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Updated over 3 years ago,
Current rental, long term or short term
Firstly, Hello everyone. First post on the pro forum. I have my first rental unit, its a 2 bed condo in so-cal. It has one room rented, as I was house hacking with this, although I no longer live there. The other room I have listed for rent. If I get the room rented, I will break even on the unit. Not super stoked about that. If I go with a short term rental option, I'm sure it will become profitable. AirBNB says with 75% occupancy it could be up to 70k a year. It's my first one, so I don't expect to make it to 75%, but 35-45% occupancy would more than pay for the unit plus costs. Should I ask the person that's in the room to leave, or can I even do that so I can make it an AirBNB? The guy in there now is a good tenant, and plans on leaving the end of 2022 anyway.
This is my first rental and first post. Thanks for any input you might have.