Thinking about Savannah for STR or MTR.
Have a LTR in Portland Oregon we are going to 1031 in May.
My wife just visited visited Georgia and really liked it there.
Before this visit we were thinking of buying in central Oregon (Sunriver, Bend, Sisters, Or) prices are much different in Georgia than Oregon.
Wondering if anyone had any thoughts on STR or MTRs in Savannah, Ga.
@Steve Bebek- I have heard of people running- not walking to do STR's there. I know that they have been expanding on this market for the last few years. Seems interesting! I would find an investor friendly real estate agent who can help guide you on your purchase if you do end up making the decision. They can help you find a good and popular area that you may not be aware of as you are not immersed in the market. Good luck!
Quote from @Olivia Radziszewski:
@Steve Bebek- I have heard of people running- not walking to do STR's there. I know that they have been expanding on this market for the last few years. Seems interesting! I would find an investor friendly real estate agent who can help guide you on your purchase if you do end up making the decision. They can help you find a good and popular area that you may not be aware of as you are not immersed in the market. Good luck!
Quote from @Steve Bebek:
Quote from @Olivia Radziszewski:
@Steve Bebek- I have heard of people running- not walking to do STR's there. I know that they have been expanding on this market for the last few years. Seems interesting! I would find an investor friendly real estate agent who can help guide you on your purchase if you do end up making the decision. They can help you find a good and popular area that you may not be aware of as you are not immersed in the market. Good luck!
Quote from @Steve Bebek:
Quote from @Steve Bebek:
Quote from @Olivia Radziszewski:
@Steve Bebek- I have heard of people running- not walking to do STR's there. I know that they have been expanding on this market for the last few years. Seems interesting! I would find an investor friendly real estate agent who can help guide you on your purchase if you do end up making the decision. They can help you find a good and popular area that you may not be aware of as you are not immersed in the market. Good luck!
Thank you Olivia
Steve, I am curious to hear more about your goals We have began converting a large portion of our property to MTR. We currently have 1 in Savannah and it is doing exceedingly well. Lot of travel nurses, movie studio crew members, and working professionals. I personally love it because it is hands off like the longterm rentals with twice the rent. Currently we are getting $2400 per month for a 2/2 condo furnished that we are $65k all in for plus $8500 in furnishing. These same condos are selling for $110-120k right now but only one other friend of mine is taking advantage of the MTR option in the community. We own 12 and are beginning to convert them all.
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Real Estate Agent Georgia (#384873)
- Frank Moore & Company
Quote from @Joshua Austin:
Steve, I am curious to hear more about your goals We have began converting a large portion of our property to MTR. We currently have 1 in Savannah and it is doing exceedingly well. Lot of travel nurses, movie studio crew members, and working professionals. I personally love it because it is hands off like the longterm rentals with twice the rent. Currently we are getting $2400 per month for a 2/2 condo furnished that we are $65k all in for plus $8500 in furnishing. These same condos are selling for $110-120k right now but only one other friend of mine is taking advantage of the MTR option in the community. We own 12 and are beginning to convert them all.
Quote from @Steve Bebek:
Quote from @Joshua Austin:
Steve, I am curious to hear more about your goals We have began converting a large portion of our property to MTR. We currently have 1 in Savannah and it is doing exceedingly well. Lot of travel nurses, movie studio crew members, and working professionals. I personally love it because it is hands off like the longterm rentals with twice the rent. Currently we are getting $2400 per month for a 2/2 condo furnished that we are $65k all in for plus $8500 in furnishing. These same condos are selling for $110-120k right now but only one other friend of mine is taking advantage of the MTR option in the community. We own 12 and are beginning to convert them all.
Hi Joshua, thanks for the info. My wife just got back from Georgia and really liked it. We plan a trip there after the first of the year. We are actually thinking about the Tybee Island area.
I will keep you posted.
Regards.
Steve Bebek
Quote from @Steve Bebek:
Hi Joshua, thanks for the info. My wife just got back from Georgia and really liked it. We plan a trip there after the first of the year. We are actually thinking about the Tybee Island area.
I will keep you posted.
Regards.
Steve Bebek
Be very cautious of Tybee right now. The city council has passed some crazy bans on STR in recent months and people are selling left and right. Lots of uncertainty and I would not venture down that path without an agent who knows that market very well.
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Real Estate Agent Georgia (#384873)
- Frank Moore & Company
If you are serious about acquiring an investment property there and plan to utilize it as a short term rental I would recommend running the numbers on AirDNA to get a better idea of the revenue you can bring in each year - I would also do some research to see if traveling nurses are in the area if you plan to utilize the property as a midterm rental - either way, an MTR or a STR will produce more income than a LTR in most cases, best of luck!
Quote from @Jack Mawer:
If you are serious about acquiring an investment property there and plan to utilize it as a short term rental I would recommend running the numbers on AirDNA to get a better idea of the revenue you can bring in each year - I would also do some research to see if traveling nurses are in the area if you plan to utilize the property as a midterm rental - either way, an MTR or a STR will produce more income than a LTR in most cases, best of luck!
