All you have to do is take a trip to the Florida Keys during these months in January, February and March to see a huge rebound from COVID19. I am not an investor, but work closely with several and I have been busy is an understatement. These acute real estate moguls make anywhere between $30,000 and over $100,000 a year passive income on their properties after marketing, management and other expenses. In this article we are going to dive into what they are doing.
Hotels are second class now
These days families go on trips and stay in AirBnBs, Vrbos and Homeaways together and this market is still trending upward despite being more regulated. People when vacationing to the Keys are looking through these apps and online for homes to stay with the family. Whether a condo or spacey home, these places to stay are now part of the vacation experience fitted with games like corn-hole and table tennis and having private pools and grills. You no longer have to be a hotel owner to make a lucrative living renting lodging.
No hassle with management
With the new market of homes for rent for monthly, weekly and nightly rentals comes management companies that do everything from cleaning the property, to advertising it, to collecting payments and delivering you a check. On top of that many places now are sold furnished and ready to be rented. (You can see this unit in the Matterport tour on my homepage.)
Investment for later
This cash cow rental property not only can be passive income but it will also give you a payday when you sell it. With a limited amount of land that can be built in the Florida Keys due to hurricane evacuation regulations, home values are predicted to stay high. You can pay your home off years from renting it or pay in full and watch values increase while you simultaneously make money from it.
Red Tape
Not all properties in the Florida Keys can be rented daily or weekly and some homeowner associations forbid it. Also in cities like Key West you need a "medallion" to rent your property for short periods of time. Make sure to double check all regulations for the city and county as well as the neighborhood before buy a home for a luxury rental.