What is your opinion on small MF properties being used for STRs?

Question

I attended an interesting seminar last night that focused on turning small multifamily properties (duplexes - 20 unit buildings) into short term rentals.

They compared the profits of using LTR and STR side by side and of course the STR model blew the LTR out of the water.

Would love to hear the thoughts and opinions on this strategy from those who are doing it currently, have attempted to do it, or who are just interested in the space.

Thanks in advance!

Hayden Wright · Answer

@Nathan G. Thanks Nathan!

Mina Shirey · Answer

Have you managed any were the use was mixed? Im interested in a 5 unit property but have no experience with STR, only 2 LTRs. I am thinking to LTR 3 units and STR 2 (or visa versa), as I get my feet wet with the STR space. I also would be self managing but I'm local and have good contractor/handymen access. What are your thoughts on this strategy - anything I should be thinking of?

Nathan Gesner · Answer

I manage a property that was a motel, then it converted to some really nice apartments, but the owner is using it for long-term rentals. I think it would easily double the income by converting to short-term. It's a good idea if your market (and zoning) can handle it.

What is your opinion on small MF properties being used for STRs?

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