If you were moving a few hours away and owned a house in a city you anticipated moving back to one day, would it be a good idea to turn it into an AirBNB?
Pluses -
keep the house
Unlike a longterm rental, could move back at any time by shutting down the Airbnb
The house becomes a productive asset and could potentially pay down the mortgage on its own
Have a lot of equity in the house already and anticipate it continuing to be a good investment
Bought when interest rates were low
Minuses -
How do you manage an AirBNB from a distance?
Hire a management company? Cleaning services? See if a neighbor wants to do it?
Will it annoy the neighbors or cause friction. Note there is no HOA and the city permits it
More hassle than it’s worth?
Pluses -
keep the house
Unlike a longterm rental, could move back at any time by shutting down the Airbnb
The house becomes a productive asset and could potentially pay down the mortgage on its own
Have a lot of equity in the house already and anticipate it continuing to be a good investment
Bought when interest rates were low
Minuses -
How do you manage an AirBNB from a distance?
Hire a management company? Cleaning services? See if a neighbor wants to do it?
Will it annoy the neighbors or cause friction. Note there is no HOA and the city permits it
More hassle than it’s worth?
Statistics: Posted by gtrplayer — Wed Dec 20, 2023 9:33 am — Replies 7 — Views 249