Property Manager · FL · Member since 2025 · 33 posts · 12 votes
Good morning! I'm ecstatic to have just secured a fantastic new short-term rental property and I'm eager to collaborate with experts to transform it into a stunning haven. Specifically, I'm seeking talented handymen to work their magic on light cosmetic enhancements and an ingenious stage designer to infuse the space with their creativity. As I reside in Palm Bay, Florida, approximately three hours away from the property in Jacksonville, Florida, I'd be forever grateful for any recommendations for local professionals who can bring my vision to life.
Hi Gernide! I am looking into purchasing a STR in a different state and was wondering if you would be willing to give me some tips you learned along the way? TIA!
Hi Gernide! I am looking into purchasing a STR in a different state and was wondering if you would be willing to give me some tips you learned along the way? TIA!
Hi Traci,
Absolutely! I'm happy to share some tips about purchasing an STR in a different state.
I joined Stayly Academy, which helped me secure a lease property under my business name and utilize it for short-term rentals. So now I have both my personal residence and a leased property as STRs.
Even though I live 3 hours away from my leased STR property, I've built a team that assists with managing it, so I don't have to be there all the time.
Here are some key things I've learned:
Regulations: Research the specific STR regulations in the state and city where you're looking to buy. Rules vary significantly, and you need to be aware of licensing, taxes, and any restrictions.
Local Market: Analyze the STR market in your target area. Look at occupancy rates, average daily rates, and competition to understand the potential for success.
Property Management: Consider how you'll manage the property remotely. You might hire a property manager, use a co-hosting service, or build your own team (like I did!).
Financing: Explore financing options for out-of-state investment properties. Some lenders specialize in this area.
Legal and Tax Implications: Consult with a real estate attorney and tax professional to understand the legal and tax implications of owning an STR in a different state.
I'm happy to answer any specific questions you have about my experience. Feel free to ask away!
GeGe, thank you so much for the info! This gave me a lot to think about! I never even considered a leased STR. I'm going to do some research on that. Thank you again for taking the time! I'll definitely reach out if I have more questions. Take care!
I'm definitely open to working as a team! I'm currently focused on expanding my portfolio of leased properties for short-term rentals. I'm looking for a skilled sales rep who can help me connect with landlords in Florida (especially the Palm Bay area) and Georgia.
If you're interested in collaborating, I'd love to chat more about how we can work together and what your experience is in real estate sales and landlord outreach.