Short Term rental and Use as second home in Florida

[Suhaib Rehman]

Good day everyone, 

I am interested in purchasing either a condo or a townhouse for short-term rental. I am also open to a longer rental as long as I could use this place for 1-2 months as a second home (summer or winter break). Budget at or under 400K. HOA and insurance costs as low as possible.
Can you suggest a few good cities in the FL with lower vacancy rates and close to nature/activities?

I am open to both the Gulf side or Atlantic/east side of south Florida.

I plan to travel to FL early next month and want to have some idea of good cities/regions to start with. Your advice will be beneficial.

Regards

Suhaib

[Jeffrey Anderson]

Quote from @Suhaib Rehman:

Good day everyone, 

I am interested in purchasing either a condo or a townhouse for short-term rental. I am also open to a longer rental as long as I could use this place for 1-2 months as a second home (summer or winter break). Budget at or under 400K. HOA and insurance costs as low as possible.
Can you suggest a few good cities in the FL with lower vacancy rates and close to nature/activities?

I am open to both the Gulf side or Atlantic/east side of south Florida.

I plan to travel to FL early next month and want to have some idea of good cities/regions to start with. Your advice will be beneficial.

Regards

Suhaib

You're going to be hard pressed to find a HOA that will allow STR and therefore insurance to match. LTR is more plausible but often HOA requires primary residence for a period of time before renting it.

[Patricia Andriolo-Bull]

If you don't mind non-waterfront, there are a few places in Marco Island around that price range.  Waterfront is much higher priced and much higher HOAs.

[Mike Grudzien]

Quote from @Patricia Andriolo-Bull:

If you don't mind non-waterfront, there are a few places in Marco Island around that price range.  Waterfront is much higher priced and much higher HOAs.

 Dont worry about "non-waterfront".  Buy anywhere in Florida and just wait a few years. Viola! All waterfront......

[Andrew Steffens]

Hi Suhaib are you open to single family? $400k will provide a few areas off beach in the Tampa area. Buying in an HOA especially at that price point that will prove to be a good performing asset will be very difficult.

I curate a weekly list of the best performing STR properties in the Tampa Bay area - DM me if you would like me to add you to the list.

Good luck!

[Suhaib Rehman]

I selected Tampa Fl just for reference, but I am open to areas north and south of Tampa. 
I would prefer some green areas (but should be closer to beach) so that it still is attracted to STR.

[Trent Reeve]

Quote from @Jeffrey Anderson:

Quote from @Suhaib Rehman:

Good day everyone, 

I am interested in purchasing either a condo or a townhouse for short-term rental. I am also open to a longer rental as long as I could use this place for 1-2 months as a second home (summer or winter break). Budget at or under 400K. HOA and insurance costs as low as possible.
Can you suggest a few good cities in the FL with lower vacancy rates and close to nature/activities?

I am open to both the Gulf side or Atlantic/east side of south Florida.

I plan to travel to FL early next month and want to have some idea of good cities/regions to start with. Your advice will be beneficial.

Regards

Suhaib

You're going to be hard pressed to find a HOA that will allow STR and therefore insurance to match. LTR is more plausible but often HOA requires primary residence for a period of time before renting it.

depending on the area, there are plenty of HOA's that allow STR. i have 2 properties in 2 different HOA's that allow STR.

[Brooklyn McCarty]

Sarasota is a good market if you are wanting to spend time there too and can also have a lower buy in then other markets in Florida. 

Also a big fan of the panhandle of Florida. 

[Garrett Brown]

I don't invest in Florida, but I have also heard good things about Sarasota. 

[Sarah Kensinger]

There's also St. Augustine and Daytona beach area...pretty much the entire state along the coast could be option for you. But decided where you would like to visit during the year would be helpful in narrowing down a location. 

[Chad Shultz]

Quote from @Suhaib Rehman:

Good day everyone, 

I am interested in purchasing either a condo or a townhouse for short-term rental. I am also open to a longer rental as long as I could use this place for 1-2 months as a second home (summer or winter break). Budget at or under 400K. HOA and insurance costs as low as possible.
Can you suggest a few good cities in the FL with lower vacancy rates and close to nature/activities?

I am open to both the Gulf side or Atlantic/east side of south Florida.

I plan to travel to FL early next month and want to have some idea of good cities/regions to start with. Your advice will be beneficial.

Regards

Suhaib

Just be careful about where in the Daytona and Ormond market you look.  STRs are not welcome in most areas and not allowed in Volusia County.  There are some areas in Ormond and some in Daytona, but you need to make sure you follow the rules, or they will come after you.  Take the time to check usage/zoning maps.

[Nathan M kiefer]

Invest in some oars

[Jorge Vazquez]

Hey Suhaib,

It sounds like you're planning to stay in your rental part-time, so the big question is: are you focused on cash flow or equity? If it's cash flow, I’d recommend looking at C areas with B properties (higher-end of the low market), but if you're after equity, think C properties in B+ areas. In Tampa, some great spots to consider are University area, Seminole Heights, Ybor, West Tampa, East Tampa, Temple Terrace, and Town 'n' Country—all solid for long-term rentals. I've been doing this for 20 years, own 30 properties, and manage 300, so trust me, these areas are worth checking out!

Good luck!

[Chris Mury]

I can't speak for other areas in Florida, but here in St. Augustine most oceanfront condo complexes do allow some form of STR. Here (and I'm assuming in most places), the condo association governs STR restrictions, not the local/county governments. You'll often see variations in minimum night stays, use of 3rd party management companies, and general attitude toward STRs. These condo complexes have been used as STRs since inception so there's little to no chance of that ever changing in the future making this a safe investment in terms of changing regulations. Best of luck with your search!

[Ricardo Hidalgo]

Quote from @Suhaib Rehman:

Good day everyone, 

I am interested in purchasing either a condo or a townhouse for short-term rental. I am also open to a longer rental as long as I could use this place for 1-2 months as a second home (summer or winter break). Budget at or under 400K. HOA and insurance costs as low as possible.
Can you suggest a few good cities in the FL with lower vacancy rates and close to nature/activities?

I am open to both the Gulf side or Atlantic/east side of south Florida.

I plan to travel to FL early next month and want to have some idea of good cities/regions to start with. Your advice will be beneficial.

Regards

Suhaib

 You can find townhomes in Short term rental zones on the beachside in PCB and parts of Navarre Beach. I have owned in both areas with no issues and good revenue.