I would be interested if you could share your experiences about doing short term rentals such as AIRBNB etc in SOUTH FLORIDA around the Miami/Fort Lauderdale Area,mainly interesting in the numbers to compare with a traditional yearly tenant,
I know you need to check for zoning restrictions,that a manager eat a bit of the cost and that doing it yourself is pretty demanding and stuff like that
But it really is the return you had that interests me and to know if you would switch to something else or doing it again,
I see tons of beachfront studios in the fort lauderdale,hollywood,sunny isles etc available in the 100K range that seems to be more like Hotel rooms,but if you get a constant traffic with very little vacancy it seems it could definitely makes sense doing it and tempting the adventure
Thanks to everyone
I have the same question in St Augustine. I have a 6877 sf 6BR/5bath home that we are about to rehab and can easily make 3 suites w kitchenettes and private baths plus an outdoor stand alone studio. My concern is that it's 10-15 mins away from downtown and beach and while the home is going to be stunning, the neighborhood to get to this home has some mobile homes in it and 1 run down yard w a broken down car on the way to the property. Thoughts?
I wouldn't be relying on a forum to decide about multi $100,000 purchases.
You can get thoughts, but you need to do your own due diligence for that area. Maybe talk to Realtors or fellow vacation rentals owners in that area, and a lot of other things
@Ron Alexander hello Ron. I went to College in Ft. Lauderdale and lived in one of the Under 100k beach front hotel Studio units. I’ve since bought a multi family in the North East, where I managed for a few years.
I relocated in October to So. Fl to learn a building I have my eyes on in Hallandale.
I’m learning the last thing you should look at it the unit itself. Buying a condo is all about buying into the association and the By-Laws. The commercial/Residential structure of the Board will play a huge role in the investment. Vacation or short term rentals require you or staff to be very hands on with marketing and cleaning maintenance. Scheduling to keep check out and check ins on Time.
Cities are passing Non-Air BnB laws(by adding “key tax” to every renter) trying keep the hotels in business. Most new buildings are trying the “Condo-tel” path. Allowing people to buy a unit and release it into the condo’s “Hotel program” to offset the sky-High maintenance fees.
The asking prices are good enough to make you drool, and have a lot of negotiating room because there are so many units and so few buyers that can purchase them cash, (almost impossible to finance).
I have since taken my eyes off of buy and Hold with condos on my mind, and looking for houses a little further west with Pools and a decent yard. Using the same idea about Short term rentals and vacationing, with a little bit of an easier exit strategy when it comes to the day I need to or want to sell.