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LTR in greater Boston, MA area, considering STR or MTR to increase cashflow
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?
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I know someone who just went back to LTR in Lowell after struggling trying to get the MTR going. Think it definitely depends on the area. As for STRs definitely check the rules in your area cause MA has a lot of restrictions on days. So you don’t want to put in all that effort and only be able to do it 90 days a year or something. But I have been curious about it myself. I own two duplexes in Beverly and have contemplated turning a unit into an MTR but LTR is just easy money honestly.
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I am in the same boat. I have a great cash flowing LTRs and just started looking into MTR/STR space in Boston and surrounding areas. Based on a brief look, monthly cashflows for STR/MTR are not significantly greater than LTR and to my slight disappointment, it's almost very much the same with LTR. I'll need to do a better deep dive but I cant see why there's a hype for these the LTR/MTR. What am I missing?
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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.