Who doesn’t want to vacation in Florida?
Travelers from all over the world choose Florida as a favorite vacation destination. Every month across the entire globe there are more than 40,000 searches for vacation rental homes in Florida. That’s not surprising when you consider what Florida has to offer.
But the most exciting part is what that means to you as a potential investor!
Let’s think of it this way… if 40,000 people are searching online every month for vacation rental properties in the state of Florida, why wouldn’t you want to invest in property there?!
One of the key requirements of a good rental property is that it will rent. Period. If you buy the most amazing mansion that has all the bells and whistles that a renter could want… but it’s located in the middle of the state… you won’t get anyone to rent it. So… nice property, no renters.
This seems obvious, but you’d be amazed at how many people get caught up in trying to the find the perfect rental property in the perfect location. Wrong. Find the right location… and then explore your options in that location. You don’t have to invest in the absolute best to get renters. But, let me be clear… don’t invest in a property that will rent, but you get lousy renters that may damage the place.
Investigate rental properties that are in close proximity to popular tourist spots… these would be of premium value. Vacationers who want to visit Florida to enjoy the good climate and beautiful flora and fauna may prefer a more secluded vacation residence where they can be closer to the outdoors.
Consider vacation rental properties that are designed to accommodate families visiting Florida’s Disney World in Orlando Florida. I visited Disney World a few years ago with my entire family… we rented a very nice and very large home to accommodate all of us. And it was about 5 miles from the Disney World resort. It was nice.
So… should you invest in rental home in Florida? YES
It is estimated that there may up upwards of 47 million people visiting Disney World per year. That might mean there are no rental properties available to buy but it’s still worth a look.
Just because many people wish to visit Florida every year doesn’t mean that every property for sale is a good investment. It can be very exciting looking for rental properties to buy; don’t let that excitement cloud your good judgment. Take a look at individual neighborhoods as well as larger residential areas before putting a down payment on any vacation rental homes in Florida. Doing a little more research on Florida, what attracts visitors there, and what entices them to come back every year would be a good idea before any final investment decisions are made.
And as I always say… educate yourself on this type of business. Buying real estate to rent is a high risk business. BUT it can also be a very profitable business, bringing you passive monthly income. It’s a rush to purchase property and then to rent it out so that it pays for itself. So, make sure you take your time… start small… look for properties that already have a rental history for a strong start.