I’m sharing two essential steps to convert your Airbnb into a long-term rental property.
Before the health crisis, there were many great reasons to have an Airbnb property, one of which being the excellent profits you could make from it. However, Airbnbs were always high risk, high reward. Unfortunately, we’ve just seen the risk take over. The pandemic has devastated the Airbnb market. In light of this, I’m sharing two crucial steps to convert an Airbnb into a long-term rental property.
1. Timing. I highly recommend renting out the house for a year; six months doesn’t cut it. With only six-month leases, the turnover and vacancy time will stress your finances. Hopefully, your tenants will stay for more than one year, helping you to pay off the mortgage.
Airbnbs were always high risk, high reward.
2. Remove furniture. With a yearly lease, most tenants will have their own furniture. You can still show the property with the furniture inside, but remove it before the tenants move into the house.
Making the change from an Airbnb to a long-term rental property may be a bit of a pain, but I’ve owned several myself and it pays off in the long run. They end up being a stable, easy source of income. It’s not as trendy as an Airbnb, but there’s less risk. Also, you can hire a property management company like mine, which eliminates most of the work on your part.
If you have questions about this or anything else concerning property management, please call or email me. I would love to help you.