I have an opportunity to acquire an 8unit in a prime location.
It currently holds long-term tenants and does fine.
I will be able to get so much more if I Airbnb it.
Given there are no HOA to stop me. My city allows Airbnb. The location is a high traffic area.
Are there laws against Airbnbing your 8 units ( that someone might be aware of).
I m in DFW TX.
Does that make me an bnb? So I LL be subject to taxes etc...
Thats a great question. I'd look into your local code and see what classifies as a rooming house and what classifies as a hotel. Often just calling up the building department and asking them a "hypothetical" question is your best bet.
I know there were a group of businessmen in NYC where were recently able to AirBNB a number of floors in a building because they classified it as a hotel and it worked to their advantage.
Thanks. I look into that.
Some cities (like Chicago) have strict rules on what type of properties can be Airbnb (or similar). If you call it a hotel, you have to have a hotel license and other things. In Irving, maybe you don't have such rules. It's usually an issue where affordable housing is an issue because you are removing 8 units from the housing stock.
It all depends on the city and local laws on if you can, but on another note it may be a good idea to go half and half to make sure you are not ever at risk of not getting enough income for a particular month,
@Nandy B. if your local government and housing codes allow it, you should be fine