Looking to buy my first time short term rental

Short-Term & Vacation Rental Discussions
3yFollow

Looking to buy my first time short term rental

Joe Solari
Member since 2021 · 6 posts · 4 votes

Hi I’m looking to buy my first time short term rental. I live in Massachusetts I’m open to any and all areas was wondering if any one could share some info or places you have had success in.

Thank you 

2Reply
212 views

Most Popular Reply

Tommy Parker
Property Manager · Charlotte, NC · Member since 2022 · 269 posts · 135 votes
3y

I found out that warmer areas are the best. However, I started out in Charlotte, NC and found it work fine for me. Best of luck on your journey! 

2Reply
See this reply in the discussion

41 Replies

Jump to latestLatest
  • Andres Murillo
    Real Estate Agent · Los Angeles, CA · Member since 2022 · 137 posts · 106 votes
    3y

    Hey Joe! There are a ton of forum posts in the STR section that can help get you started on your journey.

    Defining your "why" for investing is key. This will help inform the type of information you should be seeking. Whether you're looking for pure return-oriented opportunities vs prioritizing personal use, looking for a hands-off experience vs being heavily involved, or considering budget first vs striving for trophy assets - all of these priorities will inform the type of information you should be looking for. 

    If you have any specific questions or specific areas of support I'd be happy to help. 

    0Reply
  • Mohammed Rahman
    Real Estate Broker · New York, NY · Member since 2020 · 2k+ posts · 1k+ votes
    3y

    Hey @Joe Solari congrats on starting your journey! 

    Usually when I've worked with other new investors, there's a lot of buzz around where to invest and what type of strategy to go about it. Those are all questions that you should be asking, however, the most important thing is to figure out what your budget is. Without a clear understanding of your monies, you'll be pulled in different directions. 

    Once you figure out your budget, then it'll help narrow down your focus. I recommend reading about STR's as they do require more hands on management in the beginning stages. You may also find it useful to attend a local STR meetup in your area to get some exposure to other investors doing the same thing.

    Good luck! 

    0Reply
  • John UnderwoodPro Member
    Investor · Greer, SC · Member since 2014 · 13k+ posts · 17k+ votes
    3y

    I would Google top locations for vacation rentals. There are many articles and lists out there.

    1Reply
  • Account Closed
    Rental Property Investor · Indianapolis, IN · Member since 2020 · 562 posts · 554 votes
    3y

    @Joe Solari what research have you done so far, and what areas are you interested in?

    0Reply
  • Joe Solari
    OP
    Member since 2021 · 6 posts · 4 votes
    3y
    Quote from @Nicole Balsamo:

    Welcome! My fav resource to drop for first time investors is Rabbu — totally free short-term rental data tools that can help you research markets, addresses, and even find STR properties


     Thank you ! what states do you invest in?

    0Reply
  • Joe Solari
    OP
    Member since 2021 · 6 posts · 4 votes
    3y
    Quote from @Account Closed:

    @Joe Solari what research have you done so far, and what areas are you interested in?

    I have done some research in the New Hampshire and Florida area just with the market being so high just hesitant to jump in
    0Reply
  • Brett MerrillBusiness Member
    Rental Property Investor · Ludlow, MA · Member since 2016 · 114 posts · 48 votes
    3y

    Hi @Joe Solari

    Know your budget, strategy and ROI/COC that you are looking for. Here are a some general criteria that you can select from. Have you looked into the Cape? I know prices are high but there are certainly deals to be found with significant STR potential.

    1. Vacation destinations - Regions frequented by tourists, such as beach or ski resorts, have year-round rental demand, and some of the highest returns on investment.

    2. Urban hotspots - Cities with high tourism demand, such as New York, San Francisco, and Miami, have a steady stream of travelers, businesspeople, and students looking for short-term rental accommodations.

    3. University towns - Cities with large and diverse student populations offer landlords a stable, predictable tenant pool throughout the academic year.

    4. Emerging markets - Investing in areas with up-and-coming neighborhoods, growing business districts or new tourist attractions can offer investors an affordable entry point with potential high returns.

    5. Rural destinations - Rural areas can be a good investment opportunity if you're looking for quieter, more relaxed accommodations. They can offer lower cost of entry and possibly even higher return potential.

    0Reply
  • Zach Edelman
    Lender · New York, NY · Member since 2022 · 1k+ posts · 1k+ votes
    3y

    Joe, 

    I would check out Air DNA's recently article which ranks the best markets in the US to invest in STRs in 2023, per their opinion and data they have on hand. Here it is: https://www.airdna.co/blog/bes...

    At #7, New Haven, CT. Not too far from Mass. 

