Making the decision to invest in vacation rentals can seem like a scary thing – there’s a lot of risk in it, but a potential for a lot of profit. For some investors, getting into the vacation rental game comes natural to them. For others, just thinking of jumping in to this category is stressful and confusing. Whatever type of investor you are, we’d like to give you just a few helpful hints on some of the best places you can invest in vacation rentals:
- It’s no secret that Florida is a highly trafficked state. When you think of beaches, you think of the white sand and blue ocean on this coast. The crazy amounts of vacations taken in this state mean great potential for vacation rentals. Think of investing in rentals around cities like Miami, Destin, Orlando, Clearwater, or Tampa!
- Known for nightlife and big cities, there are plenty of areas in this state that would be perfect for vacation rentals. Focus on the “touristy” areas to maximize profit potential and target audience reach. Think Sacramento, Los Angeles, San Francisco, etc. While these areas will have higher price tags, the long-term gains (as long as you do everything else right!) will make up for it.
- Around national parks. We understand this is pretty broad, but many people love visiting national parks – but would rather not camp out within the park. Aim for rentals near the park but not directly in the middle of a city to maximize profits here.
- New Jersey/New York area. You didn’t think we’d forget our hometown did you? With people coming from all over the country to visit New Jersey’s shore cities and New York’s bustling, lively areas, investing in rentals here should almost be a no-brainer! (Plus, we’re here, so it couldn’t get much better!)
We understand it can be hard to invest in a rental when you aren’t physically close to it. For example, an investor might find a great deal on a 2-bedroom condo in Miami, Florida, but they live in Sacramento, California. They end up passing on the opportunity because they have no clue how to maintain a property they can’t physically see. But guess what? This is where a property management company like CAB Group comes in handy! Leave all the cleaning, property maintenance, and tenant turnover up to us while you rake in the profits.