AirBnB, lease, or montly rent?

Question

Hi everyone, first post and just joined BiggerPockets a few days ago. Very fortunate to find you. Here is my situation and looking for advise. I have a daughter attending college starting this Aug. We are thinking about a two bedroom condo or duplex if we can find on. We would be looking to either do a AirBNB, lease, or monthly rent for the other bedroom or two other bedrooms. The idea is the location would be within 1-5 miles of a college and would primarily be for college students. We still have a lot to learn and read through such as monthly lease prices based on location, lease agreements, but this would definitely get us going in the right direction.

I'm thinking lease, but wanted to get your opinion. Thank you

I'm thinking lease, but wanted to get your opinion.  Thank you

Ariel Smith · Answer

@Charles Mullins yes that's true! No problem and continue to peruse BP as there is a ton of great information! Best of luck!

Ariel Smith · Answer

@Charles Mullins I'm trying to understand your question so forgive me if I'm misinterpreting. It sounds like you are trying to lease a place for your daughter to live in while she attends college and then rent the other bedroom on Airbnb? You would need permission from the landlord in order to do this and most are not going to be ok with having an "unknown" tenant in the property especially if they don't know you very well as a tenant yet.

If this is what you're trying to do then I'd make sure to run it by the landlord first or not risk it. If you're looking to buy, then make sure if it's a condominium that the HOA does not restrict short term rentals. Keep in mind that the HOA can always change its policies as well... so condos tend to be most risky.

Charles Mullins · Answer

@Ariel Vincent Thank you, were are looking to buy and yes the HOA scares me.  This would be our first investment and thought what a great way versus paying rent for my daughter.  However, listening to podcast and reading we also need to be careful what we buy so we get a good return.  We have so much to read and learn!  Thank you for the great advise.