Should I get a normal renter or Airbnb?

[Kenneth Freire]

Greetings everyone!
My long-term renter of 12 years is moving Jan 31st. Recently I've been hearing a lot of about transitioning certain rental properties to short-term rentals (i.e. airbnb)

I was wondering if anyone has had any experience doing this and how it's going?

Are you making more than $1500 a month? How do the winter seasons go?

Some context to my current duplex: 

- former 12 year renter was paying $1200 w/ water included. (was below market value due to him being a long time renter)

- will need to put about $3-4k in renovations.

- planning on raising rent to $1500 (normal market value)

- Duplex is near lake nikomis (8 min from the airport and 10 min from downtown)

Would love to connect and pick someone's brain. Could even meet up now that things are open!

[Daniel Anshus]

@Kenneth Freire airbnb is very location dependent and home dependent. You can check sites like airdna to get an estimate how profitable your airbnb would potentially be. Just make sure to note airbnb is very seasonal and in Minnesota will often times break even in winter months. Also make sure to have an amazing cleaning staff, I do have a reccomendation if you want it.

You could also do rental arbitrage. I know a lady quite successful at that in Minneapolis. Has the upside with no extra work.