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Updated almost 8 years ago,
Airbnb vs. Annual lease terms
Hey guys,
New to Bigger Pockets but been into RE investing since 2015; researched it long before that. I have a house I am buying on a lease option in Portland OR (suburb area; great area); I have it at about a 35 month term, and will be paying for it mainly in cash upon the end of my contract, if all goes well financially. But during this term I was planning on testing out how I like Airbnbing some of the rooms out; since I will only be in the house part time and it will be a way to make some decent money on the property before I officially own.
My lease option contracts simply states I can't have people in the home for longer than 2 weeks so that should be no problem. The upstairs of the house is completely finished at about 2800 sq ft.; 4 bd/2 bth; I was only planning on airbnbing out 1 bedroom for now to see how I like it.
I was planning a day rate of $120 or around there for the room; a great deal; or maybe more since they will have the upper part of the home to themselves. If I can have it airbnbed at least 15-17 days per month that will take care of rent I need to cover for being part time in Denver. Anyhow, my main question is this...
I plan on finishing building out the basement home section and that will end up having 3-4 more bedrooms plus a fitness center and theater room. So In total the home will have 7 bedroom and 4 baths; with 2 decks and 2 separate entrances.
Instead of doing an annual lease on the basement rental i was planning on just airbnbing out 3-4 of the bedrooms total for a higher income for me. What are peoples thoughts on this? I would have a minimum stay of 4 days for guests and max stay of 13 days. ; I would also hire a house sitter and house cleaner when I am away.
Thoughts on this strategy?