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Updated over 7 years ago,

User Stats

109
Posts
57
Votes
Rhiannon Then
  • Investor
  • Mesa, AZ
57
Votes |
109
Posts

Best way to use my property as a STR

Rhiannon Then
  • Investor
  • Mesa, AZ
Posted
So, I am purchasing a tri-plex, and the ultimate goal is to Airbnb two units. Maybe all three if permissible. I was reading the book, The Story of Airbnb, and I know this may not be possible. Is there a limit everywhere. I want to be ethical. Feedback? We will be living in one unit for a year, and inheriting two tenants who are MTM. I'm trying to come up with the best strategy to get my business going. I'll be updating our unit, while we live there for future use. Here are the scenarios: 1 Move both tenants out and pay all the mortgage until my business starts moving (hopefully). One unit could be airbnbed out quickly. The other unit would need cleaning and cosmetic work. 2 Move out the immaculate tenant. Have half the mortgage paid for and start str that unit asap, once it's decorated and furnished. Keep other tenants and put them on a year lease, increase rent reasonably or continue on a mtm until I'm ready to start another str. 3 leave both tenants in MTM until life settles down, and we are fully transitioned here. Then choose option 1 or 2. Last option, makes me feel awkward because I feel like I'm giving one of the tenants, potentially two the wrong impression by keeping them at all. Better to cut ties in the beginning? I am staying in Airbnbs for the next moth until we close, and am eager to get rolling. Guess I'm concerned about losing the rental income to take a risk. What would you do? Option 2 seems like the best scenario now that I wrote it out.

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