Short term rentals in Delaware / Maryland beaches area?

Question

Hi friends!

I am new to investing. I have one house hack and I am working on finding my next deal. My absolute dream job is to have vacation rentals. I live close to Maryland and Delaware beaches & I know the area like the back of my hand. I am looking to connect with folks who are or who have invested in the area. I am interested how investing in the area has turned out for you and if it is worth it since it is not a year-round tourist area due to the weather.

If you don't invest in this area but invest in short term rentals, where do you invest? I am also interested in branching out to other hot vacation spots

Jesse Ottesen · Answer

@Heather Carrow

Hi Heather,

If the area is anything like Chincoteague and I am a little familiar with the Delaware and Maryland beach areas.  You should be able to get an extended season in the spring in the fall with Birders and Photographers who like to flock (pun intended)to that area for the wildlife.

Good Luck!

Heather Carrow · Answer

@Jonathan Jones,

From what I am gathering from BP it seems like most people in the STR market are not in favor of STR's in the north because they only rent out Memorial Day to Labor Day compared to rentals in the south that rent most of the year. However, since it would be my second investment property (and first STR) I would like it to be close to home while I learn the ropes. I am still looking in these areas and hoping to find something at the right price that will cashflow plenty during our short rental season. I am also looking in southern areas, but like I said - I really want this next property to be close to home. It'd be nice to maybe get a group of people that invest in these areas together (virtually) to get some tips and tricks from those investing in these areas.

Heather Carrow · Answer

@Julian Sage I’ll definitely check it out! Thanks!

Julian Sage · Answer

I don't think i can self plug but there is a podcast mentioned on my profile i would recommend.

Heather Carrow · Answer

@Julian Sage I’m really looking to self manage my properties at least in the beginning. I wish BP did have a STR podcast! Do you have any STR podcasts that you recommend? I tried getting into some of them but they don’t compare to bigger pockets

Heather Carrow · Answer

@Dwight Will

I think that’s a great “why” to have! I am interested in vacation rentals. I will be using Airbnb to rent out such rentals.

Thanks for the connection request! I’m always looking for others to bounce ideas off of!

Julian Sage · Answer

@Heather Carrow are you looking for active management or passive for STRs? Bigger pockets doesnt have a dedicated STR podcast but its good if you are new and looking to find your niche.

Dwight Will · Answer

I am in the same boat as to “why” as you are as I’m doing whatever I can to better my Growing family lives For the future.

Obviously a day where I could Quit my day job and live off of passive income would be the goal but I also understand that doesn’t happen overnight ..as for short terms rentals are you thinking like vacation rentals or AirBnB properties ?

I sent you Connection request if you wanted to bounce some thoughts or ideas around.

Heather Carrow · Answer

@Dwight Will

Would recommend listening to the Bigger Pockets Podcast to get a good idea of what kins of real estate you are interested in.

I would also recommend thinking of your "why" a little bit more...money is a good motivator but it isn't a lasting motivator. For example, my "why" is so I can quit my day job, travel, and create generational wealth for my kids someday.

I am personally interested in short term rentals!

Dwight Will · Answer

I mean really I’m open to anything if the money makes sense.

What I bring to the table is 10+ years of residential and commercial construction project management.  Dealing with subcontractors and planning construction schedules is second nature to me.I lack the “real estate mind” that some people have in knowing great deals for great areas.  I was hopeful through BP to engage with some likeminded people who brought all something different to the table.

Obviously funding is another factor when you take into consideration what kind of project you can jump into.

what’s your biggest kind of investing your looking at or to get into ?

Short term rentals in Delaware / Maryland beaches area?

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