All Forum Posts by: Collin S.

4.25%

Hello! I'm moving into a SFH in a few months and am trying to decide what to do with my current house(LTR,STR, or sell).

Background: I purchased a 2/2 1700 SF house with a 1/1 carriage house in 2017. I live in the main house, rehabbed the carriage house and have been successfully house hacking, renting it out on Airbnb the past year.

Purchase Price: $218000

Mortgage remaining: $198000

Estimated Sell Price: $289000

Total monthly house payment(PITI): $1350/month

Option 1: Long term rent the 2/2 and the 1/1 separately:

2/2 would rent for $1300-$1400/ month

1/1 would rent for $700/ month

Factoring in maintenance/management/vacancy, LTR would cash flow ~$100... Low

Option 2: Short term rent both units:

1/1 would net $1200/ month (the average over past year)

2/2 would net $1800/ month (estimate)

This option would cash flow better, downside is market will not be back until end of this year due to COVID-19, and I would need to spend $5k to furnish the 2/2 house... This is riskiest option to me, I'm a little skittish after how the past month or two have affected my Airbnb income. Plus I'm moving 30 minutes away and in my head it won't be as easy to manage.

Option 3: Sell the house

With selling costs of ~8%, Selling the house would net me $60k-$70k in cash tax free(I've lived in house for over past 2 years). I like this option as it is cash in hand that I can deploy elsewhere.

Thanks in advance for any thoughts/advice!

Chad,

Thank you!! I came across this calculator the other day and it seems to work great.  

Does anyone have a calculator they use to make the decision to sell a primary home vs rent it out? Thanks!

I have rented out my guest house on Airbnb for the past year with success. When I go to sell my house, I (obviously) would be selling my main house and guest house. Is there a quantitative way to add a premium to selling price for the income producing feature of the guest house? If so, how is that calculated? 

It’s set for demo, and soon. The city has plans for a park to take it’s spot. I’m a fan of adaptive reuse, but the city feels differently. 

https://www.google.com/amp/s/www.jaxdailyrecord.com/article/citys-vision-for-jacksonville-landing-space%3famp

I’m in a similar situation. Could you rent out the main house on airbnb as well and have 2 Airbnb units? I’m curious as well on long term in main house and Airbnb in casita. 

Questions on what can or cannot be deducted mostly. Short term rentals are technically “illegal” outside of historical-designated neighborhoods inJax(SanMarco,Springfield,Riverside)

Can anyone recommend a local CPA that has experience with short term rentals/Airbnb? Thanks!

Quick question about Airbnb tax write offs... can cleaning fees be deducted from rental income? How about the cost of purchasing a new washer and dryer to clean Airbnb linens? Thoughts?