Shoul I do Long or Shorter commute investment?

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Shoul I do Long or Shorter commute investment?

Evelina Khaimova
Member since 2021 · 20 posts · 0 votes

I am a first time investor looking to get a vacation home/ short term rental property. Short term rental is priority. I live in NYC. I have two options to go with based on my budget: Pocono Lake area PA or Florida. The exact area in Florida is still being determined. But I am thinking Orlando area, a new construction with a nice pool. Both would be in a gated community with HOA fees. The thing is.. Pocono is 3 hours by car and Florida is 3 hours by plane. How should I determine which area to invest for a short term rental? What should I be looking at? (Side note: I really initially wanted a waterview condo but am learning that short terms are not allowed and my budget won't allow for any apartments that do allow a short term so that is off the question. I've looked in south beach and Panama City)

What questions would you ask, think about? What would be a deal maker or breaker for you? Any advise from pros to first time investors? Thank you all in advance!!

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  • Shawn McCormickPro Member
    Realtor · Central Florida-Orlando · Member since 2014 · 1k+ posts · 892 votes
    5y

    Hi @Evelina Khaimova Seems you have some decisions to make, those are very different markets. One place to start might be airdna to look at occupancy rates, rental rates, # of units available, seasonality and compare the two to see what might bring the best return.

    IMO, if you are doing OOS on a short term rental, you are going to have a PM in place anyhow doing all the work on the ground, so a drive or plane ride doesn't matter too much. Do you plan to use it personally, if so, where would you want to be and what times of the year can you get away. (will you be wanting to use the unit during high season and take money out of your own pocket?).

    I'm in Orlando, so a bit biased here, but we have a good amount of inventory in the vacation rental market and some new communities coming up still. I would be happy to talk about our market and pros/cons if you like. Reach out and let me know if you'd like to schedule a call.

    Good luck!

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