Single family home: Long or short term rental

[Jonny Pohlgeers]

Hey yall!

My wife and I purchased our starter home in 2019 in Louisville, KY. we have outgrown our home and are looking to upsize. We want to keep our home as a rental but we are not sure if we should do a long term rental or go the short term airbnb route. We have a large yard and I have completely remodeled the basement and kitchen. My worry is that the landscaping needs and recent remodels that are higher end relative to the neighborhood, may not be the best for a long term rental. I am 1 mile from the expressway and 5 minutes to downtown so I am in a prime location for both. Long term would be more steady but for some of the larger events in town, such as the Kentucky Derby, I could get $4,000-$5,000/wk for Airbnb. 

Keeping things high level, what would everyone suggest or what things do I need to consider?

thank you!!!

[Debbie Burgett]

Hello Johny,

What a great dilemma, those are great options, but in Louisville, as in Lexington, the laws are really strict on Short Term Rentals. The outer lying areas are not, but within the  city there are permits to get that are very difficult for new short term renters. I would definitely call the city and see what they will require of you before you make this decision.

Debbie