Turning current primary into rental

[Savannah NA]

We bought our first property one year ago and it is our primary house. We recently spoke with our lender about getting started with investment properties and she suggested one of our options would be to purchase a new primary home and turn our current one into either a STR or LTR.

We live in the Navarre Florida area, so to Airbnb seems very profitable especially after looking at others in our neighborhood. Our current home was $260k with 3% interest rate. Even a long term rental seems well worth it. 

Does anyone have advice or suggestions? We are new to this and want to try and get it right. 

[Kaylee Walterbach]

We just released a great new book, Real Estate Rookie, that covers a lot that you need to learn about your first investment property.

For LTRs, you should check out The Book on Rental Property Investing. It's a classic!

For STRs, you should check out Short-Term Rental, Long-Term-Wealth (written by Avery Carl, who actually lives in Destin, FL). With this type of investment, you will most likely see better cash flow IF the occupancy rate in your town is decent and there's not too much competition. STRs also require furnishing, while LTRs typically do not.

And don't forget about MTRs (30-Day Stay)! They are fantastic in certain areas; more cash flow than LTRs but more security than STRs.