I'm in a unique situation and I want to take advantage..

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I'm in a unique situation and I want to take advantage..

Shan Xspiteri
Member since 2019 · 5 posts · 0 votes

I live in a single family high ranch. The upstairs is being rented on a 6 month lease, and I live downstairs.

I'm 30, single, and debt free. 

Here is the unique situation.

I live in my parents house by myself as my parents live in Europe.

I take care of the property and two other rental properties. I pay them $700 a month just to help put towards their mortgage.

I'm currently living in the suburbs about 2 hours away from major city, and to be honest I don't want to live here anymore and want to be in the major city.

I have a few friends I could couch surf with while I look for a place in the city.

I am self employed so I don't need to stay here.

Now, I am trying to figure out what is the best route to take and have been reading up about house hacking, which in a sense is what I am doing right now.

However, I am debating on either renting my downstairs to a friend, a 6 months lease, OR Airbnb

I feel Airbnb would be my best bet for most income, although it might be slow during the winter months.

Just looking to get some advice on what routes I should be taking.

I also do overlanding, which is camping out of my truck so I honestly don't mind living out of my truck a week at a time, truly enjoy it and find complete peace, but want the downstairs to be making some sort of income.

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  • JM Payne
    Rental Property Investor · Member since 2018 · 207 posts · 225 votes
    6y

    I wouldn't try to manage an AirBNB from two hours away, so unless there is a management company or someone local that you would partner with, I'd take that right off the table once you move to the city. 

    As to the friend/6mos route, are the downstairs and upstairs completely separate with outside access and whatnot?  If so, go for a market tenant and duplex it.  If not, find a friend and rent to them so you can crash on the couch when you come back. 

    I hope that helps, good luck!

    - jm

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  • Shan Xspiteri
    OP
    Member since 2019 · 5 posts · 0 votes
    6y

    I do have a friend who said he will handle anything for me if needed. He has helped me in the past with our property while I was out of state.

    The downstairs and upstairs are separated and have their own entrances. 

    I figured Airbnb might be able to yield me a higher income. I will continue exploring the options.

    Thanks for your reply!

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  • Marcia Maynard
    Investor · Vancouver, WA · Member since 2013 · 3k+ posts · 4k+ votes
    6y

    Airbnb is not for everyone. We do both long term rentals (16 units) and Airbnb (1 unit). When you venture into Airbnb, you are entering the hospitality business. Being a host to guests takes a different mentality and different approach than being a landlord to tenants. Insurance differs as well. Take into account the costs associated with furnishing the space, purchasing supplies, paying for utilities, taxes (property, lodging, business), relationship with neighbors, parking, non-booked nights, doing the make-ready between guests, prompt attention to the needs of guests as they arise, and handling the reservations, arrivals, departures.

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  • Shan Xspiteri
    OP
    Member since 2019 · 5 posts · 0 votes
    6y
    Originally posted by @Marcia Maynard:

    Airbnb is not for everyone. We do both long term rentals (16 units) and Airbnb (1 unit). When you venture into Airbnb, you are entering the hospitality business. Being a host to guests takes a different mentality and different approach than being a landlord to tenants. Insurance differs as well. Take into account the costs associated with furnishing the space, purchasing supplies, paying for utilities, taxes (property, lodging, business), relationship with neighbors, parking, non-booked nights, doing the make-ready between guests, prompt attention to the needs of guests as they arise, and handling the reservations, arrivals, departures.

    Thanks for your reply Marcia!

    I have taken into account some of the things you have mentioned. My place is pretty furnished already to a high end. My place also has private driveway and neighbors are all quite peaceful.

    Furthermore, I happen to own a cleaning business which will help me a lot to get the place in tip-top-shape between guests.

    I do would like to ask, what do you mean regarding insurance? Should I be looking into some sort of insurance policty for Airbnb?

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  • Matt P.
    Investor · Columbus, OH · Member since 2015 · 625 posts · 601 votes
    6y

    @Shan Xspiteri yes your insurance agent should know your airbnbing your house

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