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Updated over 1 year ago, 05/08/2023

User Stats

87
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78
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Paul Pratt
  • Real Estate Agent
78
Votes |
87
Posts

Daytona Beach Florida Mid-Term Rentals

Paul Pratt
  • Real Estate Agent
Posted

Hey everyone,

I figured I would share some info on mid-term rentals in my area, and help you build a strategy in case it's something you've been considering. So one of my contacts is a successful airbnb operator in the area (over 10 properties) and he actually made a mistake in buying a property without realizing it wasn't zoned correctly. However, it was sort of a blessing in disguise. He applied the same strategies in regards to renovations and furnishings. For a 3/2 SFR home on beachside, he was grossing $5800 a month on average compared to a long term rent rate of $2600. His clientele made up mostly of snowbirds and people displaced from their condos from storms. THE 2 KEYS are this, 1. Have a solid renovation budget and 2. Make sure you furnish everything as if it is a STR!

Hope this helps, how well you prep your property will reflect in the rates. If you do the bare minimum, expect nothing more.

User Stats

4,470
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4,355
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Robin Simon
Pro Member
#3 Real Estate Deal Analysis & Advice Contributor
  • Lender
  • Austin, TX
4,355
Votes |
4,470
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Robin Simon
Pro Member
#3 Real Estate Deal Analysis & Advice Contributor
  • Lender
  • Austin, TX
Replied

Really seeing a lot of people have success shifting towards the MTR strategy from STRs this year

  • Robin Simon
  • [email protected]
  • User Stats

    12,137
    Posts
    14,565
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    John Underwood
    Pro Member
    #1 Short-Term & Vacation Rental Discussions Contributor
    • Investor
    • Greer, SC
    14,565
    Votes |
    12,137
    Posts
    John Underwood
    Pro Member
    #1 Short-Term & Vacation Rental Discussions Contributor
    • Investor
    • Greer, SC
    Replied
    Quote from @Paul Pratt:

    Hey everyone,

    I figured I would share some info on mid-term rentals in my area, and help you build a strategy in case it's something you've been considering. So one of my contacts is a successful airbnb operator in the area (over 10 properties) and he actually made a mistake in buying a property without realizing it wasn't zoned correctly. However, it was sort of a blessing in disguise. He applied the same strategies in regards to renovations and furnishings. For a 3/2 SFR home on beachside, he was grossing $5800 a month on average compared to a long term rent rate of $2600. His clientele made up mostly of snowbirds and people displaced from their condos from storms. THE 2 KEYS are this, 1. Have a solid renovation budget and 2. Make sure you furnish everything as if it is a STR!

    Hope this helps, how well you prep your property will reflect in the rates. If you do the bare minimum, expect nothing more.


     Another Key point is to do your due diligence. This could be a critical error if you can't make the number work as a MTR or LTR after you found out it doesn't have the zoning you assumed.

  • John Underwood
  • Hospitable logo
    Hospitable
    |
    Sponsored
    Put Your Vacation Rental on Autopilot! Manage your STRs with ease and save time on hosting.

    User Stats

    2,112
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    1,646
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    Andrew Steffens
    Pro Member
    #3 Short-Term & Vacation Rental Discussions Contributor
    • Tampa, FL
    1,646
    Votes |
    2,112
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    Andrew Steffens
    Pro Member
    #3 Short-Term & Vacation Rental Discussions Contributor
    • Tampa, FL
    Replied
    Quote from @Paul Pratt:

    Hey everyone,

    I figured I would share some info on mid-term rentals in my area, and help you build a strategy in case it's something you've been considering. So one of my contacts is a successful airbnb operator in the area (over 10 properties) and he actually made a mistake in buying a property without realizing it wasn't zoned correctly. However, it was sort of a blessing in disguise. He applied the same strategies in regards to renovations and furnishings. For a 3/2 SFR home on beachside, he was grossing $5800 a month on average compared to a long term rent rate of $2600. His clientele made up mostly of snowbirds and people displaced from their condos from storms. THE 2 KEYS are this, 1. Have a solid renovation budget and 2. Make sure you furnish everything as if it is a STR!

    Hope this helps, how well you prep your property will reflect in the rates. If you do the bare minimum, expect nothing more.


