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.
Condo that's gonna sit empty...
Re: Condo that's gonna sit empty...
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.
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...
Why not sell the condo?
Re: Condo that's gonna sit empty...
+1. Or figure out a way to get some income out of it (renting, airbnb, etc.) But selling seems to make the most sense.C40 wrote:Why not sell the condo?
Re: Condo that's gonna sit empty...
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.
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...
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.
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.