Constantine Vlahos, a former day trader, now makes extra income renting out his guesthouse in Los Angeles. Mr. Vlahos bought a Mediterranean Revival-style main residence in 2000 for just over $1 million and spent $2.5 million—and five years—renovating it, adding a 750-square-foot guesthouse with a 35-foot-pool and gardens.
In 2008, Mr. Vlahos began renting out the guesthouse, and since then he says he's hosted dozens of marriage proposals and elopements and many celebrities. He says the guesthouse is occupied about 80% of the time at a cost of $395 a night, nearly 50% more than when he first started renting it six years ago. A month-long stay costs $9,480.
My listing at 6191 SW WIlhelm Road features a charming guest house complete with two queen-sized Murphy beds, an adjoining bathroom and a small kitchen.