Real Estate Broker · Tyler, TX · Member since 2018 · 193 posts · 143 votes
We would like to purchase a 2nd home, Caribbean, Florida, Gulf Shores, North Carolina...you get the drift. What we are hoping is that renting this on Airbnb, Vrbo, etc will pay for the mortgage. Now we know that it's seasonal and that we have to take into consideration that most of our money will be made Spring/Summer...that being said, who is doing this and is it working for you?
The Caribbean can be very lucrative, and less chance of regulations getting in the way. The US is much riskier with so many cities trying to regulate STR's. I have a Bahamian rental (not technically the Caribbean) that is grossing six figures this year and we are still using it for about a month. Paid $600K for it and put in about $100K. Property taxes are $1500 a year and that includes trash pickup three times a week. I self insure it and water is collected in cisterns, so no water or insurance bill. Airbnb gives one million of insurance while the guest are there. Electricity is about $300 per month. I am pretty happy with how it has worked out. Every month gets rented except September.
The Bahamian dollar is pegged to the US dollar, they speak english, and it is a 35 minute flight from Miami or Ft Lauderdale. It is not a litigious country and seems to be landlord/investor friendly. Show me a place in the States that can provide similar results....
@Ross Kerne What seems to work best is create your own Facebook page for your property like this one: Facebook.com/Tidewater605 & link it to the booking site with a book now option. Promote that link on Orange Beach - Gulf Shores Lovin’ Life, Baldwin County Homes/Rental/For Sale/Vacation Rental & Last Minute Vacation Deals - Orange Beach/Gulf Shores. This page had over 150 views last week!
Just wanted to follow up and say thanks for the recommendation above. We already had a FB page setup for our condos, but joining the groups you shared above has resulted in dozens (I've lost count) of last minute direct/owner bookings where we referred them to the PM.
@Ross Kerne What seems to work best is create your own Facebook page for your property like this one: Facebook.com/Tidewater605 & link it to the booking site with a book now option. Promote that link on Orange Beach - Gulf Shores Lovin’ Life, Baldwin County Homes/Rental/For Sale/Vacation Rental & Last Minute Vacation Deals - Orange Beach/Gulf Shores. This page had over 150 views last week!
Just wanted to follow up and say thanks for the recommendation above. We already had a FB page setup for our condos, but joining the groups you shared above has resulted in dozens (I've lost count) of last minute direct/owner bookings where we referred them to the PM.
That's wonderful to hear Ross! So glad I could help. Many congratulations on your success!