Vacation AirBnb in Tampa

56 Replies | Tampa, Florida

@Amy Ahearn that's a great business if treated right. You can make some really good income on short term vacation rentals. It takes some time to build clientele and once you have repeat clients who book with you for the next year ahead you are on the right track. Good luck with your search. Let me know if I can help you in any way.


@Andre Crabb

A little further up in this thread you asked about SFR vs condos for seasonal rentals. Many condo communities restrict rentals as far as minimum days of the lease and maximum number of rents per year. The ones that permit them will require the tenant submit an application (background check, etc.) to the board for approval. Plus, communities with higher HOA fees will kill cash flow. It seems to me the better and less troublesome way to go is with SFR's.

I just sold a SFR in Cape Coral to a BP investor that he's using as a seasonal rental (and for his own use on occasion). He hired a manager that I recommended and the home had five bookings on the first day it was advertised on Homeaway.

Wondering is any realtors on this thread have thoughts about the viability of beach rentals/development  south of Pinellas and north of Cape Coral  -say, in Charlotte county?

The biggest thing to watch out for is local restrictions. Pinellas County is very restrictive when it comes to days it can be rented out per year, some municipalities have outlawed it all together. The city of Tampa is still okay with it currently. 

I recently sold a beach home to a fellow BP member that was a great deal right on Clearwater Beach. We have also identified Bradenton Beach and Holmes Beach as very good options as well albeit at a higher price point. At a lower price point, I would look at Tampa proper at some of those duplex and triplexes close to major attractions such as Raymond James, the Airport, Ybor City, Hyde Park, etc

Anyone know the local restrictions in Cape Coral/Fort Myers? I've considered converting some of my long term rentals to short term rentals and/or look into dedicated STR units.... just starting actual "research" though lol

@Brittany Cripe my wife is a realtor with and has a team that covers the Tampa Bay Area. I’d be happy to share contact info or you can do some research first if you’d like...Courtney Alberigo- Stein with Stein Homes Team.

Brad,

This is a great question! My husband and I are closing on a property in Tampa Florida the beginning of March 2020. We will be turning it into an Airbnb. I have an awesome business partner/property manager in Tampa Florida. He specializes in the Airbnb business and does extremely well- he has over 10 properties for himself. It is a vacation area: very valuable especially because there is a lot of travel in that area.

If you’re interested in connecting with me or my business partner we can share our experiences, including the expected numbers for that area specifically you can DM me.

Hello @Owen Franks and @Olga Shahan ,

I'm new to posting in the forum but I thought this was a great thread. Unfortunately, it looks like the legislature is not going to move forward with HB1011 or SB1128 this year (2020), so we'll work towards it again next year. I've heard it analogized to the process of getting Uber approved in the state, so similarly it may take 4-5 years to have consistent regulations throughout Florida. For now, we just have to go municipality by municipality.

It's good to connect, I specialize specifically in vacation rentals as an investor and working for the countries largest vacation rental management company (Vacasa). If I can be of any help from a short term rental perspective I'm glad to do so.

@Ryan Tolley thank you for the update. I saw latest information about the bills as "temporary postponed" but did not know that it was until next year. I agree, until there is the bill that specifies that "property owners have constitutional rights to  use their properties as vacation rentals", the owners who want to do Airbnb need to make sure that local ordinances allow  short term rentals in the area.

I am glad to connect as well, how is VR market in Indian Rocks beach ? I recently went to open house with mayor of St Pete Beach and he mentioned that Indian Rock Beach has lost its short-term rental ordinance in 2011 when officials tried to change the wording. Does it make it a more favorable market for Vacation rentals?


@Olga Shahan The short answer is yes, it has helped the market of Indian Rocks Beach considerably from a vacation rental perspective. You are correct, municipality zoning laws are grandfathered in unless they have made a change to their code since June 2011. If they made a change since that time they lose their ordinance altogether. Indian Shores has favorable zoning, and there are pockets of areas in St. Pete, Treasure Island, even Clearwater Beach that work well...You just have to be very careful when purchasing that you know exactly what the ordinance is for your property if you're going to use it as an investment. I've seen where people have bought prior to doing the homework and been put in a bad position.

