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Updated almost 3 years ago,
Converting my property's garage into another Airbnb worth it?
I have a rental property in the Southeast (not my residence) that I am using as an Airbnb. It is worth about $80,000, so not very much. It is in a lower middle class neighborhood and so far is doing okay.
I am thinking about what my next move would be and I would like advice. I have the option of either:
1) Converting the existing detached garage of the $80K property into another, smaller airbnb. It already has a separate room attached to the one car garage but there is no HVAC or water. I would want to do this with a construction loan of some sort.
2) Just buying another property and saving the down payment for that. Right now my Airbnb is not in a vacation market so I'm thinking about my next Airbnb being in such a market.
3) Any other ideas??
Thanks!