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Updated over 4 years ago,
Airbnb, long term lease and how to approach buying furnitures
I am in a confusing situation now and need some help from experienced individuals. I bought my first investment property which is located near two universities. My primary targets are university students with long term lease, however, with COVID and less demand in student housing, I wanted to try out Airbnb which is also growing in the area. Basically, to gauge the market a bit more, I want to try out both Airbnb and long term lease. I am at the very initial stage of buying furniture for the rooms now. But what’s bothering me is that for Airbnb I have to go all-in and buy bed frames, mattress, desk, carpet and make it look shiny. But next year, when school reopens, I wanna shift to student housing. But all these furnitures will be useless then. Especially if the students want the rooms emptied out. I will have to dump all in the basement for later use. I am not sure whether students prefer pre-decorated property (i.e. existing bed frames, mattresses, desk, lamp, carpet, so on) or would rather bring their own. If I am going for mattresses that last for 5 to 6 years at the least, with yearly lease I will have to use those same mattresses for 3 or 4 students! Will they feel okay with that? I wanna invest on good mattress protectors and change that per tenant, but I can definitely see tenants buying their own mattresses and even frames. My property has laminate flooring and I would rather have the heavy furniture in place than having each tenant drag those around and scratch or break the surface. I can limit Airbnb in a certain parts of the property to avoid wasting money buying furniture. But I just don’t know the rules and regulations and market demand on pre-decorated property for tenants and given that how to approach buying furniture for now.
Thanks in advance for your input on this.