Florida Vacation Rental Questions!
#1
Living life again!!!!!!!
Thread Starter
Joined: Apr 2009
Location: Cheshire and glad to be here!!!!!!!!!!!!!!
Posts: 550
Florida Vacation Rental Questions!
Hi
I usually hang out on the Canada forum but just wondered if you guys would throw a little help my way if you can?
We are looking at purchasing a florida vacation rental with a view to snow birding when we retire. Can anyone reccomend a good management company in the Orlando area please?
Are there any pit falls I should watch out for? Any other advice welcomed.
Thanks so much!
I usually hang out on the Canada forum but just wondered if you guys would throw a little help my way if you can?
We are looking at purchasing a florida vacation rental with a view to snow birding when we retire. Can anyone reccomend a good management company in the Orlando area please?
Are there any pit falls I should watch out for? Any other advice welcomed.
Thanks so much!
#2
Re: Florida Vacation Rental Questions!
Wait a bit longer and property values will be hitting bottom soon and you will get a great deal.
No one will want to buy beach front gulf property in the next few years. The gulf area is far nicer place to live than the Atlantic coast. Or at least it was at one time.
No one will want to buy beach front gulf property in the next few years. The gulf area is far nicer place to live than the Atlantic coast. Or at least it was at one time.
#3
Living life again!!!!!!!
Thread Starter
Joined: Apr 2009
Location: Cheshire and glad to be here!!!!!!!!!!!!!!
Posts: 550
Re: Florida Vacation Rental Questions!
We need our Canadian visas before we buy so hopefully the market should be just about perfect for us by then! That is an excellent point you make about the Gulf coast, that I hadn't even thought of. We were thinking Orlando purely for the rental potential but will have a look at the Gulf Coast.
Thanks very much!
Thanks very much!
#4
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Joined: Feb 2010
Location: Temecula, CA
Posts: 4,759
Re: Florida Vacation Rental Questions!
Pick your property carefully - we rented one last year, a 6 bed, lovely house, pool, games room, literally 10 minutes from Disney, cheap for the size, decent website and advertised in lots of places... yet only rented out for 4 weeks over the last 52, even during peak periods. And the property management company were dire, unfortunately I don't know their name. Sorry that's so negative rather than the help you were looking for, but look at the history of occupancy rates for any properties you want to buy to rent.
#5
Dragon with a Wagon
Joined: May 2010
Posts: 213
Re: Florida Vacation Rental Questions!
I live in between Tampa and Orlando, www.OrlandoVacationRealty.com
www.OrlandoRentz.com, this is the same company, just different websites one rental, one purchase, they are super busy and I think they're pretty good too. Be careful when purchasing on the coast due to Hurricanes, your insurance will be high as will water and electricity bills, if however money isn't an issue then St Petes is nice, Port St Lucie is beautiful, but it all depends on what you want. Good luck
www.OrlandoRentz.com, this is the same company, just different websites one rental, one purchase, they are super busy and I think they're pretty good too. Be careful when purchasing on the coast due to Hurricanes, your insurance will be high as will water and electricity bills, if however money isn't an issue then St Petes is nice, Port St Lucie is beautiful, but it all depends on what you want. Good luck
#6
Re: Florida Vacation Rental Questions!
Thing to worry about would be insurance, if your even able to get it and then add more for it being essentially abandoned?
#7
Living life again!!!!!!!
Thread Starter
Joined: Apr 2009
Location: Cheshire and glad to be here!!!!!!!!!!!!!!
Posts: 550
Re: Florida Vacation Rental Questions!
Thanks so much for all the input. Unfortunatly money is an issue so I think it might have to be Orlando. Essentialy it really needs to be rented out to help to pay for itself so a good management company seems to be the key.
Thanks for the name Dudette
Thanks for the name Dudette
#8
Re: Florida Vacation Rental Questions!
Fast forward the clock a bit and they are now retired, but don't need/want to rent the place out during their 6 months aways due to the fact that tonrobette (sister) also now lives there (as she works in Orlando) and covers costs year round.
The thing is that over the last few years they have watched many of the other similar holiday rental homes on the development go to pot. Properties have laid empty due to oversupply on the rental market, banks have foreclosed and some owners have simply abandoned. There simply isn't a viable rental market any more in their corner of Orlando due to the economy plus general over-supply.
Now it may be that there are other parts of Orlando where this is simply not the case - have no idea. And the economy's about to bounce right back, right? I think what you need to consider is what's your worst case scenario in terms of how few weeks per year you rent the place before you make a loss, and how much of your remaining savings you'd be willing to sink into mortgage payments before you handed the keys back to the bank (assuming you are borrowing). It may work out - but do your homework and go in with your eyes fully open and your options known ahead of time.
Last edited by tonrob; Jun 8th 2010 at 9:53 am.
#9
Re: Florida Vacation Rental Questions!
Dont even consider the idea if you have to rent it out to pay for it
as many have found ...a huge error
Just stay renting it will actually be cheaper in the long run
and you get to move about