Invest in Galveston, TX STR
I'm looking to purchase a STR in Galveston. I'm a real estate broker and I live in Pearland. I've run some numbers and seems as though it's a great opportunity to get some decent cash flow and personal enjoyment. Below is what I've come up with. What am I missing. Are there any experienced investors out there that would like to meet to discuss?
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There are a few things to take into account not mentioned. First is going to be HOT taxes on rental income. Here in Galveston, the total taxes are 15% (6% state & 9% city).
Another thing not mentioned is insurance on the property. Depending on the property, you typically need flood, windstorm, & liability.
Also water bill & sewage from the city.
One important question: you mentioned HOA in your cost. Do the HOA bylaws allow for STR?
I'd be happy to help a bit with numbers if you can give me an idea of the property and its location