LTR in greater Boston, MA area, considering STR or MTR to increase cashflow

[Thomas DeVita]

Hi all - My business partner have owned our first duplex rental property for about 4 years now. We currently have great LTR tenants and are cash flowing ~5-600/month. However we've been hearing a lot about how lucrative Airbnb and 30+ day rentals are, even to businesses/government agencies/etc. so are looking to connect with someone in that space. 

Would love to hear how you made the jump from a LTR to either a STR or MTR, and if there's anyone in the Boston area doing this?

[Corby Goade]

The grass is always greener....

STRs are FAR from passive. It's a totally different ballgame. They take more time, energy, stress and definitely more capital. 

They're also high risk, high reward. 

I have several STRs and some months I'll net $5k on a property and that same property might lose $2500 other months. 

If it's working as an LTR and you are cash flowing, I'd be willing to bet that the juice won't be worth the squeeze in converting them to STRs.