Hi BP community - looking to buy a new build beach front property for STR in Galveston/Crystal beach, TX. Anyone with direct experience in this area? Any tips and tricks as we venture into TX?
Pros: Longer rental season. A lot of short drive vacationers. Projected $50k revenue on the lower end and $100k+ on the higher end.
Cons: A lot of supply/competition, but demand seems to keep up. High insurance and taxes.
Any input would be appreciated! Thanks!
Updated about 1 month ago
Additionally we are looking to use TurnKey to manage the STR. In the past (2 years ago in our CO mountain home) they only did marketing (maintenance and cleaners were still on us) but it seems that they are full service now for the same 18%. Any feedback on them would be appreciated as well. Thanks!
Is there a refinery in the area? I've had pretty good results renting to refinery contractors in my town. They stay anywhere from 2 weeks to 6 months.
@Paul Sandhu I haven't even thought of that. Would entertain the option, though the current goal is more targeting short term than long.