@Ryan F. - Destin is a great place to live and invest! There is definitely a peak season (March - August), and you'll find snow birds in the off-season. And you're correct - closest to the beach is ideal with respect to cash flowing/max occupancy. As with any STR, the amount of heads in beds also plays a huge role in ROI.
South Florida has always been a very popular place for vacation rentals. During the summer when it’s “off-season” more than half the buildings along the A1A highway are empty.
Just purchased a vacation rental in Hilton Head Island, SC. Undergoing a large ($200K) renovation - which is my 'thing'. I've done 2 large reno's before, and owned 4 other properties that we lived in and rehabbed, then sold for a profit. Got my eyes on one in Florida now! Onward and upward :)
@Kenneth Garrett Have you thought about Clearwater/Sarasota/Tampa Bay? Clearwater (#1), St Pete (#4), Siesta Key (#6) top beaches in the USA from TripAdvisory!!
We're planning a vacation/STR scouting trip to The Villages (55+ SFR community) in central Florida. Rental availabilities seem to suggest the market is busy from November - April. Is anyone familiar with local regs on STR's or other pointers you can share about this market? I'd also appreciate any referrals to legit real estate training in this niche (i.e., books, courses, etc.)
We're planning a vacation/STR scouting trip to The Villages (55+ SFR community) in central Florida. Rental availabilities seem to suggest the market is busy from November - April. Is anyone familiar with local regs on STR's or other pointers you can share about this market? I'd also appreciate any referrals to legit real estate training in this niche (i.e., books, courses, etc.)
Yes, Hopefully @Erica Muller is on BP....she knows a lot about the Florida market and may be able to help.
Hi Alanna! Mine are in San Diego, CA. To be honest, while they produce great returns, it has not been a passive investment experience and I cannot wait to be done with them.
Louisiana (outside New Orleans). I love STR and really enjoy the experience. However, they are about to put out regulations and set limitations. My neighborhood association probably won't allow and thus I won't be able to obtain a license. It is very disappointing as my guests really like my place and I needed the extra income.
Hi Alanna! Mine are in San Diego, CA. To be honest, while they produce great returns, it has not been a passive investment experience and I cannot wait to be done with them.
What do you dislike about STR? I am on the opposite side really liking it.
Currently looking in Hilton Head Island, SC but it's been very difficult to find a property that comes even close to generating positive cash flow.
John, where have you looked? Sometimes the smaller units where regime fees include cable, water etc... are a good money maker. Hilton Head Beach and Tennis does very well. Depending on your budget you may find single family as opposed to condos do better. Regime fees, weekly turnover costs, contingency funds etc... can really eat into profit. Finding a reasonable and reliable property manager and a solid weekly cleaner is key. After those fall in line be very proactive, advertise like crazy - airbnb, vrbo, your local FB pages etc... it's harder to keep units occupied otherwise.
@David Nacco - If you click on Networking and then Events you will find instructions on where to find the details and how to RSVP. It's a lunch & learn on April 1. Start time is noon. Location is provided to those who RSVP because we have to give a firm headcount to the caterer. Because it's a free club that is volunteer run, we get free space in exchange for people buying lunch.