All Forum Posts by: Sushree Mohanty

Potentially. You'll have to buy a winning unit in a winning location and give it the most wonderful decorations and furnishings. Then MAYBE you'll make some money, but probably not until year two, at least.

@Sushree Mohanty in the Orlando area now, $1M will go a long way. You could purchase a property with 9 beds that is fully themed out that is grossing $150/year or so. I'm not sure if you are financing, but if you are consider multiple units. You could start with one and if you like it and it performs well, scale into another unit. 

Our market is literally built for STR as the communities are zoned and built specifically to be short term rentals. So no need to check into regulations or having the city or HOA change the rules on you. All of the best communities have resort amenities like guard gated entrances, clublhouses with gyms, restaurants, game rooms, movie theaters, volleyball, lazy rivers, tiki bars etc. The homes come fully furnished, they all have pools/spas and will be rent ready from the day you close and often will convey with future bookings in place.

I'm happy to discuss in further detail if you want to learn more. Best of luck

Thank you @Michael Baum!

@Sushree Mohanty

Hi Sushree,

I am going to chime in and recommend the Tampa Bay market as well. The price to revenue ratio is amazing and the appreciation has been externally favorable over the last few years. Several of my past clients have purchased in this market and have not regretted it. 

Just like all markets, you really need to connect with a local agent who knows their craft and practices what they preach. If you look anywhere near the Tampa Bay market, I HIGHLY recommend @Josh Green. 

Hey @Sushree Mohanty, I would look at Florida for that budget. You should be able to do pretty well there.

Personally I would avoid the PM, but talk to @Andrew Steffens down in Tampa and also @January Johnson up in the panhandle. Both can set you on a path.

If you are interested in being around Disney, @Shawn McCormick can offer guidance in that area. It is tougher but can be done well with the right budget.

That is just what I am thinking at first blush. There are other areas that you can do well in, but Florida is a solid area.

I would avoid CA at all costs IMHO. It is way too tenant friendly. You could get stuck with a squatter in there you can't get out. Regs are always in fluctuation etc. You will hear from folks who do really well in CA so take my thoughts on CA with a grain of salt.

Dont shoot randomly. Invest in your own backyard (even if its temporary) if you can. Many areas in central CA have had, and will continue to have growth. Yea CA sucks and Im not going to sugar coat it. The cost of the more expensive markets in CA (SF Bay Area, So Cal coastal, etc) have people leaving by the flocks. Many of these people are going to central CA because of its proximity to the areas they moved from and their family. 

Another benefit of CA is the low property tax, and prop 13. Buying in CA now locks in your property tax rate with minimal future growth. 

Plus, if you buy a 1-4 unit property and live in one unit (even temporary till you move) you get the best financing available, and with rates this high that is prudent. 

Nothing wrong with investing out of state. It does take a lot more due diligence, trust, education, and trial and error. You have the opportunity to create those relationships, and knowledge where you live much much easier.