Should I STR or Long Term House Hack?

[Felix Sharpe]

I just went under contract yesterday on my first property.

I am very excited. 

It’s a duplex located near the University of Louisville and walking distance from Churchill Downs, home of the Kentucky Derby. I had originally thought that I would simply house hack the “traditional” way. But wondering what others thoughts are about house hacking via short term rental? The property will be undergoing a total renovation with a 203k loan. So interested in hearing other’s thoughts. 

Thanks!

[Julien Jeannot]

Like all answers, it depends.

Generally, STR will have a higher cash flow, heavier on the management, and depended on high quality customer service. Those 5 stars reviews are golden. Wear and tear will be higher, so do account for it in the numbers.

Location for STR is key. Check out:

- ALE solutions: temp housing leveraged by insurance companies

-Air DNA for market research