i gave it a 1-year shot at running the cabin as an airbnb, but it is only profitable the peak couple of months a year because we are extremely remote with very harsh winters. i feel a bit stuck under that until the end of this year because i have a bunch of guests booked and i would hate to rugpull them in order to transition it back to a long-term rental. I do believe with more time and money it could be a profitable short-term rental. my county just rolled out a 4% tax on airbnbs for no reason, which hurts.
the city house would be income producing with another 30k$ of renovations, but in it's current state (i ran out of money on the renovations) it is half-rented, covering the operating cost.
s1artibartfast|9 months ago
It seems like getting those two sorted would greatly improve your monthly situation.
going back to the wealth thing, I recommend you think of these places as assets, not set in stone. If you are ahead on your mortgage, they literally are, slow to sell but worth real cash.