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Updated 9 months ago, 04/22/2024

User Stats

11
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5
Votes
Steve T.
5
Votes |
11
Posts

Seeking Advice: Investment in Warm Locations with High Rental Potential

Steve T.
Posted

Hi everyone...I'm exploring real estate investment opportunities in warm locations, particularly for the winter months. I live in Southwestern Connecticut, and am looking for places that are not only ideal for escaping the winter months but also have strong potential for rental income/future resale value of the property. So the goal would be to have it rented during spring, summer, fall..and maybe I'd use it for a month or so during the winter to escape the northeast. Also it would have to be a location that's within a reasonable flight distance from JFK or LaGuardia airports. I have some rental experience with the 2 family home I own. I live in one unit, rent out the other unit, and rent out the detached garage for storage. 

Here are my key criteria:

  • Warmer climate/More daylight time than Connecticut during winter
  • Good potential for rental income and property appreciation
  • Affordable property prices with a good ROI potential
  • Quick flight from NYC

I've considered cities in Florida, Georgia, and SC. I'm particularly interested in areas that haven't yet experienced a real estate boom but are on the cusp of growth.

Additionally, I'm looking at options for managing these properties. I'd be fine with doing it myself, but I'm not sure an airbnb setup would be good because of people constantly coming in and out, and risk of it being vacant. I also looked at platforms like Mashvisor for finding and analyzing potential properties but would love to hear if anyone has experience with these or other tools.

I would greatly appreciate any insights, experiences, or advice you can share, especially:

  • Recommendations on specific cities or neighborhoods that meet these criteria
  • Tips on managing properties remotely
  • Thoughts on using platforms like Mashvisor for property analysis
  • If this idea would make sense to do

Thank you in advance for your help!

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