Where is the best place to invest in Florida right now? For short term rentals (Air bnb) with a max budget of 160k. Thoughts on Miami, Ft. Lauderdale, Tampa or Orlando.. Open to any other suggestions.
Tampa area is great. Look into Clearwater Beach, St. Pete Beach, Madeira Beach, and Indian Rocks!!
@Tamara Smith Short term rentals can be a great way to increase your cash flow, but be careful about the specific locations you choose as the laws for each municipality are different. For example, almost everywhere in Pinellas county it is illegal to have short term rentals. Most municipalities require a minimum 30 day rental period, and some even limit the number of renters a year to 4.
These laws are only enforced via complaints though, which means that a ton of people get away with it. But if you have a mean neighbor or a guest throws a beer can on someone elses lawn then your operation could get shut down and they will fine you. These fines can be back dated to every day they can verify you were out of compliance.
So short term rentals can be a great strategy, but be sure to weigh the risks with the rewards based upon the location you choose. Hope this helps.
@Nathan Platter thanks for the reply/ referral. @Shane Odom thank you ! Do you reside in Tampa? Will definitely look into these areas and reach out to you for more info if it's ok..@Lucas LeBlanc the municipality regulations were my exact concerns. Wouldn't want to risk being fined or worse in the event that I'm out of compliance.. Would definitely want to know what the laws are prior to sealing the deal.. I don't reside in Florida(but visit often) so I'd need the assistance of a credible realtor or savy investor to iron out the details .
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I would look into St Augustine. It is no longer seasonal. It is full of tourists, the #2 destination in the U.S. for weddings. Not sure if you're going to find 160k budget, though.
@Gino Barbaro I would like to investigate MF investment opportunities in St. John's county. Any tips?
Great area, some of the best schools in Florida. Problem is there is not a huge supply of larger inventory. I would look more in Duval, up in Jacksonville if you want more inventory and better pricing
Tamara, anywhere on the coast is going to be a winner. The trade off is that the prices will be up. $160k in FL, you will have to leverage and furnish. Prices at least in Tampa are out of control at the moment.
Tampa's nuts right now. A lot of Illinois refugees moving down. I sold my house there last summer and made a killing and went 20/30 minutes south to Apollo Beach and got near twice the house as the same price. Great place to live but as far as investing, not as sure. As far as your budget and goals, you may want to take a look at St Augustine. I was surprised at the deals there and it's an awesome place that even Floridians take weekend vacations at.
if you are considering the risks of the short term rental, try to find on that the numbers also make sense as a long term rental. that way if anything goes south, you know your not at risk of being in the red monthly.
My pleasure Tamara. You should try visiting St. Aug in Christmas. Too cold for swimming in the beaches but it's so charming that time of year.
@Tamara Smith are you are trying to purchase cash with 160k Miami/Ft Lauderdale would not fit in there so I would say Clearwater beach or Destin area (preference to Clearwater). Destin is does beyond amazing in the high season but drastically drops once it's over and clearwater is very good year round. Nothing tops South FL though and this is coming from someone who has managed rentals from the Keys all the way up to the Panhandles
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