200K property producing 60K/year revenue first year - Looking New

[Paige P.]

Hi there! 

I'm new in the investment community! Me and my fiance purchased our first condo last year, it was a turn key purchase that came with bookings. It generates an average of $5-6k per month as a vacation rental. This unit is in NJ near 5 wedding venues, so it gets a lot of wedding guest bookings and can sleep up to 10 people. The condo we own cost under 200K, and will pay for itself in less than 5 years (as long as the vacation rental market stays legal in NJ). 

We would like to buy in some other markets to diversify, but i'm having trouble finding a deal as good as this.. Does anyone have any suggestions for great revenue generating areas (low buy in, high rental activity - even just weekends and holidays) - we are flexible and open to invest anywhere in the states! Looking for hot markets for vacation rentals with cost, or even turn key rental properties that are already furnished!