Rental Property Investor · Iowa City, IA · Member since 2016 · 34 posts · 16 votes
Hello!
We are considering purchasing a condo in the Tampa, Ft. Myers or Naples area. The condo would be primarily a vacation rental that we would like to break even or cash flow (building equity) for the next 5 years until we move to Florida for most of the year.
Details:
We would personally use it a few times a year. We would be managing from Iowa.
Purchase price ranging from $100k-$300k. Two bedroom.
Questions/Advice:
-What neighborhoods specifically are desirable as vacation rentals?
-If you have a vacation rental in those areas, how often is it rented, and what is the nightly rate average?
-If you have a vacation rental that only allows monthly rentals, does it rent regularly, or would you recommend a rental that is available to rent on a weekly basis?
Erica, I would recommend Banyan Naples again. They know what an investor is looking for and will put all the numbers together for you and will take care of the management. Honesty and integrity is what's important to me.
Tiffany Ralston
"until we move to Florida for most of the year. "
If part of your plan is to live there let that be your deciding factor first.
Tampa is a bigger city, more things to do, more amenities. Temperature is cooler in the summer than sw FL.
Fort Myers / Naples is less expensive, more retirees, small town vibe, hot and humid in the summer.
Both areas are great for vacation rentals. You will probably have an easier time renting in Tampa in the summer because there are more things to do.
Tiffany, I have several condo rentals in Naples, Bonita Springs and Estero, all west of 41 (beach side). Not big cash flow but I like to buy with min down and more properties. Sometimes it takes a few years to get even but a great place to visit! Watch the condo fees and association competency. Still opportunities there if you buy right.
I've been through several PM's but have used Marilynn at Banyan Naples PM for last 10 years and received great service. Got me out of a property at the top last year too!
@Mike Hinton is there a realtor you can recommend that you have had success with? I have been the sidelines but would live to purchase sometime in those same areas as a rental although living in MA, I could certainly be convinced to use it myself a cpl weeks a year!
Erica, I would recommend Banyan Naples again. They know what an investor is looking for and will put all the numbers together for you and will take care of the management. Honesty and integrity is what's important to me.