So i am thinking of making my next real estate investment move in Florida. I am thinking of doing STR through Airbnb so i wanted some information on if Orlando or Kissimmee is a good Airbnb market and if i can find a good STR for around $100-150k. If anyone has any specific locations or types of properties i should be looking at do let me know! I will be flying out 6 months from now to scope out all relevant information i get from the good folks here! Need to find some good realtors that can help me out and need information with mortgage brokers, property managers etc. This will be a new market for me since it is out of state since i am from NY. Do let me know if i missed any information, more than happy to add on in the thread below!
A little background. I do have rental/investment properties in NYC/Buffalo, but wanted to expand into STR and i think Orlando/Kissimmee would be ideal due to it being a tourist hot spot attraction.
@Mohamad Khan I'm a rental property investor and Realtor here in Orlando. Kissimmee has a bunch of short term rental properties and it is my understanding that they do pretty well. Although most are larger houses and cost more than what you said you are looking to spend. In fact the market here in Orlando is hot right now so there is not much inventory in the price range you mentioned and even less that I think would attract a steady stream of tourists. If you would like I would be happy to connect and show you what the inventory looks like today.
@Tyler Gibson Hey thanks for that info! I saw some condos/townhouses in Kissimmee for around that price range, hence why i mentioned it because it was in my price range. I do not mind paying for more if its worth the investment, but i did not want to aim to high as a first investment out of state since it will be tough to be sure the property is intact and being well taken care off. I would love to connect with you and get some more info and insight into how the market is and if STR are still profitable there!
I would like to know how is LTR over in Orlando/Kissimmee? I would not mind investing in that either since its a bit more stable and i am more experienced with that. Open to hear about that also.
Orlando passed some laws/ordinances regarding STR and limiting the ability of folks to do so without registering with the state something to the effect of $275.
> The new law also requires short-term rental operators to register with the city and pay a fee of $275 for the first year and $125 annually after that.
Additionally you need to collect a variety of taxes.
I don't believe Kissimmee has similar laws, but I'm just starting to do research on this topic and this area myself.
@R.J. Petrillo I read about the STR being limited as well but i did not get much information online on it. Thats interesting to hear since Orlando is a tourist hotspot so i guess the city just wants the extra cash flow to come in by doing this.
Do you have more information on the "collect a variety of taxes" is there other items aside from property taxes i would have to pay?
From what I read it was lodging tax, tourist tax, and some other nonsense.
Here's an article I found on the subject. I'd imagine locals may be able to chime in with better info. Like you - I'm just a yankee doing what is my birthright, move out of NY and buy property in FL. :P
@R.J. Petrillo you got it right. The excise tax is something you will pay anywhere in Florida. Every country has it. Orlando did severely looking STR within the city limits. That is the trick within the city limits which is relatively small compared to the larger metro area.
You may find some older condos/townhouses in that range and that may give you the opportunity to put in some sweat equity. Always remember though that with LTR you are in the rental business, with STR you are in the entertainment business.