West Michigan STR's or Something Less Seasonal?

Question

I'm a new investor looking into STR's and like the idea of sticking local to cut my teeth but see how much more stable it seems to be in places like Sevierville, TN where Avery Carl and so many others invest since they can rent 80% of the year.
Currently looking at a country home about 15 minutes from Lake MI so that I can take advantage of the Summer rush in this area and hopefully still have some cozy winter appeal as well. I know an AirBnB about 1 mile down the road is getting $280/night. Eventually would love to have a Lake Michigan AirBnB but again not sure how the numbers shake out with homes that are shut down several months of the year.

John Underwood · Answer

There are many areas that rent 80% or more of the year.

I would recommend being on a lake instead of 15 minutes away.

I have a lake house that I thought wouldn't rent much in the winter months. I was wrong. People still come for many different reasons.

Look on Vrbo to see what off season bookings look like.

Mark Miles · Answer

When I think about where I can allocate my precious capital for maximum STR investment, I think of Western Michigan. If you do too, you’re in the right spot.

I have a feeling you don’t though, and that’s why you’re asking…. 🤔

Caleb Griffis · Answer

@Mark Miles I live in West Michigan so would love to invest here. I just have no idea what the best strategy is. I would love to keep my investments local but don't want to be blind to better opportunities. Grand Rapids is not as ideal for me right now because I would like to start close enough to manage it myself on the first one. What part of West MI do you think is best for SFRs? In the city or on the lake?

West Michigan STR's or Something Less Seasonal?

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