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Updated 8 months ago,

User Stats

13
Posts
3
Votes
Christopher Hall
  • West Blocton, AL
3
Votes |
13
Posts

Should I switch my Nashville long-term rental to short-term?

Christopher Hall
  • West Blocton, AL
Posted

I have a 2015 3/2 single family home just north of Nashville in Robertson County.  I've been renting it to the same tenant almost 4 years now.  I'm just making about $250 net each month off of $1900/month rent (about $1,450 total for mortgage, insurance, taxes, etc.) , but appreciation has helped, the tenant is great, I have a property manager.  As long as there are no repairs I have to approve and monitor, it's hands off.  It works for me just fine.  

However, my uncle who handles short-term rentals suggests I might could make much more turning it into short-term rental.  But with that comes more expenses, more insurance, more turnover, more cleaning services (I live 3 hours away) - so much more to deal with.  And I'd have to spend $10,000 to $20,000 I imagine to buy furniture, kitchenware, beds, dressers, etc.  

The extra hassle wouldn't be worth it to me unless I was able to net on average $1,500 a month.  Even if I did that, the first year itself would end up only paying for the furnishings.

This might be a broad question, but here it is - with a $1,450 mortgage, insurance, taxes payment, could / would a nice 3/2 about 40 minutes north of Nashville downtown net enough to be worth it (again, my "worth it" would be netting $1,500 a month on average after mortgage, insurance, listing fees, management fees, cleaning services, etc.)?

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