Ryan Corcoran Tennessee knows that coronavirus shattered the lucrative short-term rental market almost immediately.
MURFREESBORO , TENNESSEE, UNITED STATES, September 17, 2021 /EINPresswire.com/ — Ryan Corcoran Tennessee knows that coronavirus shattered the lucrative short-term rental market almost immediately. Gig-economy players such as Airbnb hosts were particularly hard hit. Hosts in major cities have gone from a stable source of rewarding income to having no guests at all.
Many property owners are wondering if their Air BNB can still earn them money despite Covid. As a home builder and developer, Ryan suggests four steps to make sure your answer is a clear yes.
Rates are currently 1% lower for homeowners who have bought homes in the last 5-10 years than they are today, or even more.
A fraction of a point on your mortgage rate can reduce your monthly mortgage payment by hundreds. You can use this money for your primary property, your debt, or renovations to allow you to rent out your property at higher rates, Ryan Corcoran Tennessee explains.
If you've experienced a temporary financial downturn, a cash-out refinance for your home can help you meet your financial obligations while you wait out the crisis. You can also negotiate a cash-out refinance for more than what you owe and receive the difference in cash. That can be used to pay your car note, buy groceries, etc.
Transition to a Long-term Rental Formula:
Airbnb has been trying to find solutions for its hosts since the COVID crisis. The company is now planning to invest heavily in long-term rentals as a core product offering. Extended stays may become more popular as a way to escape and get work remotely.
Many rental platforms will connect you with students, interns, and isolating physicians, as well as transient workers who might be willing to pay a little more for housing.
Plan Now, So You Can Charge More Later:
There are very few options to maximize your rental property's profit in the short term. However, if we consider the potential annual profit, it is possible to use this time to generate additional income months later.
Reduce your Losses and Sell your House:
Ryan Corcoran Tennessee says that you will want to retain as much equity in your home as possible if you decide to sell your rental property.
It is tempting to stay put and wait for the market to rebound. It could be a great time to sell your house, as we are currently in a long seller's market and have historically low inventory.
Even though times can be difficult, homeowners often have the option of having options.
Source: EIN Presswire