Rookie investor question...how do you decide between STR and LT?

[Ilgaz Arikan]

Hi everyone,

I am a new investor interested in multifamily investment opportunities in CT (looking at New Haven and New London right now). I have a day job as a strategy consultant and live in NYC, so I'm looking at markets that are more affordable than Manhattan. 

I'm curious about both STR and long term rental properties. Is there a general consensus on STR vs long term rentals for first time investors? Is the learning curve steep for STR as a first property in terms of property management? How do you decide between doing STR vs long term? Would it make sense to use a multi-family to have both long and short term tenants in different units? I see some crazy numbers on AirDNA - is that an accurate gage of revenue potential?

I would love to connect with anyone thinking about similar investment strategies, realtors, or experts in the area.

Thank you and looking forward to connecting!

Ilgaz