First Short Term Rental Location

[Peter Castrianni]

This is my first post on the BP forum!!

I am currently doing a cash out refi on my primary home. I live in NJ and looking to purchase my first STR, I am just really having a tough time narrowing down a specific area on where to buy. I know this is pretty vague and have been reading a ton of forums but I feel like my mind is going in circles.

All I really know is I want to stay on the East Coast

I have been looking at the Smokies but feel like they are way overpriced.

Poconos but ime worried about the HOAs and restrictions they have. I also feel like Poconos is oversaturated

I was also looking into some beach locations such as Myrtle Beach, OBX, and Florida

Any recommendations or pointers to lead me in the right direction would be great!

Thanks 

[Myrtle Mike Thompson]

Myrtle Beach has a lot of oceanfront condos that cashflow nicely in the $125k - $250k price range.  Many are considered 'condotels' where you wouldn't be able to use the 10% down second home strategy.  Usually it's 25% down, but at the lower price point perhaps that would work for you.  I also work with a lender who can do some pretty creative stuff... 40-year fixed interest loan with the first 10 years interest only, for example.  If you decide not to self-manage from out of state, I also work with a really great, super investor-friendly property manager.  She gets results!  OBX doesn't get as much vacation traffic and lacks many of the attractions you'll find here in Myrtle, not to mention our award-winning airport.  My two cents :)