College Town- How do I choose between STR, MTR, & LTR?

Question

Anyone familiar with the Seneca/Clemson, SC area?

I have 2 undeveloped lots that I initially thought to put a couple of Tiny Homes on. Clemson is such a busy college town that, (I believe) it would be easy to rent Short, Mid, or Long term. I just dont know how to choose and how easy it would be to switch between them if needed.

Does anyone have any advice or tools or thought processes that I should consider to make decide which route to take?

Also, if anyone is already experienced in the area, I would love to connect! Please reach out!

Thanks for the help! :-)

Carley Higareda · Answer

Oh this guide is very helpful! Thank you.

Nathan Gesner · Answer

Learn how to analyze property. Research how they are expected to perform under each scenario, then crunch the numbers and see what the best option is.

Here's a guide that describes how to analyze a property.https://www.biggerpockets.com/...

Jared Hottle · Answer

Not overly easy to switch from long-term to short term. Lots of startup costs with furnishing, higher property management and need for a cleaner. Additionally, if you get bookings a few months out you will have trouble switching. Do some research, I think if it can make double as a short term rental what it could as a long term rental it is worth it. If not you really need to ask yourself if the increased risk and unknown are worth the return.

Cole Oraham · Answer

Hello! If you shoot me a message, I can send you the contact info for someone I know in the area who has done a tiny home STR. I would recommend reaching out to the municipality to ensure there are no zoning issues as a first step.

Theresa Harris · Answer

It really depends on what you want to do. The returns are different, but so is the amount of work required. You can change from one to the other. The STR and likely MTR will require furnishing.

College Town- How do I choose between STR, MTR, & LTR?

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