Updated over 4 years ago on .
Long term or short term rental?
Hello everyone, my name is Bob. I am a brand new investor and just bought my first house that we are going to BRRR. I'm having a little struggle in which market to rent it to. I have a property manager that is saying the house should rent for about $1,650 per month. I paid $320,000 for it as a 3-bed, 1-bath and was super excited to get that. I am a real estate appraiser and I knew this was a good deal. My wife is a nurse and we have friends that are traveling nurses. In speaking with them they are telling me the home can easily rent for $2,000 to $2,400 per month on 13-week cycles. We figured the rehab for the home is about $20,000 because it is only cosmetic stuff like flooring, paint, new shower tub surround, etc. If I rent to travelers I will need to have it fully furnished, which I estimated would be another $10,000 to $12,000 when you figure everything from wash clothes to beds and couches. With COVID and nurses quitting or being fired I believe the travel nurse market will be steady and you the residents are reliable and won't destroy the property. With long term tenant I don't have the extra costs of full furnish and I don't have to supply the utilities, cable and internet. I'm looking for some experienced advice to help me make the right decision. Thank you all in advance.