Airbnb/Short Term Rentals

Orlando, Florida
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Airbnb/Short Term Rentals

Alyssa Lukish
Orlando, FL · Member since 2020 · 4 posts · 3 votes

Hi my name is Alyssa and I am looking to buy a property in Orlando this year. I was thinking of airbnb-ing out some rooms. Does anyone have any experience in the Orlando area and want to share their experience? I want to know if it would be a smart idea and be worth trying out short term rentals. I am looking in areas around downtown or around UCF.

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Carlos H DeOliveira
RI · Member since 2019 · 64 posts · 48 votes
6y

@Quentin Moore -  Sorry I was away for a few days and didn't check biggerpockets.

All my properties are 4BDRs, my biggest concern with 5bdrs/6bdrs becomes parking. The ideal vacation rental in Davenport should have 4+ bedrooms, a private pool and a low cost HOA for maximum returns. I'm not a fan of 3BDR due to high inventory, low nightly rate and not that much less expensive than a 4bdr.

My 4 bedroom homes accommodate 8-10 guests, my HOA is very strict on street parking and often times I have issues with Guests having 3 vehicles and parking one on the street, sidewalk and etc... I use the garages as game rooms so there are no alternatives for parking.

If I was to purchase a 5BDR home, I would set it up so it can accommodate 14 guests, 3 rooms with king/queen and 2 rooms with double bunk beds for up to 4 kids in each room, this will allow you to host up to 5 families pushing your nightly rate and maximizing your revenue. The biggest challenge is finding a property that has parking for 4-5 vehicles.  

As far as price point goes, it all depends on the number of bedrooms you are looking for. I suggest doing the math backwards so you can take into account the HOA costs. The total cost for my properties after furniture appliances and etc.. is about 260,000 , my HOA fee is $180 and it includes internet, cable, and lawn service.

It costs about $480 per $100,000 financed, so if I was buying a property that Internet + HOA = $660 vs $180, in my eyes I need to buy that property for $160,000 to achieve the same cashflow as above. I know this can be a confusing answer but the point I'm trying to make is that in Florida no all properties are the same, HOA fees and other fees are very important when calculating your return.

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  • Tyler GibsonBusiness Member
    Real Estate Agent · Orlando, FL · Member since 2017 · 1k+ posts · 2k+ votes
    5y
    Originally posted by @Sandrine Li:

    @Quentin Moore, did you end up buying your STR property? If so, where? Would love to start doing the same, and to hear from your experience! You can PM me.

    @Carlos H DeOliveira and @Mike Lambert, i would love to get started on STR with my first one in the Davenport area. Would appreciate any tips on how to get started.

    I have help people buy STR in this area feel free to reach out if you would like to discuss.

    [email protected]407-590-9858
    GPG Team 596 Reviews
    WebsiteView Page
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  • Sandrine Li
    Member since 2021 · 12 posts · 0 votes
    5y

    @Quentin Moore oh great! Thanks for the heads up and good luck on your purchase!

    0Reply
  • Alice Horn
    Property Manager · Kissimmee, FL · Member since 2019 · 445 posts · 266 votes
    5y

    Congrats @Quentin Moore! @Sandrine Li good luck with the search!

    0Reply
  • Maribel Gonzalez
    Member since 2021 · 3 posts · 2 votes
    5y

    @Carlos H DeOliveira Hi! I'm curious as to what community has that low HOA. Rhe ones I'm looking at have HOA's above $300

    0Reply
  • Carlos H DeOliveira
    RI · Member since 2019 · 64 posts · 48 votes
    5y

    @Maribel Gonzalez

    try to look for Communities with minimal amenities.

    My houses are at Lake Wilson, no community pool, gym or anything.. every house has an in ground pool

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