All Forum Posts by: Thomas A. Rufo

Hello,

I have had a short term rental that is not compliant with my HOA. They request 7 month or more. Haven't had any issues, but I am worried about liability should something happen like a fire. I am purchasing STR insurance and have all licenses, but if something happened would HOA cover outside costs. It is a condo? Thx

Pat.  Thank you so much for your input.  We so appreciate it.  We are looking closer at our short term rental.  Maybe we see if we can squeeze some more profit from it and keep one as short term and the other as long term.  Your post sparked our interest.  Thank you!

Hello Everyone,

This is my first post on the forum. My wife and I currently own two identical condos (3 bedroom/2 bath) in the same community. We were married over a year ago and I moved into her condo and we put the other condo up as a short term rental.  It has been doing well renting consistently.  We want to travel and invest and are considering converting this short term rental to a long term rental to avoid sales tax, paying utilities and general management of the property.  We are considering renting both condos long term and hiring a rental management company to collect rent and manage.  We feel this will give us more freedom and consistency financially.  We want to travel via RV and potentially house hack in multi-family to have a home to return too as well as potentially take advantage of 5% Fannie Mae loan for purchase of multi-family using least amount of our own money.  Does this strategy sound good?  Any opinions on short term vs long term rentals?  Does plan to house hack on Multi-family make sense?  I appreciate the forum's experience and input.  We are newbies to the multi-family investing.  Thank you!