Considering short term rentals

[Brian Rivera]

Hi. My name is Brian. I am set to close on a 2 unit home in hackensack NJ at the end of this month. I also have owned a 4 unit in Guttenberg NJ since 2018. Starting 10/1 i will have a vacant unit in each home and I am considering trying airbnb in my guttenberg home and maybe a travel nurse housing in the Hackensack home  (10 minutes from Hackensack Marridean Hospital). Anyone have experience doing short term rentals, especially in hudson and Bergen county? Any wisdom would be very much appreciated!

[Nathan Gesner]

Quote from @Brian Rivera:

My advice is to really research the costs. Far too man investors get into STR based on gross income numbers, not net income after paying all expenses. Are there additional taxes? Registration fees? What will it cost to furnish the unit and keep it stocked with consumables? Consider utilities, internet, landscaping, and other expenses. If you manage it on your own, how much time will it take, and what is your time worth? What are the marketing expenses?

My vacation rental performed really well during tourist season, then poorly for the other 6-7 months. After considering all costs, I was barely making more than I would as a long-term rental and it was taking up a lot of my time. I converted to long-term, have a lot less to deal with, and I'm only making about $2,000 less a year.