So, you’ve got some cash on hand perhaps from the sale of a home or business or maybe you won the lottery (congratulations!) and now you want to use those funds to start or expand your portfolio of rental properties.
Short-term Rentals
Investors often start their search for vacation-rental friendly properties in popular beachside communities like Cocoa Beach.
When you start the search for a property, you might just be thinking that a condo would be the right fit for a short-term rental. While that’s certainly the case, it’s important to be aware of the following when you start searching for properties:
- rental restrictions,
- first right of refusal,
- financing options,
- investor:owner ratios,
- special assessments,
- pet restrictions,
- occupancy limits, and
- much, much more.
Long-term Rentals
Bedroom communities like Palm Bay serve as a great place to start looking for houses that could serve as rental properties because of the potential for higher capitalization rates.
Even long-term rentals require an investment of both time and money in property management, maintenance, marketing, etc…to keep vacancies to a minimum.
Brevard County Condos and Homes for Sale
Just like with any other investment, it’s about the numbers. Whether it’s a short-term rental or a long-term rental, you’ll need to invest in management, maintenance, marketing, and much more to keep the property in good shape and vacancies to a minimum.
Totally new to investing in rental properties? Start with these tips from Investopedia.
Ready to start looking for property?