7 figure STR on INLET BEACH - 1st time STR advice/info

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  • Kate Stoermer
    Real Estate Consultant · Ann Arbor, MI · Member since 2023 · 85 posts · 93 votes
    1y

    So, you're going to visit a potential STR market and you are wondering about steps to get started? Here's my 2 cents:

    1. Have a clear goal. Some people get into this for ROI and could care less about the property itself provided it turns a strong ROI. Others care deeply about the property, location, layout etc. Most people just getting started are inbetween. Advice is helpful - if the person giving it understands your goals or you align with theirs.

    2. Learn how to analyze income potential.  YouTube is a world of help, there are calculators (including here on BP).  Don't take a local realtor or Property Managers word for it unless you can have an informed conversation with them about how they came up with those projections.  Remember achieving income potential is a result of good management and knowledgable marketing. 

    3. Have realistic expectations.  Its harder to find cash-flowing properties, and in some markets they are hidden gems (in need of renovations) or simply don't exist.  

    Have fun!  

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  • Lloyd Pierce
    OP
    Member since 2025 · 2 posts · 1 vote
    1y

    Thank you Kate!  

    This is our idea of finding a beach home that we can use (on a limited basis) and explore how to dive into the STR world out of curiosity.

    Don’t expect much but a great learning experience, make some money and have a beach house!  I’d like to see where it goes from there.  Studying and being realistic about the 1st time.  

    We really like the house, location and idea of the area and that’s important! 

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  • Andrew SteffensBusiness Member
    Tampa, FL · Member since 2022 · 3k+ posts · 3k+ votes
    1y

    I would speak to experts in the area to try to get your finger on the pulse of the market.  On a 7 figure house everything is magnified, if you win its a big win but if you lose its a big loss.  Make your numbers and triple check and have contingency plans.  Good luck!

    [email protected]813-563-0877
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  • Ricardo Hidalgo
    Real Estate Agent · Member since 2019 · 569 posts · 257 votes
    1y
    Quote from @Lloyd Pierce:

    It's our first time in the STR/Vacation home market! Want to just start somewhere but hoping to gain insight on 1st trip in STR market using property management group, establishing LLC and insight on how to dive in properly


     Hi Lloyd, I would be happy to connect with you and share my insights on the short term rental market on the emerald coast. I have owned and flipped STRs in Fort Walton Beach, Miramar Beach, Panama City Beach and 30A. I can share insights and deep dive into each market for you. 

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