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First short term rental!
Hello all,
After much analysis paralysis on my part, my girlfriend and I have just purchased our first investment property. To mitigate risk, we decided to house hack a 3/2 home with a detached 1/1 MIL suite to rent. We are set to close late February, and we're getting more excited for our new journey by the day! We are minutes from Panama City Beach, FL and have decided to use the MIL suite as a STR, with a LTR as a plan B. The property is mostly turnkey, with the exception of furnishings and we really want to have a game plan down to hit the ground running after we close. Where should we focus our efforts in the meantime? Should we form a legal entity? What kind of insurance should we carry on a STR? Which platforms are best? So many newbie questions....
Congratulation Brian on getting started. I'm sure you'll find your niche in the universe of furnished rentals. There are lots of categories to explore. You might do well with just vacationers and convention goers but if not, look to interns and students.
A popular pivot has been towards military and healthcare essential workers. But don't be surprised if temp housing suits you better.
Lots of worlds to explore and lots of varying marketing strategies to let people know about your space.
Best to you!
@Matt "Roar" Gardner Thanks Matt! I’m determined to make it out to props one of these days! I love the family and friends beta test...we had definitely planned on doing that! I fully agree with you on systems, and thank you for the suggestions!
@Brian Hatcher Will do!
@Al Williamson Thank you for suggesting different options! That is what attracted me to this model to begin with! We have Tyndall AFB nearby and also a small state college, as well as tourists.