Under Contract on first STR - Oak Island, NC
Hi all. My wife and I decided to move from the LTR to STR. We recently sold an LTR and had been in the market to purchase a two or three long-terms or small multi. But based on the numbers, the STR seems to be the better -- even if more risky -- strategy. The market we have chosen is the Yaupon section of Oak Island (east end). The property is located in walking distance to the beach (2 min. walk) and several restaurants. The general area is also elevated such that most of the properties are out of the flood zone, including this one. Based on the numbers, we're not expecting to become millionaires -- but hoping to reach 20-25% cash on cash return for the deal.
We both work full-time and have small children, so the impending setup process is looming large. That is, of course, if we end up closing the deal pending no significant issues. We are diving in head first on educating ourselves on the setup process. Many thanks to fellow BPers and Joe Prillaman out of Carolina Beach for the inspiration to get the ball rolling.
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If it's not too bad, I tend to wait on doing much rehab until slow season. In the Florida panhandle, I hear that is October through Feb. Not sure about your mkt.