If you are a real estate investor looking to expand their investments in the new year, consider investing in the Florida housing market.
Whether you are an experienced investor or starting your career in the investing world, real estate can make a lot of money for any investor despite their experience. The real estate market has been on the rise in the past few years and is predicted to continue to grow in the next few upcoming years.
Even with the real estate market rising, investors need to make sure they are making smart real estate investment decisions that will continue to create a positive cash flow.
If you are looking for a location to make an investment purchase in, consider looking at the properties in the Florida real estate market. Specifically, consider looking at Jupiter, Florida for an investment property. This article will discuss all the data and regulations around Airbnb Jupiter FL.
Why You Should Invest in Jupiter FL
Before you determine if the Jupiter real estate market is a good place to invest in, you should review the area to see what the location has for amenities, and its most popular property types. Additionally, looking at all of the necessary data relative to Airbnb Jupiter FL can help investors decide if this is a good location for an investment property.
- Airbnb Rental Income: $4,284.09
- Airbnb Cash on Cash Return: 2.38%
- Airbnb Daily Rate: $258
- Airbnb Occupancy Rate: 52.83%
- Median Property Price: $990,024
- Average Price per Square Foot: $487.54
- Days on Market: 56 days
All of the above Airbnb data should be a good indicator for investors to determine if they are interested in the Airbnb Jupiter FL.
If you are looking for more information about the Florida real estate market you can look at Mashvisor’s Airbnb Property Calculator tool, also referred to as the Investment Property Calculator tool. This is a great resource for investors to see reliable and accurate data on short term rental properties in Jupiter, Florida. This tool eliminates the need for spreadsheets for your investments and fine-tunes all of the costs in one spot.
Along with providing investors with calculated real estate data, the tool estimates any additional costs that may come up such as property tax, interest rates, and maintenance. Mashvisor’s Airbnb Calculator tool lets investors use their own numbers to create the most reliable data.
Additionally, this tool generates a comprehensive short term rental strategy. This means the Airbnb Calculator will show you a comparison between how the property will perform as an Airbnb property vs. a traditional property.
For this comparison, the tool looks at the Airbnb rental income, the cash on cash return, the occupancy rate, and the cap rate to determine how the investment property will perform. If your property is expected to have a positive cash flow, investors can be certain they will be making money in real estate.
Is it Legal to Operate an Airbnb in Jupiter FL?
Before investing in real estate in any location, it is important to review the local laws around short-term rental priorities. Every town and city may have different requirements needed such as licenses or applications needed in order to have an Airbnb listing. Airbnb Jupiter FL resides in Palm Beach County, so it will follow any regulations needed for that specific county along with any necessary Florida Airbnb guidelines.
Be sure to do your research on Airbnb Jupiter FL before purchasing any investment property. As an investor, it is important to keep up to date with all the laws and regulations of the town or city your short term rental property is in. There could be certain laws for leases, HOA rules, condo rules or co-op rules, or other tenant association established rules.
What Licenses Do I Need for an Airbnb Jupiter FL?
If you are looking for an investment property in Jupiter, FL, there are a few licenses you will need to obtain before you can start to rent out the property. Below are the licenses needed for an Airbnb Jupiter FL:
- Tourist Development Tax Account Number (TDT)
- Short Term Business Tax Receipt Number (BTR)
- County-Issued Tourist Development Tax Number and County-issued Business Tax Receipt Number to Airbnb
All three of these licenses or numbers are needed to operate an Airbnb Jupiter FL.
-
Tourist Development Tax Account Number (TDT)
In order to get your Tourist Development Tax Account Number (TDT), you will need to show proof of some documents. First, you must show proof of identity. This would mean either a driver’s license, a social security number, an employer identification form, or a federal identification number. Next, you would need to have the property control numbers for each Airbnb listing.
You can also get our TDT account number for Jupiter FL right online. To do so you will need the Property Control Numbers (PCN) for each of your listings. Then, just visit Palm Beach County’s TDT website portal and create an account. Then, just log in to complete the application right there, and submit it online. If qualified, Palm Beach County will issue you your TDT account number.
-
Short Term Business Tax Receipt Number (BTR)
Before you get your Short Term Business Tax Receipt Number (BTR), you must computer and receive your TDT account number first. This is because you need the TDT to apply for the BTR. Along with your TDT account number, you will need an application form for BTR as well as a check to pay the application fee in order to register for your Short Term Business Tax Receipt Number (BTR).
With all of these items, you will then need to fill out a Business Tax Receipt form for each listing. After, you can submit this application in person or online. If you choose to submit t in person, visit your local government to drop off the application. This is also the quickest way to receive your BTR number, as it is likely you will receive it the same day. Note that a BTR number needs to be renewed every year.
