Buying a condo for corporate rental housing

[Franky Maslim]

Hi BPers,

I wanted to get your opinions and/or ask if any of you guys have experience with buying a condo and making it a rental corporate housing. Is it profitable? Is it too much hassle due to rules, restrictions, etc.? What about the length of the rent, tenant-based or corporate-based?

Thanks in advance for your replies.

[Kim Meredith Hampton]

I would first check with the condo association and county/city to make sure that they allow short term rentals. I have found that most dont. If they do allow, make sure that you collect the appropriate state tax for short term and do everything by the book. Right now there are a lot of trouble brewing with the ABNB issue in most areas.

If you do go the corporate route, make sure that an officer of the corporation signs the lease. You never know who they have coming and going from the property.