All Forum Posts by: Peter Drumm

All of this is great advice! These were all the options I had bouncing around my head, so it is nice to hear everyones feedback and that a lot of the ideas align with my own.

Good news, I have checked with the city and the POA and it might just be because of where I am located or the fact that it is a smaller town, maybe that is why the regulations are not as stringent.

I like the idea of renting for a lower price or both units for more space just because all the homes in my own POA are lake houses, very large, and much more expensive to rent. Because of the popularity in fishing this lake, lots of guides, and fishing tournaments that go on, I want to cater to the smaller crowds or the fishing community.

I will most likely rent the lower for less (because it is smaller) and upper for more. However, I will keep the price point much lower than my surrounding community. I am also going to offer both units as a whole for a higher price.  

I am also going to to let the pro's tackle the major renovations and I will handle the smaller stuff. Hopefully, in less than a year I can repost the old pictures with the fully renovated STR I completed!

Quote from @Michael Baum:

Hey @Peter Drumm, so personally I like number 2 as well.

Not having a master suite isn't a killer IMHO. I would set it up nice and go for the STR route.

What is the view from the property? Killer lake view?

How is the traffic in the summer when the boat ramp is in full swing? Will that affect guests ability to get to the lake or the rental?

Is there a public beach adjacent to the ramp that guests can use? If not how far to the public beach?

The lake view is not great because it is blocked by trees. However, there is actually 3 boat ramps that can be used and since this property has 2 lots attached to it, plenty of room to park the boat trailers.

There is a public beach less than a 1/4 mile away.
I really appreciate the feedback from both of you. My wife thought renting the entire property to one person would be better. However, I personally like the idea of keeping it a Duplex instead of a single family residence. this way if later on down the road I want to rent as a duplex I already have the option.

Really appreciate BiggerPockets and its members. Always a great place to come for advice.

I am going to buy a property that will need a full Rehab. This will be my very first rental property and am trying to decide the best way to rent. So here are the specifics and maybe someone could give me some feedback and point me in the right direction.

Because of its location is why I am leaning towards doing a short term rental. It sits directly across the road from the public boat ramp (by the way it is on Cedar Creek Lake in Gun Barrel City), 1 block from the gas station that sells Ethanol free gas which boaters use, and close to the waterfront restaurant people enjoy frequenting during the summer.  It also has 2 additional lots attached to it that would be perfect for creating an outdoor fire pit area and possibly a sand volleyball court.

However, here is the dilemma, when I inspected this house I discovered immediately that it was designed to be a duplex. The bottom unit is a 2 bedroom 1 bath with laundry attachments and a kitchen. The upstairs is a 2 or 3 bedroom with kitchen and bathroom but no master bedroom. Also, there is a fun bonus room where they converted the attic space into a fully functional upstairs area. 

Now, this will have to be a full remodel from the floors to ceilings, both bathrooms, adding kitchen fixtures and cabinets. I like having a blank canvass to work with because it will allow me to completely create this living space from scratch.

Option 1: Set it up to be a duplex and do not bother with decorating the living spaces and try to keep my costs down by not installing any expensive features.

Option 2: Set it up as an AirBnB as 2 units to rent out, allowing me to rent it as a duplex but AirBnB style.

Option 3: Set it up for AirBnB but as a single family home and utilize the spaces that would have been used for kitchen and laundry rooms and now have bigger rooms such as a master bedroom or an extra living space that i can put a game room in.  Keep in mind I will be doing 80% of this work myself over the next year or so allowing me the opportunity to get more acquainted with rehabbing a property myself and boost my confidence in undertaking the next big project.

Thanks for any advice, been listening to Bigger Pockets for over a year now and excited to take my first big leap!