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I purchased my first home about 3 1/2 years ago and now am living here by myself in a 4 bedroom 2 1/2 bathroom home with a basement.
I was going to sell it because I don't need all of this space (there used to be my girlfriend here and 2 dogs) and was looking around at smaller homes, when the realtor I was with started talking me into renting my place out instead (he owned a rental mgmt company) to make some money on the side with it. I've never done this before but he got me seriously considering it since I could make around $4-500 off it a month with little effort on my part. However I'd have 2 mortgages at that point so there's a risk of making 2 payments which I was willing to take.
After thinking about it for a while it dawned on me that I have this huge house right next to a very popular lake in the area, what about AirBnB?
I haven't done this yet but just purchased 4 more beds that will be here within a couple of days and am going to put it on AirBnB which could net around 3k/month for this size of a home right next to the lake, which will cover the mortgage x3. Since the basement is unfinished it's worthless to anyone renting it, but I do have a couch down there so I plan on crashing in the basement, putting a lock on the basement door (and added to the rules the basement is the only area that's off limits) and I have shower facilities at a Gym I got to daily anyways.
So this way I won't need to pay 2 mortgages, only the 1 and still make more than I would just renting it out with less risk. I did some research on this area on AirBnB and the demand is pretty high so I know it'll rent, it's just finding that sweet spot of how much I can charge.
Soon i'll be living mortgage payment free basically, plus some extra income off my first home. If it goes well I can always add a bathroom down there which will increase the home value - either that or rent a room somewhere.
I was going to sell it because I don't need all of this space (there used to be my girlfriend here and 2 dogs) and was looking around at smaller homes, when the realtor I was with started talking me into renting my place out instead (he owned a rental mgmt company) to make some money on the side with it. I've never done this before but he got me seriously considering it since I could make around $4-500 off it a month with little effort on my part. However I'd have 2 mortgages at that point so there's a risk of making 2 payments which I was willing to take.
After thinking about it for a while it dawned on me that I have this huge house right next to a very popular lake in the area, what about AirBnB?
I haven't done this yet but just purchased 4 more beds that will be here within a couple of days and am going to put it on AirBnB which could net around 3k/month for this size of a home right next to the lake, which will cover the mortgage x3. Since the basement is unfinished it's worthless to anyone renting it, but I do have a couch down there so I plan on crashing in the basement, putting a lock on the basement door (and added to the rules the basement is the only area that's off limits) and I have shower facilities at a Gym I got to daily anyways.
So this way I won't need to pay 2 mortgages, only the 1 and still make more than I would just renting it out with less risk. I did some research on this area on AirBnB and the demand is pretty high so I know it'll rent, it's just finding that sweet spot of how much I can charge.
Soon i'll be living mortgage payment free basically, plus some extra income off my first home. If it goes well I can always add a bathroom down there which will increase the home value - either that or rent a room somewhere.
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