Short term rental, would it be a good option?

[aguduser]

My condo will be ready for occupancy in a few months, it's a two bed, two bath. I've been thinking of renting it out as short term rental, so that I could use it occasionally for my out of town guests, while still getting some income from the short term rentals to pay for the mortgage. My question is: is this a possibility? If it is, would it be a good option? Or should I just not complicate things, and look for a long term tenant instead? Do you know any property management company that manages short term rentals?

 

[simuls]

The vast majority of condo boards do not allow leases of less than 12 months. That being said, it normally takes a board at least a year to create the rules that govern the condo and if you choose your tenants wisely, they might not even know. It's a risk as they could kick out a tenant if they find out, but it might be worth it. I've found that short term rentals - furnished - command at least a 35% premium and that ain't chickenscratch.

 

[light play]

Minto