Discussion on out of state markets for STR

[Tyler Henry]

Hi Everyone, I am new to this site and also newer to STR investment properties. I currently split 1 Airbnb property with two other family members who have no plans of growing their portfolios any more than they have so I am taking the steps to growing mine myself! I am in the southwest part of Pennsylvania and would like to invest in a STR property out of state. Distance doesn't matter so much to me as long as I can find a management company and/or cleaner and handy man that can be trusted with the property and quick turnovers.

From everything I have read so far, AIRDNA is a helpful tool but somewhat pricy to use. Any insight on this? (Mashvisor?)
Market wise, I have read that people love the Gatlinburg and Pigeon Forge areas however I have not been able to find anything that is in the right zones that looks like a potential STR winner.

I have been looking in areas such as those along with Nashville TN, Breckenridge CO, and Orlando FL.

I am just looking to start conversation with anyone who may or may not know more about what I am trying to do.

Any help is much appreciated.

[James Carlson]

@Tyler Henry

Like @Avery Carl said, Breckenridge is not a place I'd place my bets right now. Breck and Summit County (where Breck is located) are placing new restrictions on STRs.

If you like the Colorado area because you want to be able to visit here, there are other good options. If you like skiing, then buy in Park County (Alma or Fairplay are the cities), which is just south of Summit County. Park County has a law allowing for Airbnb investments, and they're just a 20-25 minute drive to Breckenridge. (I've got a client selling his STR in Alma. He's pulling in $220k/year on it.)

If you don't care as much about skiing, I like some of the foothills areas around Denver (Evergreen, Conifer) and around Colorado Springs (Woodland Park, Cascade, and Divide). If you can grab a 5br+ house there, you can do really well as a short-term rental. 

Wherever you look, be sure to work with someone who knows what the laws currently are and what they could be in a year or so. Good luck!