    Is the city very strict about proper zoning? I have some clients who did the same in Saint Petersburg. We agreed to run it as an STR until the notice of violation came and it never did, 3 years strong as an STR. Most cities either take nearly a year to build a proper case against you, or do not bother you if you are not a nuisance (i.e. carefully screening guests).

  • Andrew Steffens
  • [email protected]
  • 813-563-0877
  • User Stats

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    Michael Baum
    Pro Member
    #1 Short-Term & Vacation Rental Discussions Contributor
    • Olympia, WA
    6,270
    Votes |
    7,712
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    Michael Baum
    Pro Member
    #1 Short-Term & Vacation Rental Discussions Contributor
    • Olympia, WA
    Replied

    Luckily they were able to pivot. There have been more than a few folks here that bought without checking the regs.

    User Stats

    87
    Posts
    78
    Votes
    Paul Pratt
    • Real Estate Agent
    78
    Votes |
    87
    Posts
    Paul Pratt
    • Real Estate Agent
    Replied
    Quote from @John Underwood:
    Quote from @Paul Pratt:

    Hey everyone,

    I figured I would share some info on mid-term rentals in my area, and help you build a strategy in case it's something you've been considering. So one of my contacts is a successful airbnb operator in the area (over 10 properties) and he actually made a mistake in buying a property without realizing it wasn't zoned correctly. However, it was sort of a blessing in disguise. He applied the same strategies in regards to renovations and furnishings. For a 3/2 SFR home on beachside, he was grossing $5800 a month on average compared to a long term rent rate of $2600. His clientele made up mostly of snowbirds and people displaced from their condos from storms. THE 2 KEYS are this, 1. Have a solid renovation budget and 2. Make sure you furnish everything as if it is a STR!

    Hope this helps, how well you prep your property will reflect in the rates. If you do the bare minimum, expect nothing more.


     Another Key point is to do your due diligence. This could be a critical error if you can't make the number work as a MTR or LTR after you found out it doesn't have the zoning you assumed.


     Agreed, luckily in this case it was a blessing in disguise! 

    User Stats

    87
    Posts
    78
    Votes
    Paul Pratt
    • Real Estate Agent
    78
    Votes |
    87
    Posts
    Paul Pratt
    • Real Estate Agent
    Replied
    Quote from @Andrew Steffens:
    Quote from @Paul Pratt:

    Hey everyone,

    I figured I would share some info on mid-term rentals in my area, and help you build a strategy in case it's something you've been considering. So one of my contacts is a successful airbnb operator in the area (over 10 properties) and he actually made a mistake in buying a property without realizing it wasn't zoned correctly. However, it was sort of a blessing in disguise. He applied the same strategies in regards to renovations and furnishings. For a 3/2 SFR home on beachside, he was grossing $5800 a month on average compared to a long term rent rate of $2600. His clientele made up mostly of snowbirds and people displaced from their condos from storms. THE 2 KEYS are this, 1. Have a solid renovation budget and 2. Make sure you furnish everything as if it is a STR!

    Hope this helps, how well you prep your property will reflect in the rates. If you do the bare minimum, expect nothing more.


    Is the city very strict about proper zoning? I have some clients who did the same in Saint Petersburg. We agreed to run it as an STR until the notice of violation came and it never did, 3 years strong as an STR. Most cities either take nearly a year to build a proper case against you, or do not bother you if you are not a nuisance (i.e. carefully screening guests).


    It all just depend, I've had investors get fines and others one street away have not had any issues even if the zoning was off. I would suggest everyone do numbers on the conservative side, in case you start to get fined. However its pretty clear cut here where you can and can't have an STR. With that said, it also doesn't stop a lot of people from doing them if they are outside of zoning.

    User Stats

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    Brooklyn McCarty
    Pro Member
    • Investor
    746
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    1,266
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    Brooklyn McCarty
    Pro Member
    • Investor
    Replied

    Always good to have a exit strategy!

  • Brooklyn McCarty
  • User Stats

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    Sarah Kensinger
    Pro Member
    • Real Estate Consultant
    • Ohio
    1,253
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    2,189
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    Sarah Kensinger
    Pro Member
    • Real Estate Consultant
    • Ohio
    Replied

    Yes, mid-term rentals can be a great strategy too, thanks for the reminder! I have also heard a lot lately that you should treat them as a STR in the design and furnishings. People want a nice-looking place to live in, even if it's only for a couple months!

  • Sarah Kensinger
  • [email protected]
  • 330-557-3021