@Elham4 I just want to give you a lot of food for thought because I think this is a situation that could possibly make your finances worse.
1. Buying a suitable condo anywhere in this market, unless you’re an all cash buyer, can be quite expensive. First, it would be an investment property so 10-20% down, a higher interest rate and substantial closing costs.
2. STR is not an easy-peasy, passive income as you think. Even the best STR may not be filled every month to guarantee covering the mortgage on it. Even the best host can get just one scamming and/or lying guest that can get host suspended for days or even several weeks while airbnb slowly investigate the situation. Some reasons for suspension, whether true or not, can be an undisclosed camera, bed bugs, guest partying, to name a few. And, even if the allegation proves false, the host is not compensated for the loss income from both refunding the guest or having their calendar blocked.
3, Your STR could get damaged. There is Aircover, but if you read hosts’ complaints on here, it’s best to have your own insurance covering damages in addition to your required owner’s insurance, which will be higher because the owner doesn’t reside at the property.
4. Things need to be replaced—bed linen, towels and wash cloths, dishes and glassware. Household products need to be replenished.
5. It’s hard work, especially if you have 1-night renters. I do my own cleaning which takes 2-3 hours and the laundry by itself is a bear.
6. Then there’s the unknown, like the pandemic, which hurt a lot of hosts financially.
After saying all this, I do enjoy hosting but I don’t have to depend on the income to pay my mortgage and the STR is my basement studio apt. So there’s minimal worries about guests not following house rules when they know host is on site.
Just wanted you to know the other side before jumping on this train.
However, which ever way you decide, do your homework, and research, read, and research and read some more.
