Rental Property Investor · St Augustine, FL · Member since 2020 · 36 posts · 32 votes
Looking to purchase a 1b/1b condo in Jacksonville, FL. Planning on using it as a furnished STR (6 month min) in hopes of getting the max return. Total newbie here buying first investment property. Any thoughts on furnished rentals?
Hey @Christine Sierra, that is a long term rental. It is rare to get traveling nurses etc for more than 3 months. Contracts like that are usually shorter than 6 months. Otherwise they hire for permanent positions. I wouldn't rely on that.
How close to the colleges? Like walking distance? I wouldn't get into student housing if they have to drive 15 minutes to school and park.
Now, with the 6 months minimum, you can expect that it could change to no leases under a year.
Frankly there is too much risk with this. You are new to investing so you want to get it right or it will slap you right into the dirt.
Is it even legal in Jacksonville, and will the Home Owners Association allow it?
The HOA where I am looking to purchase will allow short term rentals as long as greater than 6 months.
You are going to be hard pressed to find someone that will stay in an STR for more than 6 months. Most everyone on this forum (except me) rents their STR to people on vacation or getaways. Their typical rental is a weekend, a few days during the week, or one week.
Is it even legal in Jacksonville, and will the Home Owners Association allow it?
The HOA where I am looking to purchase will allow short term rentals as long as greater than 6 months.
You are going to be hard pressed to find someone that will stay in an STR for more than 6 months. Most everyone on this forum (except me) rents their STR to people on vacation or getaways. Their typical rental is a weekend, a few days during the week, or one week.
I was hoping to market to residents, nurses, college students maybe. Being that the location is very close to several major hospitals and colleges. Just wasn't sure which platform was best for advertising.
Local residents, they can't afford my STR rates. Traveling nurses, they are psychotic or they are a mutt. At least every one that I rented to was. College students, generally irresponsible. At least every one that I rented to was.
Is the unit in the towncenter or downtown. What is stopping you from making the rental a long term buy and hold rental? I think short term 6 months will drive more vacancy. I think your target audience is good but I think they would want to have a longer lease. In addition are you managing the property or is their a property manager? Here to help. I am from the Jacksonville area.
Hey @Christine Sierra, that is a long term rental. It is rare to get traveling nurses etc for more than 3 months. Contracts like that are usually shorter than 6 months. Otherwise they hire for permanent positions. I wouldn't rely on that.
How close to the colleges? Like walking distance? I wouldn't get into student housing if they have to drive 15 minutes to school and park.
Now, with the 6 months minimum, you can expect that it could change to no leases under a year.
Frankly there is too much risk with this. You are new to investing so you want to get it right or it will slap you right into the dirt.
Is the unit in the towncenter or downtown. What is stopping you from making the rental a long term buy and hold rental? I think short term 6 months will drive more vacancy. I think your target audience is good but I think they would want to have a longer lease. In addition are you managing the property or is their a property manager? Here to help. I am from the Jacksonville area.
The condo is located downtown Jax, but the rental comps were nothing to get excited about. I was thinking short term furnished to get the max rental income I could. I would also be managing myself.
The advice I've gotten so far is to just wait until I can purchase a property with better cash flow potential...
Hey @Christine Sierra, that is a long term rental. It is rare to get traveling nurses etc for more than 3 months. Contracts like that are usually shorter than 6 months. Otherwise they hire for permanent positions. I wouldn't rely on that.
How close to the colleges? Like walking distance? I wouldn't get into student housing if they have to drive 15 minutes to school and park.
Now, with the 6 months minimum, you can expect that it could change to no leases under a year.
Frankly there is too much risk with this. You are new to investing so you want to get it right or it will slap you right into the dirt.
Yes, I'm seeing that now.
Any advice on where to start? I've been back and forth on how to invest. Right now I would only be able to purchase a property around 100k. That's tough in my local market.
You have to start somewhere, but I agree you should start by saving more of a downpayment while continuing to ask questions and learn. Read through the forums and look at Airbnb listings to get an idea of asking nightly rates. Compare them to purchase prices in the area on Zillow or MLS.
You have to start somewhere, but I agree you should start by saving more of a downpayment while continuing to ask questions and learn. Read through the forums and look at Airbnb listings to get an idea of asking nightly rates. Compare them to purchase prices in the area on Zillow or MLS.
@Christine Sierra I would recommend holding on and savings a lit bit more before you jump in. It sounds like you are close to being able to get to the level where you can invest in a good property where the numbers work. I think it is better for you to hold out and find a great deal than get in a bad deal and then have to work your way out. If you need any other help. Just shoot me a message.
@Christine Sierra I would recommend holding on and savings a lit bit more before you jump in. It sounds like you are close to being able to get to the level where you can invest in a good property where the numbers work. I think it is better for you to hold out and find a great deal than get in a bad deal and then have to work your way out. If you need any other help. Just shoot me a message.
Any advice on where to start? I've been back and forth on how to invest. Right now I would only be able to purchase a property around 100k. That's tough in my local market.
Well, I am not familiar with that market, but there is some great advice here. Just save up for longer so you can get something that performs for you. Better to take some time to get all your ducks in a row before jumping in.