All Forum Posts by: Felicia Jenkins

@Felicia Jenkins

Also, Padsplit will want you to eliminate any dining room, den, etc to add more bedrooms. 

Once you do this conversion you can't change it back to a traditional long-term rental. 

If you decide to sell it after a Padsplit conversion, you can't sell to traditional homebuyers or long-term rental landlords. You can only sell it to landlords using the rent by room strategy. This could lower your resale value. 

Good luck. 

Hey Felicia!

I think you can't go wrong with a long term rental, but don't count yourself out of STRs because of your location. There are many STRs that do quite well in the suburbs of major cityies Off the top of my head, I can think of one of the STRs we manage that is 40 mins outside of Dallas and it has a great occupancy rate. With that home we see a lot of family visits. People coming into town to visit family, reunions, weddings or professionals on contracts.

All that to say, don't count yourself out. Use softwares like AirDNA and Pricelabs to get an estimate of what you could be making and see if it's worth it. I will say, short term rentals require a bit more work, and if you are moving out of state, you may want to take a look into getting a property manager ( take that cost into account when running the numbers ).

I hope that helps, reach out if you have any more questions.

Hi Felicia,

I'd definitely recommend taking your time to consider your options.

Lithonia sees a lot of squatters and trespassers. It's possible to find great tenants with thorough screening, but also be mindful if you're considering short-term (e.g., AirBnB) as it will expose your property to bad actors.

Law enforcement and the legal system seem to operate quite slowly out there. Note, this is from direct experience.

It might be wise to also consider selling since home prices are slightly up in the past 2 years.

Hey! Congrats on getting married! You can get more money on either of those avenues.. You will be doing more work on them on a daily and monthly standpoint, but overall.. You need to do the research too if your area would be bringing in more money as an STR, some areas would do better as a long term rental as well.

How to run the numbers, LTR, MTR and then STR.. Your baseline to rentals is the safest (LTR) to the least safest (STR) on numbers. I mean by safest is on the volatility, for example STRs have many different factors, seasons of the year, local government regs and much more. LTRs do not face those types of situations.

@Felicia Jenkins the shorter the term of the lease and the more tenants there are, the more challenges you'll face - especially if you plan to manage remotely.

Who will be your boots on the ground, do showings, maintenance, etc.?