Thoughts on best STR locations in southern (east coast) FL

[Patricia Andriolo-Bull]

Hi. Looking for a replacement property (1031). I currently have one in Marco Island and was considering Naples or Tampa area but also thinking about the East coast. Suggestions on best places to consider for a higher end property (up to $2M)?

[Matt "Roar" Gardner]

Some areas in Tampa could definitely be a valid play for a 1031 exchange, @Patricia Andriolo-Bull! As an agent and investor in the Emerald Coast (Destin to PCB areas) and Tampa, really either of those areas could work. 

Exactly to @Doug Spence's point, the insurance rates are really crushing a lot of deals, so you'll want to focus on newer builds or factor in some search cushion for insurance hikes.  One of my apartment complexes went from $250K to $620K!! It's nuts really. 

If you don't want to buy newer and you have a handful of policies, you could consider exploring master policies to cover your whole portfolio as well ~ 

As far as finding cash flowing assets, we've had the best luck recently with creative financing (seller finance, loan assumptions, sub-to closings, etc).  I have one in Destin right now at $3M, where the seller is open to a sub-to closing.  I'm happy to pass to details to everyone on that ~ 

Wherever you land, I wish you the best of luck!