Condos are a whole different story because their HOA rules override any local zoning, so even in Madeira Beach or Redington where it may be a 30-day minimum there are some condo associations that allow shorter term. The opportunities are plentiful if you dig for them.


@Ryan Tolley thank you for your input. I am familiar with Treasure Island and St Pete Beach market, I have done some thorough research in terms of ROI and I target those communities that make financial sense. Indian Rocks is new to me and sounds interesting. I am always looking to expand my horizons and a good investment opportunity. Thank you for connecting, feel free to reach out.

This is an idea that I've considered for years, having owned and managed many different Airbnb-type properties in my career. I'd like to have somewhere warmer to escape to in the winter, where I could still enjoy high-season and cashflow in the summer. Here in MN the slow season is Nov-March, but good money can be made in the spring-fall months.

Do you have any experience with Airbnb? Not trying to be negative, and I encourage anyone and everyone to try it, but it's expensive and time consuming to manage. Cleaning fees and management alone can quickly eat up any extra cashflow over a traditional tenant. I've found the best performing properties to be medium-term, 1-4 month furnished leases. This might work best for your situation.

Good luck! 

Hi @Adam Tafel  I agree that renting monthly rather than weekly is more convenient.

In Florida renting in short terms would yeld you much higher income, since the rates are are considerably higher if you rent weekly, so it is well worth it.

Also in high end resort style communities you would usually have repeat guests, like in the community where I work, many people like to rent the same condos and they make reservations for the next year.

Guests pay for cleaning fee, it is upfront separate fee in addition to tourism development taxes.

I recently sold a condo in that community, it makes over 37k in 236 days. It came with the list of short term tenants who would like to continue to rent.

In Florida high season is from January till April and during this months rental rates in that particular community are $4,500 monthly, $1,675 weekly, $3,000 for 2 weeks, $3,725 for 3 weeks.

If you are entertaining the idea of having a vacation rental in Florida, i recommend you to consider vacation style communities, where you can have repeat guests, they are also maintenance free, this way you won't need to hire a management company which could save you around 20% of rental income.

Having just run across this thread just now I am still interested in the possibility of STRs in the future but am curious how all of you area doing and your perspective on the market considering the current state of affairs. For example, are you doing LTR now and hoping STR becomes a possibility in the future? Are you currently still getting active STR bookings?

Andre, we buy multi unit properties and AIRBNB one side and live in the other. When we travel to another city, we do the same. Buy a multi unit property and set it up. this way when we travel, we can always have a place to stay, and someone else is paying for it. 

@Robert Gunn Are you looking for a unit to airbnb year around or a second home that you can airbnb when you are away? Either way, I help investors find cash flowing properties in the area and would be more than happy to chat with you regarding your objectives. 

Originally posted by @Luke R.:

@Aaron T. Is you primary residence in the Tampa area? Would be interested to learn more about your vacation rental model. 

Primary residence is a loose term when you are traveling around. We dont look at any of our properties as a primary. We look at them as ways to stay at any of our places in one unit while the other is being monetized. 

the down side is that you either 1. can't keep personal items in these homes or 2. keep one room locked in the house as a personal room that could be your primary. 

the goal is to buy a place any place you want to spend time, so you can then jump from place to place and not pay out any money. also your travel is a business expense. 

 


Primary residence is a loose term when you are traveling around. We dont look at any of our properties as a primary. We look at them as ways to stay at any of our places in one unit while the other is being monetized. 


I like the way you think!! 

 

Originally posted by @Luke R.:

@Aaron T. That must be nice to travel freely though. Do you self manage the airbnb units remote? 

 once you build in the automation, they will almost run themselves. make sure you have a third party with boots on the ground that can keep everyone honest.....checks and balances.