Looking to buy my first STR and having trouble finding one that projects to make a COC return worth investing in. The high sale prices and subsequent mortgage payments kill the net profits. Raising the rental rate would price me out of the competition of those who bought low and are seeing a 25% COC return. Am I just looking in the wrong areas (Maui, Lake Norman, Gatlinburg)?
You're going to have to do a lot of research. There are some more known areas, but you want the smaller unknown ones...and to be honest, a lot of people are going to be reluctant to share where those are. Small towns with maybe a possibility of 40 STRs max and you're going to post on here where those are? The town will be filled out within a week.....
Just look.....and think....where do you and people you know like to go?