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Updated almost 4 years ago,
Shoul I do Long or Shorter commute investment?
I am a first time investor looking to get a vacation home/ short term rental property. Short term rental is priority. I live in NYC. I have two options to go with based on my budget: Pocono Lake area PA or Florida. The exact area in Florida is still being determined. But I am thinking Orlando area, a new construction with a nice pool. Both would be in a gated community with HOA fees. The thing is.. Pocono is 3 hours by car and Florida is 3 hours by plane. How should I determine which area to invest for a short term rental? What should I be looking at? (Side note: I really initially wanted a waterview condo but am learning that short terms are not allowed and my budget won't allow for any apartments that do allow a short term so that is off the question. I've looked in south beach and Panama City)
What questions would you ask, think about? What would be a deal maker or breaker for you? Any advise from pros to first time investors? Thank you all in advance!!