What are some reasons to consider when deciding whether to invest in nightly rentals or not?
There are several factors to consider. First, you need to ask yourself if you need consistent monthly income. Nightly rentals can have ups and downs in income, unlike long-term rentals which provide a steady income. Second, if you don’t own a primary residence yet, it’s advisable to invest in that first as it usually gives better dividends in the long run. Third, you need to be aware that there are setup fees for nightly rentals, especially if you’re doing a new build. Lastly, you need to be emotionally detached from the property because it’s a quasi-commercial property and you can’t control who rents it.