Updated about 1 month ago on . Most recent reply
First Purchase Questions
I am getting back into REI and am looking for guidance. I have minimal experience from a previous long-term rental I owned and sold several years back. I have about 25k-ish that I can use to invest into an STR. I live in the area of Wilmington, NC, which is always very busy with tourists in the warm months. I am looking primarily towards the beaches. With the amount I have to put down, I don't imagine I can get much more than a 1 BR condo, which is fine with me. I would just be using the net from it to roll into another property later.
I don't want to blindly buy. I have used AirDNA for data, and I like their format, but I don't want to pay $50/month just to look at occupancy and average night rates. Is there a free or cheaper option? What is a solid program for nightly pricing? Ideal managing apps or other must-haves? I will be managing myself.
If you were in my shoes with your experience, what would you do?
Most Popular Reply
Hi James
I've been an investor in the Wilmington market since 2019. I've done STR, MTR and LTR. All in the downtown area. I feel as though the area is saturated with STR's and have moved to MTR (mid term rentals 30 nights or longer) I net more with MTR than STR. There are allot of extra fees within the STR space. The beach area maybe different but may also be more seasonal. This is my opinion based upon my experience in the Wilmington market.