New investor looking at STR in Orlando / Tampa / St. Petersburg

[Ingo Bothe]

Hi everyone,

New to RE investing, considering STR in Florida to combine side business with pleasure (who wouldn't want to fly south to invest in the Winter).

Interested to hear any experiences and watch outs

[Shawn McCormick]

@Ingo Bothe I could help provide any insight into the Orlando market for you. I've helped dozens of other BP members purchase STR's here. There are a lot of nuances to learn before you just dive in, as this is a highly competitive market.

Since you are new, I would advise running numbers that include using a property manager. Most are 20%, but a few are 15%. Once you learn the ropes and put systems in place, you could then consider self managing, but keep those numbers in just in case. Size (number of bedrooms) and location (closest to theme parks) are two of your biggest factors to consider as you can't change either of those. You can change the decor, theme out the garage and bedrooms to attract guests. 

I would advise being in one of the resort communities that have great amenities (pools, lazy rivers, game rooms, theaters, volleyball, gyms etc). With so many units here, standing out and getting found on the platforms in a 'regular neighborhood' is getting more and more difficult. All the homes in resort communities come with heated pools, hottubs, come fully furnished and the resorts are already well positioned with tour group operators, travel agents and the algorithms to give you a head start. 

Much more to discuss and consider....

Best of luck