All Forum Posts by: Alden Ho
Alden Ho has started 1 posts and replied 2 times.
Post: Should I rent or Airbnb my 3br 2ba townhouse?
- New to Real Estate
- Phoenix, AZ
- Posts 2
- Votes 1
Hi @Jeremy Holden you are spot on. I found this out shortly after i made this post that my HOA does not allow STRs. I'm now looking into renting each room out for 30 days or more (long term) since I will not be able to fully cover everything with renting the entire place out. A real estate agent I work with gave me comps of 1800-2200.
@Nathan Gesner that is a valid strategy and I will consider. The problem is my home is now at the same price i bought it at (335,000) since the market went down. I also used loan assistance program which if i sell my home within 36 months, i'll pay 2/3 of it back since i bought the home 12 months ago. That with seller fees I will have to pay money out of my pocket in likely tens of thousands to sell this home. So i'm going to try and hold on to it and rent the rooms individually. Rent the first two, live in third, then rent the third and move into an apartment rental.
Post: Should I rent or Airbnb my 3br 2ba townhouse?
- New to Real Estate
- Phoenix, AZ
- Posts 2
- Votes 1
Hello,
I'm a current working professional who lives in a 3br 2ba in mesa az. My mortgage is $2000 and hoa $200. I'm thinking about renting my townhouse for around $2400/month or $2200. I would technically be taking a loss every month, but it would be a few hundred dollars (I think 200-500) but I would move out of here and into a cheaper apartment around $1200/month. My question is should I try to rent this townhouse out for $2200 or AirBnb the entire place? I'm 10 mins from ASU so it might get traffic. My thought process is instead of me paying $2200/month to live there, I can pay only $300/month after the renter income and then $1200/month in an apartment. This is a save and someone else will be paying down my mortgage. So its technically reducing my costs if it all works out. I got the home a year ago so theres no chance of refinancing lower as interest rates have skyrocketed.
I'm leaning towards renting because I'm afraid my house would get destroyed by doing AirBnb and the renters would take care of my home better. Any thoughts? I just wanted to see if any of you had any ideas or if I'm missing something.