Property Manager · Cleveland, OH · Member since 2015 · 705 posts · 799 votes
4y
Anywhere within an hour of Cleveland.
@John Underwood, @Luke Carl, and @Collin Hays all gave good advice. Basically anywhere with a hotel that hasn't gone out of business yet can probably also sustain an STR. I'm finding plenty of deals for my clients that will do 20% COC.
Real Estate Agent · Orlando, FL · Member since 2021 · 65 posts · 53 votes
4y
Kissimmee, FL is a great zone for STR. It is one of the only STR permitted areas that is pretty close to Disney and the airport. Also, Florida is definitely taking off this year!
Kissimmee, FL is a great zone for STR. It is one of the only STR permitted areas that is pretty close to Disney and the airport. Also, Florida is definitely taking off this year!
This is certainly an area that has been peaking my interest as of lately!
Real Estate Agent · Temple, TX · Member since 2022 · 1k+ posts · 700 votes
4y
@Arwin Nassiri
There are likely many good properties for Airbnb within 1-2 hrs of where you live.
IMO near a big hospital is normally a good spot, near military bases, tourist /vacation spots, and many more you just have to do some research on what is driving the economy in your market.
Completely agree that good STR deals can be found locally with the proper due diligence. However many markets such as Hawaii, many California hotspots (ie Joshua Tree), and many other big cities are cracking down on rental policies thus resulting in many investors (such as myself) exploring out-of-state markets. Additionally, management fees included, it can also pay off to invest in markets with higher occupancy rates and purchase-price:daily rent ratios
Lender · Asheville NC · Member since 2016 · 470 posts · 317 votes
4y
My understanding is most cities that crack down usually didn't have any regulations in place. You want places that have a long track record of tourism that depend on that vacation rental money.
Completely agree that good STR deals can be found locally with the proper due diligence. However many markets such as Hawaii, many California hotspots (ie Joshua Tree), and many other big cities are cracking down on rental policies thus resulting in many investors (such as myself) exploring out-of-state markets. Additionally, management fees included, it can also pay off to invest in markets with higher occupancy rates and purchase-price:daily rent ratios
Completely agree that good STR deals can be found locally with the proper due diligence. However many markets such as Hawaii, many California hotspots (ie Joshua Tree), and many other big cities are cracking down on rental policies thus resulting in many investors (such as myself) exploring out-of-state markets. Additionally, management fees included, it can also pay off to invest in markets with higher occupancy rates and purchase-price:daily rent ratios
May I ask what you mean when you say Joshua Tree, although not a big city, is cracking down on rental policies resulting in investors looking elsewhere? You don't think formalized regulations are a good thing for the STR market? Don't you think it shows that the governing body is in favor of STRs and is providing a legal framework to protect STR owners, tourists, and full-time residents?