Who is successful with out of state vacation rentals?

[mojorisin]

Targeting retirement in 10 years. I have cash set aside to invest into a couple rentals in SW Florida. While I've owned local rentals, I have not owned vacation style rentals to pay off. I'm targeting condos for short term rentals in vacation areas. But will consider annual rentals as well.

Anybody on the forum done this successfully? Any tips? Thanks.

 

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[MJ DeMarco]

@biophase - he has rentals in 3 (maybe 4) states and according to him, successful hands off execution is about finding a great property management company, while also ensuring you get a property that can bear the cost with limited vacancies.

He has an INSIDERS thread that is pretty detailed on his process, complete with a bevy a calculations including monthly rent totals, expenses, and how much time he’s putting into it.

His short term rentals are in Sedona and Crested Butte, a longer term one is in Salt Lake.

I’ve never been a big fan of rental real estate (been there done that) but after reading his write ups and what little time he spends, it definitely seems like a great option.