New to Real Estate · Jacksonville Florida · Member since 2022 · 14 posts · 2 votes
Hello everyone!
After a few years of sitting on the sideline with regard to investing in real estate, I think I'm finally ready to get this show on the road.
I've decided, starting off, that I'd like to try renting apartments in my current market (Jacksonville, Florida) then furnishing them and offering them to traveling professionals on AirBNB and/or furnished finder. Ideally, I'd like to run a strictly mid-term rental operation, though I'm open to short-term if it make sense given the regulations here.
I'd like to get a feel for whether anyone has tried this strategy in Jacksonville and how's its turned out for them so far?
I'd like to follow this post. I reached out to several landlords asking if they would allow sub leasing but have not had any luck.
Yes, you would lease their property but, in the contract, they would agree to allow a sublease. You would want to say that you are responsible for the maintenance of the rental unit, repairs etc. They benefit by having a year lease with guaranteed income. I would check on airdna to estimate how much based on statistics that it would make as a short-term rental. Ideally, a location near a hospital or other attractive amenities is ideal. The upfront investment you would need is the Security deposit and 1st months rent, and cash to furnish the unit. This could cost 10,000 or more depending on your budge, size of unit and quality furnishings. You are taking the risk of not making enough to cover the rent so due diligence is important. Also consider the type of property landlord insurance you would want to have. I am happy to brainstorm on this subject, any more thoughts? Really appreciate your support on this, Alana!
I have a few leads on landlords that may allow it. I did some sleuthing using AirBnb as well as my general knowledge of Jacksonville to determine which landlords already have listings.
One of these landlords has approximately 15-20 listings -- so my guess is that they'll be okay with it.
This is, of course, assuming they are aware they have units listed on AirBnb.
I'd like to follow this post. I reached out to several landlords asking if they would allow sub leasing but have not had any luck.
Really appreciate your support on this, Alana!
I have a few leads on landlords that may allow it. I did some sleuthing using AirBnb as well as my general knowledge of Jacksonville to determine which landlords already have listings.
One of these landlords has approximately 15-20 listings -- so my guess is that they'll be okay with it.
This is, of course, assuming they are aware they have units listed on AirBnb.
I'd like to follow this post. I reached out to several landlords asking if they would allow sub leasing but have not had any luck.
Yes, you would lease their property but, in the contract, they would agree to allow a sublease. You would want to say that you are responsible for the maintenance of the rental unit, repairs etc. They benefit by having a year lease with guaranteed income. I would check on airdna to estimate how much based on statistics that it would make as a short-term rental. Ideally, a location near a hospital or other attractive amenities is ideal. The upfront investment you would need is the Security deposit and 1st months rent, and cash to furnish the unit. This could cost 10,000 or more depending on your budge, size of unit and quality furnishings. You are taking the risk of not making enough to cover the rent so due diligence is important. Also consider the type of property landlord insurance you would want to have. I am happy to brainstorm on this subject, any more thoughts? Really appreciate your support on this, Alana!
I have a few leads on landlords that may allow it. I did some sleuthing using AirBnb as well as my general knowledge of Jacksonville to determine which landlords already have listings.
One of these landlords has approximately 15-20 listings -- so my guess is that they'll be okay with it.
This is, of course, assuming they are aware they have units listed on AirBnb.
New to Real Estate · Jacksonville Florida · Member since 2022 · 14 posts · 2 votes
2y
Alana,
It really makes me feel good that I'm checking all those boxes. I had a decent idea about the upfront costs so I'll likely pull from savings and or open a no-interest credit card to fund them. I still gotta clarify exactly what properties I'll be able to offer as an STR given Jacksonville's STR regulations, but I 'll work on that as my next step.
I will indeed get on AirDNA to be sure about the area I'll look to provide units -- so thank you for that, too.
The only bit I'm not sure about is the landlord insurance -- so I'll work to get that sorted.
Really excited to get the wheels turning, here.
Again, super grateful for your help as far as thinking through the details.
Investor · Hampton Roads Virginia · Member since 2021 · 3 posts · 1 vote
2y
Hello, ST King and Alana Reynolds.
I have a property located just east of the San Marco district that I have leased out until May of next year but I may be interested in subleasing/ airbnb arbitrage after this lease is up. I am looking to move into more passive ways to rent out the property and I feel this way benefits both parties. I would be interested in talking about how you determine the rental value to make both of our numbers work. Feel free to reach out!
I have a property located just east of the San Marco district that I have leased out until May of next year but I may be interested in subleasing/ airbnb arbitrage after this lease is up. I am looking to move into more passive ways to rent out the property and I feel this way benefits both parties. I would be interested in talking about how you determine the rental value to make both of our numbers work. Feel free to reach out!
Hello Colin! In a rental sublease, you would sign a lease for an amount agreed upon like the typical market rent. The lease signer would pay you monthly like a typical renter. The person who is sub leasing would have to do their own market research to make sure the rental would still profit for them based on short term rental data. I will message you!