Short term rental in Jacksonville urban core (or other similar budget areas)

[Rick Dane]

I'm looking at investing in a short term rental in Jacksonville, my budget is fairly modest though, up to $300k so I'm not looking to do a high-end STR. From using the Airbtics app it seems there are a decent amount of STR's in the Jacksonville urban core, where houses are pretty affordable, and that these have good occupancy rates.

It seems there are a few other parts of Jacksonville with similar budget range and that could be viable, anything near the beach is definitely out of the question with my budget. 

From my research so far, it seems the demand is pretty high in general for STR's, I was also looking at San Antonio but would prefer to be in Florida and Jacksonville is the city in Florida that fits my budget, interested to hear from anyone who may know more about STR's there and to connect with anyone.

[John Underwood]

One thing about Florida, make sure you know what insurance will costs on a property before making an offer.

[Michael Baum]

Hey @Rick Dane, I second @John Underwood suggestion.

Insurance rates are all over the place in FL right now. Many insurers have left the state so it is important to be able to get the correct STR insurance.

Start calling around and get some bids and ideas on cost and fit it into your budget before you start offering on properties.

[Andrew Steffens]

I would recommend @Mindy Nicol for that area.

If you can possibly go up a little higher there are options in Tampa for you as well.  Let me know if you would like me to send you some.

Definitely important to check with insurance as mentioned above.

Good luck!

[Mindy Nicol]

Thanks @Andrew Steffens! Rick, let me know if you want to talk about the Jax metro.  I handle St Augustine/Ponte Vedra/Palm Coast but can certainly help with Jacksonville and based on your goals there may be other opportunities to explore.

To cover off insurance from previous comments, the market has changed and it is competitive with new carriers entering the market.  I have great insurance contacts and it is NOT necessarily expensive like others claim.  I can certainly get you quotes but based on my experience the market is becoming relatively affordable.  There is a lot of misinformation out there about Florida and insurance. Unless the property is in major disrepair, you are not going to have a problem in Florida. Please let me know if I can refer you to my contacts to discuss.  Message me and I will send you a video interview I recently did on this topic.

Thanks,

Mindy

[Jake Baker]

@Rick Dane

I do 10+ flips/BRRRRs a year in Jacksonville. I agree with @John Underwood that insurance is the biggest hurdle. However, I have never been unable to get insurance here. 

Murray Hill is a great area that will fit your budget and allow you to maintain occupancy. 

[Rick Dane]

thanks everyone for the replies, just getting back to this thread I will review in more detail.

[Ben Pileggi]

I agree with others about insurance. It's possible to find cheaper options but make sure you evaluate the coverages offered. And don't forget to factor in design/furnishings into your budget keeping in mind your ideal guest avatar.