Looking to invest into Multifamily around South Florida

[Nicolas Hansen]

Was looking to get into my first multifamily around my local market in South Florida, I have seen on a few properties have given me a few decent leads but dont know what type of rentals I should do with my units. Does anyone have any experience doing short term or long term rentals around South Florida and know which might be better. Just heard there was a lot of restrictions with short term so just wanted get any advice or if I should even invest in my local market? Appreciate any info!

[Evan Polaski]

@Nicolas Hansen, do you enjoy working in the hospitality business?  Would you consider buying or investing in hotels?

If not, then you don't want to do short term rentals. Also, what you need from a STR and what works for a LTR are not always the same thing. Convenience, ease of access, proximity to amenities are paramount in STR (again, think about where hotels are located versus single family homes, generally). LTR: it depends on the demographic you are likely to be catering towards, but school districts, low traffic, quiet, etc.

While I don't live in a tourist hotbed, I know many that bought cheap properties to Airbnb without thinking through the whole package, and they were doing okay, at best, in the height of cheap debt and people traveling all the time, and many have since sold since Airbnb has become over saturated and like many in real estate over the last 5 years, the good ones are able to survive and those that got too excited are struggling.