, I definitely would now.
I guess you could say the closest I’ve come to renting a property is going back to stay at my parents’ house.
Read the original article on Business Insider 
