Like Blueground or Zeus Living, without actually owning it? What are some legalities to be aware of in this business?
Hi
Options:
1. Rent or lease them (amount of companies that offer this option depends on your location).
2. Purchase them second hand (there's some amazing quality second hand furniture - some of which you'll be able to sell when done.
3. Partner with companies who want to promote their products and may be willing to give you the inventory at substantially reduced prices in exchange for showing the brand/logo of the product on it or including the brands on your website.
Either way, you should get reduced rates for buying large quantities.
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The inventory rental, whether short or long term depends on the purpose of the inventory which is yet to be rented. The term of inventory rental is mainly determined by its purpose. You will have to locate the person or company with the inventory which you seek and meet their terms and conditions if favourable.
Few things to note for acquisition:
1. Depreciation Agreement: This means the wear and tear of the item you want to be custody of. You will be reliable to pay for damage of the rented inventory other than a natural wear and tear.
2. Inspection Arrangement: this is the right of owner to inspect the condition of his or her property from time to time. Your right here is that you will have to be given 24 hours notice before the inspection takes place. Inspection schedule periods should be agreed upon between you and the owner to avoid inconveniences.
3. Final Inspection: When the agreed date of usage of rented item expires, the owned will carry out final inspection to confirm the original structure of the property, which it will be wise you are present during the time of inspection.
With these keys you're good to go and acquire your inventory with all amount of awareness.
Call for more questions. Thank you.
You can find distressed sellers, or properties that aren't owner occupied, and rent them out on AirBnB if they are in highly desirable areas, and furnished/designed well, you will be able to pay the rent to the landlord, and function as a property manager for the rentals.
