STR or Long Term in Destin & Fort Walton Area

[Ben Adamo]

Good Morning,

My name is Ben Adamo and I currently have a few long term rentals up in the Northeast. I am coming down to the Fort Walton area for work in the next few months and will be making these trips for the next few years. I am considering purchasing a STR so I can stay there when I am down for work and then rent out when I am not. I not really know much about how short term rentals and/or how the market looks in the area for something like that. Any advise, info, points of contact would be greatly appreciated as I am trying to build out my network and would like to meet and potentially look at places while I am down there during July/August timeframe. Thank you all in advance!

[Lake Lutes]

Hey @Ben Adamo! Stoked to have you down on the Emerald Coast from time to time over the next few years. I do both - I have a few LTRs down here as well as an STR in Destin. There is no question that the STR has phenomenal numbers - if you advertise right and your expenses aren't too crazy, you can make some extremely good money in the Florida Panhandle on STRs. I will say though, this is a very underrated area for LTRs. You can find homes in the $300s that rent for $2500+. I just leased my home that appraised at $331K for $2500 - even with my refinance at 7.5%, it cashflows about $500/mo.

In short - both methods are great for this market. I'll shoot you a PM and am happy to link up and chat when you're here!