Can someone give me any tips to get my first rental property. Under valued markets? Anything like that

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Undervalued markets are hard to find, but that doesn’t mean there aren’t plenty of cashflowing properties out there. I’ve spent a lot of time looking around the Florida and Texas gulf coast and seen a lot of properties that I think would work well. Also due to seasonality there are probably some mountain properties that can be had right now.

Southwest Florida and the Punta Gorda area are picking up steam. Plenty of empty lots going up and lucrative rental numbers but very snowbird heavy seasons.

The best way imo is using your FHA loan if you haven’t already. If you have, move out of your home into a rental property (apartment, rental home, whatever.) I know it’s a sacrifice, but it’ll be worth it.

Airbnb your home for a year, after that year use your new income to get a loan for a second property. Rinse, repeat.

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Additional Posts in Short Term/Vacation Rental Real Estate

For those with beach rentals, how far out do you like to have your whole summer booked? The majority of my bookings come in the 7-14 days ahead of time, because I price my property aggressively and rely on low availability in the area. I see other similar units that are fully booked for the summer at about 60-70% of my nightly rate and get a little frustrated.

Beach rental folks… how has your summer been so far? I saw a pretty significant decrease for June and July from 2021. More competition in my market seems to be driving down my nightly rate.

Bought first property in August 2020. Bought second property in January 2022. Already on the hunt for a third unit when the right deal comes along!
What kind of numbers do you look for in a short term rental? My rule of thumb is an average nightly rate of .1% of purchase price. So far we have stayed under $175k with each place and for 2021 averaged $178 per night with 63% occupancy for the year.

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