Author Topic: Sell, Remodel, Or STR  (Read 532 times)


  • 5 O'Clock Shadow
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  • Posts: 1
Sell, Remodel, Or STR
« on: May 19, 2018, 09:07:57 AM »
Hi everyone!  I have been struggling with a decision and I'm hoping to get a little outside perspective.  I'm in real estate, and I currently rent 2 units that I rent out on AirBnB (with landlord permission) and I also own a house in the same town.  I have very successfully rented 2 of my bedrooms in my house out for a couple years, but I know that if I move out of my house, I'll make even more money (yes, even with having to rent another space).  But I've got some options...and I need you to remove the emotional element and tell me what you all think is the best idea.

1)  Stay in the house, rent 2 bedrooms and make roughly $2,200/mo  in profit for the next 5 months (Tourist Season). It then drops to about $1,000 profit during the off season.
2) Move out of the house, make roughly $7,000/mo profit for the next 5 months. Then move back into my house during the off season.  I would have to rent a $1,000/mo apartment roughly.
3) I have about $100,000 in equity if I were to sell now.  Being an agent, I would take home about $93,500 of that. (I've lived in the house for almost 10 years, so no capital gains).  I could sell and have that cash to buy a multi family where I could run more AirBnB Units.
4) Get a HELOC and turn my SF into a 2 unit, and that would increase the potential sales price roughly $150,000 (assuming the market holds for the next few months).  I could then either increase my AirBnB income here, OR, sell it and run.

I've lived here for a long time, and I have an emotional attachment to the building, despite knowing better. So...any thoughts would be extremely helpful!