-
County-Issued Tourist Development Tax Number and County-issued Business Tax Receipt Number to Airbnb
In order to obtain your County-Issued Tourist Development Tax Number and County-issued Business Tax Receipt Number to Airbnb, you will need a County Tourist Development Tax number and a County Business Tax Receipt number. These will need to be uploaded to the Airbnb website in order to complete your registration. After these numbers are successfully uploaded, your registration is complete.
Depending on the specific type of property you are listing for your Airbnb Jupiter FL, these account numbers and licenses may change. Other listings may require more licenses while some may not require as many. Always discuss exactly what registration you need with a local agent before purchasing an Airbnb property. Agents can also help you through these application processes.
How to Choose the Best Airbnb Property Jupiter, FL
Step 1. Figure Out What Type of Property you are Interested In
Before you purchase an Airbnb property you should do some research to determine what kind of property you are interested in. Depending on the specific location of your Airbnb property, there might be some limitations as to what kind of property you can list for an Airbnb.
Additionally, you should determine what sort of person or group you want to advertise your property to. If you are looking for more of a single traveler or couple to rent out your property, purchasing an Airbnb in a city or more populated area might attract more of these types of renters. If you are looking for more families to rent your Airbnb, you might want to look in more family-oriented places or suburban settings for an Airbnb property.
Similarly, the type of priority you purchase can attract different types of renters. If your Airbnb property is a single-family house, you are likely to get more families or larger groups looking to rent. If your Airbnb property is an apartment or condominium, you will more likely get single travelers or couples looking to rent your property.
Determining what style of property you want for your Airbnb can be difficult. For some guidance, look to Mashvisor’s Neighborhood Analytics tool. This tool can help narrow your search by providing you with reliable data. The Neighborhood Analytics tool collects data from Airbnb to show investors data on certain properties in a neighborhood.
You can, even more, limit your search by filtering through your search with your budget, type of property, number of bedrooms, and bathrooms to show properties that do well in any location. This is a great resource for investors to help them find a property in their neighborhood that works for them.
Step 2. Set a Budget
Before you purchase any property, it is important you set a budget and stick to it as much as you can. Making a budget is an essential part of investing as it can generate a higher return on investment and positive cash flow for your short-term rental property. Though there are many factors to consider while determining your budget, below are some of the most important aspects to focus on:
- Selling Price: How much the property is listed for / how much you purchase it for
- Furnishing: This price can be more so up to the investor, but hiring a decorator may be beneficial.
- Repairs and Remodels: Though this can change depending on the condition the property is in, this can still be more so up to the investor and change depending on what you want to remodel.
- Closing Costs: Any expenses that come along with the closing costs of a property. Typically, is around 2% of the selling price.
- Property Registrations: Any licenses or application fees you may have in order to list your Airbnb property.
- Other: Always set aside some money in your budget for unexpected factors that may arise.
Step 3: Search for a Property
After you have determined the type of property you want in your desired location, and have set a budget to stick to for your investment, you can now search for an Airbnb income property. As there is a high Airbnb demand, it may be difficult to locate a property.
If you are struggling to locate a property in Jupiter, FL consider using Mashvisor’s Property Finder tool. This tool searches through all of the properties in the area to help investors find an investment property that works for them. The Property Finder tool lets investors filter their searches to locate properties that fit their desires. These are some of the filters available to help narrow your search:
- Budget
- Property Type
- Location
- Rental Strategy ( Airbnb vs Traditional)
- Number of Bedrooms
- Number of Bathrooms
Once you have found a property, it is time to purchase it and begin your Airbnb investing.
Step 4: Purchase a Property
If you have located a property that fits your wants and needs, you can purchase it and start your investment career. When purchasing a property, always work with a real estate agent to get the best price on your property.
To find an agent in your area, use Mashvisor’s Real Estate Agent Directory tool to search through agents’ real estate portfolios. Read through their portfolios to find an agent that will work well with you. Working with an agent can help get you the best price you can on a property to increase your Airbnb rental income.
Use Mashvisor to Locate the Best Airbnb Jupiter FL!
As real estate investing can be complicated, Mashvisor offers a variety of tools to help guide investors through their investment journey. As mentioned above, Mashvisor offers tools such as the Real Estate Agent Directory tool, the Property Finder tool, and the Neighborhood Analytics tool to offer investors reliable and accurate data for all things real estate investing. To access all of these tools, click here to sign up for a 7-day free trial of Mashvisor today, followed by 15% off for life.