Short & Long-term Rental Property Investments St. Pete & Naples

[Shane Gorski]

Hello everyone,  

My wife and I are travelling down from the metro-Detroit area of Michigan, to both St. Petersburg and Naples the entire month of February 2022 for paternal leave.  While in Florida, we really want to network and build relationships with realtors (who are also investors) that are knowledgeable on Florida's rental market.  My wife and I got in the rental property business a couple of years ago, having two small condos in our portfolio.  For our next play we want to get into a single or multi-family, and preferably participate in what seems like a booming market in Florida. 

Potential Objectives

1) Invest in property for short-term rental, and then use the property ourselves in the winter.  This sounds like it might be a pipe dream based on everything I'm reading about restrictions directly in St. Pete and Naples.  However, I would really like to be educated about the opportunity to do this, but possibly in other close neighboring cities.  

2) If short-term rentals aren't a possibility, would like to invest in single or multi-family for long-term rentals.  

Again, would appreciate to network in-person while I'm visiting next month.  However, I'd definitely appreciate opening the conversation on the BP forums!

[Trevor Fleck]

@Michelle Reid I'm a big fan of the LTR market in Cape Coral right now. For perspective, last April I closed on a new construction loan (build to rent) with a turnkey company there (Rent to Retirement). Lot cost $10,500. I was all in (lot + construction costs) for $238k and had assumed $1,850 in rent. Now that the unit is finished, it's going to be listed for $2,450/month and the same model on similar lots are appraising for $410k. There is a real dearth of available rentals there right now and the new builds can't keep up with demand. Might be something to look into. I've got four builds going on right now.