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Updated about 3 years ago on . Most recent reply

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5
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1
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Benjamin Barry
  • Norcross, GA
1
Votes |
5
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Converting my property's garage into another Airbnb worth it?

Benjamin Barry
  • Norcross, GA
Posted

I have a rental property in the Southeast (not my residence) that I am using as an Airbnb.  It is worth about $80,000, so not very much.  It is in a lower middle class neighborhood and so far is doing okay.

I am thinking about what my next move would be and I would like advice.  I have the option of either:

1) Converting the existing detached garage of the $80K property into another, smaller airbnb.  It already has a separate room attached to the one car garage but there is no HVAC or water.  I would want to do this with a construction loan of some sort.

2) Just buying another property and saving the down payment for that.  Right now my Airbnb is not in a vacation market so I'm thinking about my next Airbnb being in such a market.

3) Any other ideas??

Thanks!

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