All Forum Posts by: Sejin Kim
Sejin Kim has started 17 posts and replied 44 times.
Post: We bought a house a month ago, should we sell it or try to rent
- Posts 44
- Votes 20
Quote from @Brian Bohrer:
If you go onto the Airbnb site and build a listing, they will give you an estimate on the rent per night and the expected weekly/monthly income based on your location. I would not completely trust this estimate as I am sure they are going to be a little inflated. AirDNA may give you an estimate as well, but sometimes they make you buy a subscription for the good information. You may be surprised that even in a non-tourist area you will have travelers who would rather stay in your home than a hotel room while traveling!
If you are near a hospital then mid-term fully furnished rental may be the way to go... is there a second kitchen or is there a space to add a kitchenette near a laundry room or anything?
If you can separate the living spaces by adding a well placed door you may be able to live in one portion and rent the other portion out as a short/mid term furnished rental. Then you wouldn't have to worry about your babies! If you go the mid term rental you would definitely want to add the kitchenette so they can cook in the unit.
Post: We bought a house a month ago, should we sell it or try to rent
- Posts 44
- Votes 20
Quote from @Brian Bohrer:
Hello Sejin,
This is quite the puzzle you have! But I am sure with some advice on this forum you may find an answer or two.
My first thought is what are the AirBnB laws in the area? If the house is not easily divided with separate entrances that would allow you to rent out an entire space, then you may have a great idea in moving into a smaller apartment or home while your husband gets his business running.
That swimming pool alone would get you a premium on your listings!! Look around on AirBnb or AirDNA and see what a 5 bedroom 3 bath 3100sqft home with a swimming pool would rent for per night? I would guess there is a good chance no one else has a similar property with the same amenities so you may have a great opportunity!
I am not sure where you are located, so maybe the pool would not be a big drawing factor at this time. Also the Airbnb market generally slows in cold climates over the winter, so be aware.
Another option would be to mid-term rent the home or a portion of the home for 30+ days at a time. You would still provide furnishings and etc like a short term rental but could get approximately 20-30% more than a long term renter would pay for the same space!
I think selling the house would be a last resort since you bought it so recently. You may find that you would be losing money on your home sale, as the market has been decreasing over the last few months (in most areas) and will most likely continue until consumer confidence is back, which may not be until Spring or Summer. I hope this helps and I wish you the best of luck! Take Care,
Well, my property is not tour area, but still AirBNB will be a good option? There is a big hospital in my town, so I think I can target to traveling nurses, however we have very active 2 toddler boys, so I am not sure if anyone will stay in my house. I agree with you that selling property will be last result. Thank you so much for the advice!
Post: We bought a house a month ago, should we sell it or try to rent
- Posts 44
- Votes 20
Quote from @Tony Kim:
Quote from @Sejin Kim:
Hello, I am just starting studying in real estate. My goal is financial freedom in few years! Now I don't know what will be wise with my property in current situation. Any advice will be greatly appreciated. So, my husband I bought a our first property in October. It is 5 bed/3 bath house about 3100sqft with swimming pool. At that time, he was getting a lot of stress and he wanted to buy biggest house under our budget ( So at least, he has beautiful house when he come back from work! ) . We both were making good money so we were prequalified for 1.1M. Anyways, realtor who I found from Craigslist wasn't very helpful to lower the property even though we were only buyer.Anyways, we bought a house at 790K, just 1k lower than listing price, thankfully, appraisal came back with 815K. Now, my husband has no income. (He is starting his new business and now he is between jobs.) So, now we are only depending on my income. Because my toddlers sleep with us, we are only using one room. We rented out one room at 800. We are paying monthly $5300 including property tax, insurance, and mortgage. Rent helps, however, that is more than half of my income! Luckily, we have no debt besides house mortgage. I thought about renting our house and then move into apartment, however, if we do that, we will just pay few hundred dollars less so I am not sure if that is good idea. Can you guys give me any advice? Should I just sell even though we will lose money or rent it out or just stay here and try to spend less money? What do you guys suggest?
I miss my old town so anyways, sometime, we'll go back to old town anyways. Thank you
You have to run the numbers for each scenario you listed and choose the best one that you can tolerate. But at a high level, I would say your best bet to minimize your monthly cash burn would be to rent each room that you can spare. I would market to Korean Yoohacksengs for either LTR or STR opportunities. It won't be comfortable, but at least you will know that it's a temporary situation till your hubby gets his business off the ground.
Thanks. Well, that's great idea to do STR or LTR, however, the challenge is that there are not college close to my house, and we have two young boys so I am not sure if college student will like that. We are already renting one room and I guess later we can rent one more room later I guess. Thank you so much for the advice!
Post: We bought a house a month ago, should we sell it or try to rent
- Posts 44
- Votes 20
Hello, I am just starting studying in real estate. My goal is financial freedom in few years! Now I don't know what will be wise with my property in current situation. Any advice will be greatly appreciated. So, my husband I bought a our first property in October. It is 5 bed/3 bath house about 3100sqft with swimming pool. At that time, he was getting a lot of stress and he wanted to buy biggest house under our budget ( So at least, he has beautiful house when he come back from work! ) . We both were making good money so we were prequalified for 1.1M. Anyways, realtor who I found from Craigslist wasn't very helpful to lower the property even though we were only buyer.Anyways, we bought a house at 790K, just 1k lower than listing price, thankfully, appraisal came back with 815K. Now, my husband has no income. (He is starting his new business and now he is between jobs.) So, now we are only depending on my income. Because my toddlers sleep with us, we are only using one room. We rented out one room at 800. We are paying monthly $5300 including property tax, insurance, and mortgage. Rent helps, however, that is more than half of my income! Luckily, we have no debt besides house mortgage. I thought about renting our house and then move into apartment, however, if we do that, we will just pay few hundred dollars less so I am not sure if that is good idea. Can you guys give me any advice? Should I just sell even though we will lose money or rent it out or just stay here and try to spend less money? What do you guys suggest?
I miss my old town so anyways, sometime, we'll go back to old town anyways. Thank you