I'm currently in college but not sure if I want to buy a house to rent and live in for 2 years. Saw something about leasing an apartment and then renting said apartment on AirBnb. Anyone done this before or have any material that I should read into?
I would check the lease for where you will be renting first many have exclusions for doing any sort of subletting. You will also want to check local ordinances that can often be pretty strict against short term rentals. However those being said the cashflow can be great on STR you'll just want to stay out of trouble. I would look for other rentals in your area and run your numbers to see what you should expect as a return. For the landlord you would be renting from they are going to get back a nice unit back because you're going to have someone come clean and maintenance it when there is turnover. You could also reach out to other folks in the area doing AirBnb to see if they have recommendations. BiggerPockets also has a book Short-Term Rental, Long-Term Wealth which was a great read! https://store.biggerpockets.co...
I would check the lease for where you will be renting first many have exclusions for doing any sort of subletting. You will also want to check local ordinances that can often be pretty strict against short term rentals. However those being said the cashflow can be great on STR you'll just want to stay out of trouble. I would look for other rentals in your area and run your numbers to see what you should expect as a return. For the landlord you would be renting from they are going to get back a nice unit back because you're going to have someone come clean and maintenance it when there is turnover. You could also reach out to other folks in the area doing AirBnb to see if they have recommendations. BiggerPockets also has a book Short-Term Rental, Long-Term Wealth which was a great read! https://store.biggerpockets.co...
Many, many leases will exclude subleasing without permission. I tried to request it at my old apartment complex and was denied which is common. Are you able to qualify for an FHA loan, or are you on track? This would be a great spot to start your investment career.
Thanks for input, I can apply for loans but I am a college student so I would need a co signer for the income part of the loan. My parents aren't exactly thrilled with the idea so they won't co sign. Since they are paying for my college I can't exactly go against them. Thought of the Airbnb with an apartment could be a good place to start since it would require less capital.
@Michael Venneman I like where your heads at just make sure you do your due diligence on the lease you are signing so you don't get yourself in trouble.
Thanks for input, I can apply for loans but I am a college student so I would need a co signer for the income part of the loan. My parents aren't exactly thrilled with the idea so they won't co sign. Since they are paying for my college I can't exactly go against them. Thought of the Airbnb with an apartment could be a good place to start since it would require less capital.
You could always find a partner to act as a cosigner. If you're over 18 and have the means to purchase a home, you have the right to do so regardless of whether or not your parents are paying for college. Gifts that come with conditions aren't always worth receiving.
The lease will let you know about sub leasing opportunities. If pursuing the airbnb model, one strategy could be working with traveling nurse organizations, hospitals, etc. The pandemic has increased demand for nurses and if able to establish relationships you can have a consistent flow if short to mid term rentals with a qualified tenant base.