First Time Short Term Rental

[Justin Melton]

My wife and I have been talking about purchasing a STR somewhere in the Florida Panhandle. Prefer single family home to condo but can be swayed depending on thoughts here. My question is this? Is it possible to cash flow a STR and my family can use it for a week or 2 per year? I know if we use it during the busiest time of year that will cut into our profit but we are thinking of buying a few STR in the next few years in destinations we like to visit.

This will allow us to have a vacation home that someone else pays for but build us equity as well. If the market appreciated, then we will have even more upside. I know STR is a lot of work potentially and people don't take care of a STR like they do their own home, but this is very appealing to me to park $75-100k as a down payment for a vacation home such as this and use it as a STR.

I know there are lots of threads on this, thank you in advance. Any other markets we could cash flow a STR and use it a weekend or week per year. I was researching and national park areas seem to be popular but I also don't want to be in ridiculously competitive markets either since we are newbies. Thank you in advance!

[Jeff Chisum]

100% of my business is helping clients with the financing to buy in this asset class in all 50 states. We have a unicorn 10% down second home occupancy loan that has much lower rates and fees than Fannie. This product is used by about 90% of my clients. To utilize the product it's safest to stay with SFR or Townhome. Has to be one unit. No distance requirements from your primary. I own two STR's in N Central Arkansas. Think Ozarks, Trees, prestige corp of engineers lake. We use our lakes house ate least three weeks out of the year and still have strong cash flow. The golf course cabin we purchased with our self directed IRA so there is no personal use. All income goes back into the SDIRA and at some point I will use those funds to invest in other things I'm interested in.