Should I turn my NE duplex into an Airbnb?

Question

I recently bought a large duplex as an owner occupied, mainly for the better financing terms, but my goal is to move out as soon as I can to start generating cashflow on both units.

To give you some more context. Each unit is a 3 bd apartment, and It will be too much space for myself so I'm considering making my unit (the owner occupied) into an Airbnb while I'm there. However, I'd have to invest in furnishing the whole place and I might be moving out in 6 to 12 months anyways so that seems like a waste.

Any ideas? Does anyone have recommendation on furniture rental, cleaning services, airbnb apartment management services ?

Thanks!

James Hamling · Answer

@Luis Arellano in 1 word; Ikea

Tim Swierczek · Answer

@Luis Arellano I did not rent (wish I would have) but I will check with some STR PM's I know and get back to you.

Tim Swierczek · Answer

@Luis Arellano I still recommend renting.  We furnished a 4 bed place using predominantly IKEA furniture and when you add it all up, the total exceeded 13K, so for a 9 month rental you should rent furniture too. Several thousand of that were things you will already have, like kitchen supplies, cleaning supplies, TV, etc.

Tim Swierczek · Answer

You can rent furniture and it’s  much better than buying in the short term.  it’s my understanding that the break even on owning is 18 months.

Luis Arellano · Answer

Hi Tim,

Thanks for the tips. I did take a look at some of the rental pieces, but most look cheap to begin with so after 9 months I might have spent quite a bit. I think it would make a lot more sense to rent if I could find places that rent west elm type furniture, but haven't found anything like it. Do you have any recommendations for rental companies?

Should I turn my NE duplex into an Airbnb?

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