PURCHASED A CORPORATE RENTAL. NEED ADVICE!

[Connor Rice]

Hi BP community,

I purchased a house hack property and the upper unit was previously used as a "corporate" rental through AirBNB.  I will be living in the lower unit. 

My question is.....should I continue with AIRBNB with a 30-60 day minimum or draft up a M2M lease?  AirBNB charges a 3% fee, so I would like to avoid going through them.  I would also like a 30 day notice before the tenant vacates and that doesn't seem to be something I can set up on AIR BNB.  The tenant plans on staying until spring so I am just trying to weigh my options and think of all implications going either route.  I would like to hear your thoughts, especially from some people who currently own corporate rentals/Long term AirBNB.

Thanks in adavanced

[Ryan Riches]

Hey Connor, Airbnb is great when you are treating it as a true vacation rental (1-10 day stays). I was running my basement unit as an Airbnb but transferred over renting to travel nurses at the beginning of 2020 and have had a great experience. You can get a higher ROI since it is a short term furnished rental, but it's not any more work than having a regular tenant in there. We have our tenants on a month to month lease and request 30 days notice if they want to vacate.

We use Furnished Finder to get our leads. They do have a $99 set up fee I believe, but there is no percentage take for them since you negotiate the lease directly with the tenant. Hope this helps!