All,
I'm just starting out and have been looking into various options for my first REI purchase. Lately, I have been looking at investing in a small 1-2 bedroom condo. I have no doubt that once I save enough money to purchase a second investment opportunity, which would allow me to move out of the condo and rent it out, that it will cash flow. It is located right by Medical Mile and there is a very good chance I could get a long-term tenant or even explore medium-term renters.
However, in order for me to be able to save up for another property, I'll have to save and get creative in order to make the condo cash-flow or at least curb some of the rent for the first year. My plan is to air bnb the entire condo. I have a unique situation in which my parents have a second small beach house (which is where I currently live). My plan would be to list my condo on airbnb and whenever I have tenants, just stay at my parent's second home. Essentially, I'd be living in two spaces depending on tenant occupancy.
Mainly I'm just looking to see if this is even possible. I know that this would technically not be in accordance with the city of Grand Rapids Airbnb restrictions. But how risky exactly is that? Does the city of Grand Rapids check up on Airbnb for people that are breaking the rules? Do condo buildings do that? What would the repercussions be? Has anyone done that in this community?
Thanks for any and all comments.
Cheers,
Seamu
