@Alexander Knowles We were not familiar with the Condo-tel differential. Initially we were told ALL condos require 25-30 down payment. However, currently working on 10% down payment because it will be a second home and not a resort Condotel. Also, was not familiar with many Condo Buildings requiring use of their Property Management at an average of 60/40 split... that wasn't going to work for us. We found a property that did not require that. Lastly, allowing dogs was another big road block.
We are planning to self manage, but looking for a great cleaning company and dependable handy man. Also, planning to do some minor kitchen reno next month so any and all recommendations welcome and appreciated.
Gina Jackson, Real Estate Agent in Maryland (#5006605), Investor Brokered by eXp Realty
Heard Orlando is always booming, look for vacation destinations, Cape Cod where i am is great for STR but there are nearly no houses on the market right now, where are you looking?
@Andrew Stein I’ve had a lot of success with my rental in Myrtle Beach. I’d be happy to discuss it with you and answer any questions. Feel free to DM me. Best of luck to you!
@Andrew Stein I'm in Orlando and we have resort/vacation/STR only communities that are specifically used for STR. from condos to townhomes and 4-14 bedroom single family. Worldwide #1 vacation destination. Hard to go wrong here. Happy to give you an idea of returns and ownership costs for the current market.
Feel free to reach out if I can help answer some questions.
Coastal North Carolina is a great place to invest in short-term rentals. I'm based near a beach community, Topsail Island, and military community, Camp Lejeune/New River/Stone Bay, and know many investors who get great returns on their STRs. Vacationers come for the beach; family and friends of military members come here for graduations, reunions, holidays, etc. My husband and I are actually prepping our first STR right now. Feel free to message me if you're interested to learn more!
We just bought a STR in North Myrtle Beach. I was very interested in, still am, STR in coastal NC. We ran into a bunch of regulations and hoops regarding financing and property management in NMB. How are things in NC in the regard?
@Gina Jackson - curious to hear the regulations and hoops you bumped into (without getting into too much personal detail)? NMB is a hot spot for STRs and investors. The big local property management companies dominate there - do you plan to manage yourself?
@Alexander Knowles We were not familiar with the Condo-tel differential. Initially we were told ALL condos require 25-30 down payment. However, currently working on 10% down payment because it will be a second home and not a resort Condotel. Also, was not familiar with many Condo Buildings requiring use of their Property Management at an average of 60/40 split... that wasn't going to work for us. We found a property that did not require that. Lastly, allowing dogs was another big road block.
We are planning to self manage, but looking for a great cleaning company and dependable handy man. Also, planning to do some minor kitchen reno next month so any and all recommendations welcome and appreciated.
Gina Jackson, Real Estate Agent in Maryland (#5006605), Investor Brokered by eXp Realty
@Gina Jackson - sounds like some good lessons! Glad you are staying persistent and pushing through. On the property management side - many will try to strong-arm you to use their own but I have had instances where new owners have to honor current bookings for 90-days when the title is transferred. Of course, each condo community has their own by-laws but it is definitely possible to get away from their management.
On the renovation side - would suggest researching popular similar condos that will be your competitors. Updating the kitchen down here goes a long way seeing as there are many condos that have their original kitchens!