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Condo that's gonna sit empty...
Posted: Mon Jul 25, 2016 11:07 pm
by FRx
I'm moving in with my girlfriend in NorCal in the next few weeks. My condo in Portland Oregon is paid off, it's a studio in a desirable part of town. I thought about renting it out but not quit ready to turn it into a rental property. I could just leave it empty, I have a carrying cost of $300/mo with HOA and prop taxes. I've thought of a few options but nothing is super appealing.
Until the end of the year I'll probably come back and forth to Portland and though I could stay in a hostel for $30/night it would be nice to have the use of my place. I'm not planning on moving any of my stuff. Well, I have a bed/sofa/chairs and kitchen stuff, that's it. Only my clothes are going with me.
Re: Condo that's gonna sit empty...
Posted: Tue Jul 26, 2016 4:04 am
by fiby41
My parents have one apartment each next to each other.
One is empty and the other is fully furnished . The empty one is let out to families who have their own furniture and utensils and need space for all their stuff. Furnished one is let out to 2 to 3 students. We have a clause in the contract, which we communicate before letting, that allows us to stay in the furnished apartment when we are in town.
Re: Condo that's gonna sit empty...
Posted: Tue Jul 26, 2016 11:15 am
by C40
Why not sell the condo?
Re: Condo that's gonna sit empty...
Posted: Tue Jul 26, 2016 11:24 am
by Dragline
C40 wrote:Why not sell the condo?
+1. Or figure out a way to get some income out of it (renting, airbnb, etc.) But selling seems to make the most sense.
Re: Condo that's gonna sit empty...
Posted: Wed Jul 27, 2016 8:15 pm
by FRx
That's one of the options for sure.
I'll wait until the end of the year and if I can't come up with any way to make money at it then selling it would be the best option.
Re: Condo that's gonna sit empty...
Posted: Wed Jul 27, 2016 8:55 pm
by Ego
I have no experience with them, but this might be of interest...
https://www.pillowhomes.com/faq
They are not in Portland yet but may be by the time you need them. There are others with a similar business model. It is also possible to contract with a cleaning service that takes care of the local work necessary for an airbnb. You would then be responsible for managing the bookings and solving emergencies.
I know a few airbnbers who are making a living at it even with very high rent. Off-season $165/ night with a 3-night minimum on an apartment that they are paying $1250/month + cable tv.