I have a house in Inglewood that is almost fully set up for a short term rental and I just found out that the city placed an ordinance where I wont be allowed to Airbnb after Nov. 1st. Should I finish the set up and do airbnb for a month and then try to do a furnished mid term rental? Or do I sell everything, patch up the walls from hung artwork and wall mounted TV and list as a regular long term rental?
Property Manager · Los Angeles, CA · Member since 2022 · 590 posts · 463 votes
4y
Hi Nina, we manage a number of mid term rentals in the LA area. It depends if you want to do the extra work involved with mid term rentals to make the extra income you would make above the unfurnished long term rates. Let me know if you’d like help estimating what you could get for mid term rates and the costs and work required to run it. I’m happy to chat more about it :)
Olympia, WA · Member since 2016 · 8k+ posts · 7k+ votes
4y
Hey @Nina Marie, have you run the numbers on a LTR to see how it pencils out?
Personally I would go that way and start over on a new STR. Unfortunately everything in CA seems to be morphing all the time. Banned STR, restricted STR, no problem STR...
If your place is fully setup, I would just go MTR from the get. Is it near anything that would bring traveling professionals? Big hospital, university etc?
Hey @Nina Marie, have you run the numbers on a LTR to see how it pencils out?
Personally I would go that way and start over on a new STR. Unfortunately everything in CA seems to be morphing all the time. Banned STR, restricted STR, no problem STR...
If your place is fully setup, I would just go MTR from the get. Is it near anything that would bring traveling professionals? Big hospital, university etc?
It is a 3 bed 2 bath house right behind the construction of a large basketball stadium. I was thinking of advertising the rooms out separately to the construction workers as some come from other places. Dont know how to advertise to them. I think Felipe Mejia does this pretty successfully but not sure how he got started.
I think you should go ahead and do the short term rental and see how you like it. And when November comes along, try to rent the house furnished (you may be able to get higher rent). I myself want to try Airbnb for one of my duplexes, but every time one tenant moves out, one comes right away.
My buddy does AirBnb in West LA and he said he has had a very flaky experience with the house cleaners. And all of a sudden, they used to charge him $120 to clean the house, they are now charging $225 and even then they flake on him. So, having that experience behind your belt will help you so DO IT and let me know how it goes!!!!
For the time being, I would rent the property out as an STR. BUT, I would also recommend that you market the property as a mid-term rental at the same time too since you can do both. Doing both at the same time too will get you inquiries to rent it out long-term so you can avoid getting whacked from the ordinance being put into play.
Hope this helps and if you have any questions on marketing the property don't hesitate to reach out!