Switching to Long-Term During Covid-19?

[John Johnson]

Hi Everyone,

My first post here.  My wife & I purchased our first rental in the Northeast Georgia area few months back and finally got it ready to list on Airbnb just as Georgia enacted a ban on Short Term rentals due to Covid.  Northeast GA is a drive-to destination but with the ban & unsure of when it may be lifted we are thinking of switching to a long-term rental to cover our mortgage during the crisis.

Looking for some advice on if this is the right move.

Should we do 3, 6 month, or year lease?  Should we market to nurses? (closest hospitals are 30 min away).

Should we keep it furnished or move the furniture out? (a little worried about the nice furniture we bought getting damaged).

Should we be concerned about people not paying their rent because of the ban on evictions?

Any other advice welcome.  We have spent all of our time preparing for Airbnb and now have to learn all about long-term in order to do this.

Thanks!

[Avery Carl]

Hey @John Johnson. Would need a little more information about your place to give a solid answer. #1 question, how big is it? You're going to have a harder time long term renting a 5 bedroom than a 2 bedroom. For me personally, my STR's net at least double (on a slow month) what my long terms do, so if you have the cash reserves in place, I'd wait it out another month or two until we have a better idea of what stay at home orders are going to look like state by state for the summer before you try and get a lease signed on it.