All Forum Posts by: Robert Schwaner

have you considered renting it out on Airbnb, that is what i did with my home when i moved away and it turned out to be the best investment decision i have made.  If I were you I would at least go to data.rabbu.com and punch in my address and bedrooms to see what you might expect to make.  Ann arbor is actually a fairly well visited place so i think you would do pretty well as a full time rental, be sure to look at the top 75% of airbnbs and not just an average for your address because the average includes a lot of people who only airbnb their property sometimes.  Best of luck!!!!

i would maximize your loan ability, keep as much cash on hand as possible to spring for extra unforseen costs associated with any updates (also cash talks and gets cheaper prices with local handymen, plumbers and electricians vs hiring a contractor).  I love to make improvements on every home I live in so have learned a bit about the surcharge created by contractors

I agree about the larger place where you tend to see people being a bit more nit picky.  If the home is comfortable to stay in then they typically have more time to find the small things that are "wrong" with the home especially for older homes.  

However if I were staying I would very much prefer to have a living space to wind down in while watching a movie on the couch and the ability to cook a nice breakfast in the kitchen.  

heads up on nashville short term rental policies.  Honestly i would follow airdna short term vacation rental research.  think about this if you find a place that is in a more desirable airbnb location, you may be able to double the mortgage most months out of the year and could likely use that money to go vacationing anywhere you actually want.  this second home does not need to be a home at all but just a cash generating cow that pays for you to go where you actually want to go (which could be Bali for a few weeks!