    0Reply
  • Melissa Silk
    Member since 2020 · 41 posts · 26 votes
    3y

    Hey Joe,

    I'm also from MA, but live in southern ME now. I just closed on my first STR in Old Orchard Beach in November. I've spent quite a lot of time researching areas in ME & NH, and would be happy to connect and share everything I know. BTW, we're doing great with the OOB property - summer is at 68% occupancy after just being listed 6 days ago!

    Remember, the best time to buy real estate was yesterday. The second best time is today!

    1Reply
  • Napoleon DeCiutiis
    Real Estate Agent · The Short Term Shop / Florida Emerald and Forgotten Coasts · Member since 2022 · 217 posts · 126 votes
    3y
    Quote from @Joe Solari:

    Hi I’m looking to buy my first time short term rental. I live in Massachusetts I’m open to any and all areas was wondering if any one could share some info or places you have had success in.

    Thank you 


    Good morning, Joe! Get on The Short Term Shop and look at the proven rental markets we are in. Use BP forums for advice and remember, there are no stupid questions. All of us are still learning! There is also a plethora of info on YouTube regarding STR strategies. Grab "Short Term Rental/Long Term Wealth", by Avery Carl, and also "Rich Dad, Poor Dad".... That should wet your whistle enough to get moving in the right direction! Please let me know if there is anything I can help out with! Good luck and you can do this! Congratulations!

    0Reply
  • Myrtle Mike ThompsonBusiness Member
    Realtor · Myrtle Beach, SC · Member since 2016 · 352 posts · 204 votes
    3y

    @Joe Solari I live and invest in Myrtle Beach and represent several investors with their STR purchases. Happy to help with any questions.

    [email protected]843-999-2301
    Myrtle Mike Real Estate581 Reviews
    WebsiteView Page
    0Reply
  • Jay ThomasPro Member
    Real Estate Agent · Houston, TX · Member since 2021 · 1k+ posts · 715 votes
    3y

    Vacation rentals are an increasingly popular option for travelers looking to get the most out of their trips. With a wide variety of destinations, each with its own unique attractions, it can be difficult to decide where to go. Fortunately, there is a wealth of information online about some of the top locations for vacation rentals - from beachside retreats and mountain escapes to bustling cities and quaint towns. Real estate companies have put together lists of the best places to stay so you don't have to research yourself. Check them out and find the perfect destination for your next getaway!

    [email protected]832-889-5607
    0Reply
  • Andrew SteffensBusiness Member
    Tampa, FL · Member since 2022 · 4k+ posts · 3k+ votes
    3y

    I'm biased but Florida is booming ;)

    Even with market still at all time highs, rates have gone up as well with occupancy staying steady after slight slowdown post COVID.  I am still finding deals for my clients at 15-20% straight returns.  


    Feel free to DM if you have any questions!

    [email protected]813-563-0877
    Vacation Rentals of Florida53 Reviews
    WebsiteView Page
    0Reply
  • Sonia N.
    Rental Property Investor · Boston, MA · Member since 2020 · 45 posts · 38 votes
    3y
    Quote from @Melissa Silk:

    Hey Joe,

    I'm also from MA, but live in southern ME now. I just closed on my first STR in Old Orchard Beach in November. I've spent quite a lot of time researching areas in ME & NH, and would be happy to connect and share everything I know. BTW, we're doing great with the OOB property - summer is at 68% occupancy after just being listed 6 days ago!

    Remember, the best time to buy real estate was yesterday. The second best time is today!

     @Melissa Silk - Love Old Orchard Beach! Curious if the STR regulations are heavy and frequently changing there? I'm out of Boston and we'd been thinking about the White mountains a while back, specifically North Conway but have heard that they'd been pushing back on STRs as of late.

    0Reply
  • Melissa Silk
    Member since 2020 · 41 posts · 26 votes
    3y

    @Sonia N. - no push back what so ever. It's one of those areas that have been doing STRs for decades, so I can't imagine anything changing. Of course, the town gets their share with the mandatory purchase of an annual business permit ($500 for first year, and around $250 per year after).

    1Reply
  • Sonia N.
    Rental Property Investor · Boston, MA · Member since 2020 · 45 posts · 38 votes
    3y
    Quote from @Melissa Silk:

    @Sonia N. - no push back what so ever. It's one of those areas that have been doing STRs for decades, so I can't imagine anything changing. Of course, the town gets their share with the mandatory purchase of an annual business permit ($500 for first year, and around $250 per year after).


     Thanks and good to know.  Of course the town wants their cut too. 😉

    0Reply
  • Sean Kelly-Rand
    Member since 2019 · 74 posts · 54 votes
    3y

    @Joe Solari - you should check with @Lien Vuong she has a few in NH and Maine that were doing quite well last time I checked. 

