My name is Sonia I own a townhouse here in Atlanta Ga and decided to rent it out and move back home to payoff my student loans. I am not done with my loans yet, however I am ready to move out of my parents house. I have thought of two options and I am not sure which way to go about it. Since Atlanta is becoming a tourist spot and a lot of business people are coming for work, I thought about renting out a 2 bed apartment in the city. My plan is to airbnb one room and use that to pay for the rent while keeping my townhouse rented. Option 2 would be to move back into my townhouse. The issue with this is that it wont allow me to save up as much as the renting would if everything works out. My future goal is to continue to purchase buy and hold properties so that I can retire early. Any advice on this would be very helpful!!! I have also tried to get pre- approval for a new mortgage and got denied. Plan 3 was to buy a new property.
I'd continue to bite the bullet and live with mom and dad,, option 4.. save ,,save,,save..
Depending on where you settle to automatically think you'll be permitted to do AirBNB in a apartment complex for a instance is rather naive,, most leases would not permit this and you'd be in violation of your lease..
Even some townhome associations and some HOA 's have rules that will not permit AirBNB type rentals.. it's getting more and more strict.
I agree with @Deanna McCormick . You'll probably find that you aren't legally allowed to rent your apartment on AirBnB. If you do it anyway and get caught, you could face hefty fines or eviction, or at the very least, they will begin to monitor you in the future and make it difficult for you to continue with AirBnB. If it would be a burden to you to pay the rent on your own, it's not a good idea.
If you can’t tolerate living with your parents anymore how about renting an apartment with a roommate situation on the cheap? Search Craigslist for someone whom already has a two bedroom apartment and wants a roommate. That way you can pay off your debts faster with less risk. Airnbnb is having crackdowns so that could be risky for you if u are relying on it to afford the two bedroom apartment.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing