Condo's to Vacation rentals next to Theme parks?

Question

Greg Scott · Answer

@Chris Brown

Avoid condos as an investor, they generally don't return as well as single family rentals.

Avoid condos if you want to get into short-term rentals.  Your HOA will probably be fighting you every day to stop because nobody wants to live in a condo next to an AirBNB rental.

Your plan seems sound if you choose to buy a single family rental.  However, be aware that short-term rentals have a lot of moving parts and require constant care and feeding.  You may want to start with long-term rentals and get your feet wet that way first.  Long-term rentals are probably the least time-intensive.

Before buying, I recommend you get a mentor to help you through the bumps in the road

Ken Dillard · Answer

HOA fees never go away and only have risk of special assessments so they make be a little nervous.

As far as evaluating single family near a theme park, a tip I was given recently has really helped.  Go onto AirBnB and look at rentals in the area and categorize the reviews.  What are people routinely commenting on as great and negative.  Then when looking for your own investment pick properties which have similar traits which people are excited about.  You may really like a property because it has a Jacuzzi but if no one mentioned that as a positive on other properties that feature would not help.  Walking distance, or access to shuttle, or whatever is mentioned as a positive helps drive your location and property choice.

Good Luck!

Matt K. · Answer

You could always test your luck at the rental arbitrage game... and rent places then list on short term rental sites.

Myka Artis · Answer

@Chris Brown Be careful with condos because the HOA's are very strict when it comes to STR's such as Airbnb. My condo association shut down all Airbnb's but you may be lucky to find one that does allow Airbnb. I would suggest getting with the HOA before purchase to see if they allow short term vacation rentals. If you are able to do it then condo's can be great for cash flow. Luckily I was able to turn my condo into a corporate rental and I'm able to make the STR money with less work. If you find out that all of the condo's in your area don't allow short term rentals then you may want to look into buying a condo for corporate rental purposes. They are great for that but as @Greg Scott mentioned you won't get much return with a condo.

Condo's to Vacation rentals next to Theme parks?

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