SFR usage ideas

[Ronald L. Covington II]

I will soon have a three bed two bath SFR with a partially finished basement available to rent. Have been using the property as a traditional rental. I've been tossing around the idea of trying something new with the the property. What that new is is the question. Have never done anything other that the traditional rental format. What are the other options for the property that can generate the most income? Would love to hear from the BP nation with ideas!! Thank you and talk to you soon!!

[Nate Herndon]

Hi @Ronald L. Covington II, I think that short-term rental and furnished mid-term rental can be viable options if marketed correctly. I have quite a few clients who have found success with both. 

One client in Indianapolis rents a small, furnished single-family for 3-month terms to traveling nurses. His long-term market rents appraised for $950, whereas he was pulling $2,000+/month as a mid-term rental.

[Ronald L. Covington II]

Hello and thank you for your response @Nate Herndon!! The mid-term furnished rental model  has been a consideration. Haven't done any research in terms of how that model would will work in my area.  Will certainly do so as it sounds like mid-term has the potential to produce better returns. Thanks again for your response Nate!

[Shervin Golgiri]

Hi Ronald, depending on what part of shelbyville the house is located. overall I would stick around with renting it for SFR, Rental market is good.

Improving the house can Increase your cash flow a little.  You shouldn't have a problem renting a 3bed/2bath in $1700-$2000 range, depending on the property exact location and condition. 

I wouldn't go through the headache of airbnb.  Place a long term tenant there and keep your peace my friend. Put your time and energy in somehwere else for more income.

[Daniel Dobbs]

What will generate the most income comes to how much time you want to put into it and the location of your SFH. Right now, the rental market is pretty high if not too high in a lot of areas.

As for options you can improve the property to get max rents for that rental if you aren't at max yet. 

Then you have the short-term and mid-term rentals. I'd check out those sections in the Real Estate Strategies section. They can make money but from what I've seen your more in the customer care and takes more of your time. Also, there are other costs to consider when doing these other strategies. 

I would recommend connecting with other investors in your area. Not sure if they still do but Louisville used to have an investor meet up pretty regularly.

Another option could be to sell and upgrade to multi family.

[John Douglas]

I have a Airbnb in Shelbyville. Does very well. Shoot me a message if you would like to discuss.