    I know Boston can be quite restrictive however that also means there isn't as much supply. A lot of the short-term rentals we've seen (and financed) have been for temp housing for traveling nurses which we've seen people do very well with.  If you do find something in Boston and need financing do let us know.


    -Sean-

    1Reply
  • Jaylan ArcherBusiness Member
    Real Estate Agent · Portsmouth, NH · Member since 2014 · 150 posts · 65 votes
    3y

    I have a STR in Southern Maine and would be happy to connect with you on how it does.

    I would say most of the seacoast is seasonal with the summer being busy season for obvious reasons. 

    NH has a better market for a year round draw.

    Archer and Associates of KW Coastal589 Reviews
    WebsiteView Page
    0Reply
  • Dave Skow
    Lender · Seattle, WA · Member since 2014 · 2k+ posts · 899 votes
    3y

    @Joe Solari- thanks -   if you will need  to use a loan/ financing - I would recommend  getting formally pre approved for the  scenario you are  considering  ...this process will insure you are  able to get a loan  plus it will help you get  organized/  answer questions you might have and also become  familair with the  present  numbers  (  fees/  rates /  payment / cash needed for closing etc .....Good luck 

    0Reply
  • Dan WeberBusiness Member
    Realtor · Portland, ME · Member since 2015 · 656 posts · 552 votes
    3y

    @Joe Solari reach out if you want to chat about the ME market. There's a few different options from the coast, to Greater Portland to the Mountains and they all offer something a little different.

    0Reply
  • Jeremy J Boyd
    Renter · New York City · Member since 2023 · 5 posts · 0 votes
    3y

    I am looking to rent a place in new york...First time renter as well

    0Reply
  • Ben Scarborough
    Realtor · Gulf Shores, AL · Member since 2020 · 153 posts · 76 votes
    3y
    Quote from @Joe Solari:

    Hi I’m looking to buy my first time short term rental. I live in Massachusetts I’m open to any and all areas was wondering if any one could share some info or places you have had success in.

    Thank you 

    If you are interested in a coastal short term rental, I would highly recommend checking out the gulf coast of AL and FL. I'm biased, but you will not find prettier beaches in America. I am originally from Atlanta and the combination between the nature parks, cleanliness, and the friendliness of locals quickly convinced me to make the move more permanent in the Gulf Shores and Orange Beach markets. More specifically, Alabama is a great option for STR investors in general due to being ranked the 2nd lowest state in the USA in property taxes. If you are looking for appreciation, the market still has significant amount of room to continue to develop and several new constructions are in the works. If you are looking to avoid seasonality, you can count on the snowbirds to swarm in from the midwest from January to March. Several more reasons I would be happy to discuss... Feel free to reach out!

    -Ben Scarborough

    0Reply
  • Ernst S Coriolan
    Real Estate Agent · Kansas City · Member since 2023 · 35 posts · 34 votes
    3y

    I would recommend giving Kansas City a look. There are several neighborhoods in and around the city that have several opportunities for investors. You would also have the opportunity to choose between Kansas and Missouri. There is also a lot of business moving to KC, for example Facebook's parent company Meta is making a massive data center right outside KC. We just renovated our airport to accommodate more international flights. We will also be hosting a few of the games in the coming World Cup. 

    If you want to find out more about KC and the surrounding area feel free to reach out, i'd love to connect. 

    0Reply
  • Jarrod Covey
    Lender · Austin, TX · Member since 2018 · 241 posts · 136 votes
    3y
    Quote from @Joe Solari:

    Hi I’m looking to buy my first time short term rental. I live in Massachusetts I’m open to any and all areas was wondering if any one could share some info or places you have had success in.

    Thank you 


     Hi Joe! I'd recommend getting on the free Airdna software and comp'ing out prospective houses against the current market of Airbnbs in the area. My favorite areas based on Airdna data would be cities that have longer than usual summers -- so Arizona cities, Texas cities, Florida Cities, Tennessee cities 

    0Reply
  • Jarrod Covey
    Lender · Austin, TX · Member since 2018 · 241 posts · 136 votes
    3y
    Quote from @Joe Solari:

    Hi I’m looking to buy my first time short term rental. I live in Massachusetts I’m open to any and all areas was wondering if any one could share some info or places you have had success in.

    Thank you 


     Hi Joe - warmer climate areas with longer summers have shown to perform the best over the past year. I'd recommend logging onto Airdna and utilizing their free comp'ing software and analyzing prospective markets (Arizona, Texas, Tennessee, Florida) against the house prices and their respective debt service.

    From there you can assess expected return against places you actually like to visit. 

    People want an experience with Airbnbs, so opt for unique over standard -- and prioritize amenities over year build. 

    0Reply
Join the conversationCreate a free account to reply, vote on answers and follow this thread.
Log InJoin for Free