Strategies/Methods for STR Investing in a HIGH market.

[Mike Carroll]

Hello all, My name is Mike and I am new to BP and brand new into the world of REI. I am so excited to join this amazing community of bright, helpful individuals! I have recently finished a vacation home located in Bethany Beach, Delaware. This is a tricky market because the market is extremely high and very expensive to get into, being that it is a nice vacation rental area located right on the Atlantic Ocean. I happened to get a great deal and it should work out financially. But when I go to do my second deal, I am going to run into a predicament. That is, buy an extremely expensive home or property, spend a ton of money up front and on the back end with mortgages, and HOPE it rents out. The other option is to buy something off the coast a little. The problem with investing farther from the beach is that people don't want to vacation far from the beach. That market also does not have a high long term rental rate either. Does anyone have any insight to STR investing strategies? Is it just as simple as go big or go home? Higher risk = higher reward? Or is there some key methods and strategies anyone uses? Thanks everyone!

-Mike