Owner Occupied Vacation Rental Multi

[Michele Fischer]

I have stayed in vacation rentals that are primary residences and they must couch surf when it is rented; that isn't what I'm talking about.

The recent podcast has my brain chugging about vacation rentals.

My husband and I have discussed opening a B&B in retirement, but decided it is too involved and maybe not playing to our strengths. I am open to living in a multi-family, but understand that there are downsides to that as well. I’ve been wondering if getting a triplex or quad, living in one unit and vacation renting out the other units would be a viable option.

One issue it could solve is wanting to downsize but what to do with family when they come to visit if we had significantly less square footage. It would more fit our strengths of tour guide types than full blown hospitality types.

This would be close to downtown Seattle, and I’m wondering if there is really enough of a market. There seem to be plenty of vacation rentals options up already in all price ranges. By the time you add the furnishings and extra touches, can you cover the incremental costs of a bigger property? This would be an appreciation focus rather than a cash flow process, but it would need to not be a losing proposition.

Thoughts?

Love how the podcasts get us considering different options, regardless of the outcome.