All Forum Posts by: Stetson Miller

Hi @Sumit B.

To start off, Cape Coral does have a 7 day rental minimum, however, this is an ordinance that pre-dates the STR industry and was originally targeting transient housing. Because of this, it's not something that is actively enforced against otherwise complying vacation rentals in this area. If there were other issues though, be aware that they could choose to enforce this minimum at any time

More recently, the city has created a rental database with contact information of all active rentals in the city that law enforcement and city officials have access to. Should there be any violations, you or your management company can be contacted off this list. They've also enacted a bed tax specifically targeting short term rentals. All of these things indicate the basic groundwork for an STR industry supported by local government, and we do expect future support to continue

The highest demand areas of the city can be found South of Veteran's Memorial Pkwy. If price point for these properties is a limiting factor, properties found on the North side of Veteran's Memorial Pkwy can be viable too, as long as they are on the East side of Santa Barbara Blvd, and South of Pine Island Rd (SR-78)

Hi @Marsh Moreau,

I would be happy to put you in contact with a local GC who specializes in remodels that's also an investor himself. Feel free to connect if interested

@Jake Warren I can second both Lehigh Acres and Cape Coral. If you're looking for a stricter cash flow market, Lehigh would be the better option between the two. Both currently offer great supply and availability for purchase, as well as high rental demand and low vacancy

@Lorraine Patterson If STR's are a potential strategy at all, I would recommend sticking with the general Southern region

Hi @Lorraine Patterson,

That would be completely dependent upon the intended use for the lot. If it was to hold the lot for appreciation, SE. If it was to build a luxury single family home for future STR usage, SE. If it was to build a single or multifamily rental and to keep your cost basis as low as possible, NE

@Rodney Menendez Unfortunately that is in an area that I would currently consider lower demand. The Southern end of Cape Coral is where you will typically see the highest demand and returns (South of Veteran's Memorial Pkwy). There's also potential for properties South of SR-78 (Pine Island Rd), East of Santa Barbara Blvd, and on the North Side of Veteran's Memorial Pkwy

Hi @Rodney Menendez

Canal and/or gulf access is not necessary to operate a successful STR, those are simply in a different purchase price range and income generation scale. With that being said, the location of the property is something that I would consider to be critical to your success. STR's are becoming a very popular strategy in Cape Coral, so there's no shortage of homes being offered in high-demand areas to compare to. You will be at an advantage with the property being new construction, but without the property being in the right place and not being waterfront, that could be a formula for failure

@Samuel Jolicoeur Agree with everything above

One thing I would add though is that although covering a larger area is better for exposure, unless you truly understand each of the markets you're servicing, it's very difficult to be proficient in that large of an area, especially just starting out. In addition to that, drive time could be a big consideration if you have a morning meeting in Cape Coral, an afternoon in Sarasota, and an evening back in Fort Myers

@Grey Goodman I'm constantly in contact with other smaller companies and individuals that only do it part time, but they come and go frequently. Desoto is the only one that has consistently been active in this market for years now that I'm aware of

@Grey Goodman Desoto Holdings is a great list to get on and they consistently have deals almost every day in Cape Coral. Otherwise, the Network tab on BiggerPockets is another good place to start