Quote from @Steve Bebek:
Quote from @Jack Mawer:
If you are serious about acquiring an investment property there and plan to utilize it as a short term rental I would recommend running the numbers on AirDNA to get a better idea of the revenue you can bring in each year - I would also do some research to see if traveling nurses are in the area if you plan to utilize the property as a midterm rental - either way, an MTR or a STR will produce more income than a LTR in most cases, best of luck!
Quote from @Steve Bebek:
Quote from @Steve Bebek:
Quote from @Jack Mawer:
If you are serious about acquiring an investment property there and plan to utilize it as a short term rental I would recommend running the numbers on AirDNA to get a better idea of the revenue you can bring in each year - I would also do some research to see if traveling nurses are in the area if you plan to utilize the property as a midterm rental - either way, an MTR or a STR will produce more income than a LTR in most cases, best of luck!
ThanksJack
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Agree - have seen people with good success in the market. One thing to consider is a lot of the housing stock is very old (beautiful, but old) so have to be careful managing the reserves/repairs/maintenance budget if you buy something historic
Look up Awning Airbnb Airbnb Estimator it's a completely free estimate tool and gives you comps of nearby listings as well.
Quote from @Steve Bebek:
Quote from @Steve Bebek:
Quote from @Steve Bebek:
Quote from @Jack Mawer:
If you are serious about acquiring an investment property there and plan to utilize it as a short term rental I would recommend running the numbers on AirDNA to get a better idea of the revenue you can bring in each year - I would also do some research to see if traveling nurses are in the area if you plan to utilize the property as a midterm rental - either way, an MTR or a STR will produce more income than a LTR in most cases, best of luck!
Thanks Jack.
Savannah is a great market for both STR's and MTR's. I'm an agent and also property manager in Savannah. Please feel free to reach out if you have any specific questions.
Quote from @Joshua Austin:Would love to hear more about this.
Steve, I am curious to hear more about your goals We have began converting a large portion of our property to MTR. We currently have 1 in Savannah and it is doing exceedingly well. Lot of travel nurses, movie studio crew members, and working professionals. I personally love it because it is hands off like the longterm rentals with twice the rent. Currently we are getting $2400 per month for a 2/2 condo furnished that we are $65k all in for plus $8500 in furnishing. These same condos are selling for $110-120k right now but only one other friend of mine is taking advantage of the MTR option in the community. We own 12 and are beginning to convert them all.
Quote from @Julie Gates:
Savannah is a great market for both STR's and MTR's. I'm an agent and also property manager in Savannah. Please feel free to reach out if you have any specific questions.
thanks Julie
I second @Julie Gates Shes very responsive and has been so much help. She has a couple MTR in the market so She would be who I would reach out too.
Quote from @Joshua Austin:
Steve, I am curious to hear more about your goals We have began converting a large portion of our property to MTR. We currently have 1 in Savannah and it is doing exceedingly well. Lot of travel nurses, movie studio crew members, and working professionals. I personally love it because it is hands off like the longterm rentals with twice the rent. Currently we are getting $2400 per month for a 2/2 condo furnished that we are $65k all in for plus $8500 in furnishing. These same condos are selling for $110-120k right now but only one other friend of mine is taking advantage of the MTR option in the community. We own 12 and are beginning to convert them all.
@Joshua Austin what area of Savannah are you invested in?
Quote from @Kalina C.:We have properties all over but these condos are on the south side near Coffee Bluff.
Quote from @Joshua Austin:
Steve, I am curious to hear more about your goals We have began converting a large portion of our property to MTR. We currently have 1 in Savannah and it is doing exceedingly well. Lot of travel nurses, movie studio crew members, and working professionals. I personally love it because it is hands off like the longterm rentals with twice the rent. Currently we are getting $2400 per month for a 2/2 condo furnished that we are $65k all in for plus $8500 in furnishing. These same condos are selling for $110-120k right now but only one other friend of mine is taking advantage of the MTR option in the community. We own 12 and are beginning to convert them all.
@Joshua Austin what area of Savannah are you invested in?
*update since this post: the most recent one listed and sold for $140k a few weeks ago. We now have two fully furnished condos and will be converting 2 more by the end of the summer.
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Real Estate Agent Georgia (#384873)
- Frank Moore & Company
Hey Steve - Great area for MTR and long term rentals. I am on a trial for a new tool called Vrolio that can help you identify the best investments in Savannah. If you want to mess around with it try the link below.
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Real Estate Agent SC (#108014)
- 843-422-4792
- http://www.findhiltonheadrealestate.com
- [email protected]
@Steve Bebek what is the attraction to Savannah other than you and your wife visited there and like it? I don't know the market but doing just a little research I see that they get about 8 million overnight visitors a year which isn't a lot compared to other larger markets. A good STR market could be very different than a good MTR market. Define which kind of rener you are going after and then do some research on whether the market attracts that type. You're already buying out of state. Personally, I would broaden your potential market search. I'm not saying Savanah wouldn't be a good market, but as I mentioned, there are markets that get far more visitors. Kansas City for instance get nearly 25 million visitors year.
Short term rentals are typically vacation destinations or conventioneers while MTR are most typically business related such as traveling nurses and corprorate stays.
