Newbie for Kissimmee - please help

[Elan Kvitko]

Hey BP Community! I've been rattling my brain for weeks on end now thinking of where to buy my first STR property. I've been trying to select 1 of 3 markets that I've narrowed it down to and that's:

1. Savanna, GA
2. Rochester, MM
3. Kissimmee, FL

I feel like I’m going to move forward with Kissimmee. Rochester is great because of Mayo-Clinic but I don’t think the revenues are going to be as high as the other 2. Savannah is nearly impossible to obtain a good licensed property. Kissimmee is well...still open for the time being before regulations get stricter. 

My fear with Kissimmee is that I don’t want to get stuck with a rental property that I have to pay a high mortgage on and can’t get anyone to rent it. I know Kissimmee was a popular place prior to Covid, but does anyone have experience in that market now? Is it coming back? Since travel is limited from all over the world, I’m assuming Kissimmee is taking a massive hit now. Would anyone happen to know? 

Also, if Kissimmee is bouncing back strong now, would anyone have a recommendation for a good STR broker?

I’m new here but everyone seems so friendly. I appreciate any advice/help that anyone can give me. Thanks in advance!

[Tyler Gibson]

Originally posted by @Elan Kvitko:

Hey BP Community! I've been rattling my brain for weeks on end now thinking of where to buy my first STR property. I've been trying to select 1 of 3 markets that I've narrowed it down to and that's:

1. Savanna, GA
2. Rochester, MM
3. Kissimmee, FL

I feel like I’m going to move forward with Kissimmee. Rochester is great because of Mayo-Clinic but I don’t think the revenues are going to be as high as the other 2. Savannah is nearly impossible to obtain a good licensed property. Kissimmee is well...still open for the time being before regulations get stricter. 

My fear with Kissimmee is that I don’t want to get stuck with a rental property that I have to pay a high mortgage on and can’t get anyone to rent it. I know Kissimmee was a popular place prior to Covid, but does anyone have experience in that market now? Is it coming back? Since travel is limited from all over the world, I’m assuming Kissimmee is taking a massive hit now. Would anyone happen to know? 

Also, if Kissimmee is bouncing back strong now, would anyone have a recommendation for a good STR broker?

I’m new here but everyone seems so friendly. I appreciate any advice/help that anyone can give me. Thanks in advance!

I think that investing near Disney is a good idea even if the number of travelers is a bit lower right now. The reason I see it that way is that people trust Disney and continue to come to visit even in the midst of the pandemic. The fact that we are in a pandemic has shifted people's behavior. People no longer feel safe in hotels where they have to ride an elevator where there have been 300 people in the last hour. I think that this thought process may be here to stay even if it is subconscious going forward. Having a good PM to operate and market your STR is critical to profitability. I work here in the area and partner with @Alice Horn from Villa Key for STR property management. Feel free to reach out if you ever want to chat. I also agree that you want to stay away from condos and buy something with a private pool in a community that has resort-style amenities.