So I wanted to bounce my newest idea out there to get any comments/thoughts/tips from the BP community.
Current Situation: I purchased my first duplex back in June and have lived in it the last several months while I am giving the place a complete update (new flooring, paint, windows.. etc.). I have long term (inherited....) tenants that currently live in my other unit with their lease set to expire in June of 2019. I will not be renewing their lease and will need to completly update their unit as well (its a little rough).
The Plan: Once my tenants lease expires, I will Airbnb the unit I am currently living in and swap sides to renovate it. I would expect to be able to get 8-900$ a month from a long term tenant with my renovated unit. Whereas I believe I could get between $100-125 per night for the place during the off season and potentially more during peak periods doing short-term Airbnb rentals.
I believe that I’ll be able to leverage numerous advantages since I will be living next-door such as lawncare (I already do it..), Wi-Fi, and obviously convince if I need to clean or fix anything in the unit. I estimate as long as I have an occupancy rate of around 35-40%, I should at lease meet the same returns as the long term tenant. Plus, If its vacant for any decent period of time I will be able to hop sides and live in the nicely renovated unit instead..
Thoughts? Has anyone else tried something similar to this?