Those Homes in Florida
Aug 5th 2003, 10:22 pm
#1
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Joined: Jul 2003
Location: Kondon
Posts: 55
Those Homes in Florida
The motto of hundreds of British families seems to be "Kissimmee Quick" - after seeing all those quasi-travelogue programems that flood TV.
To us the sunshine and space both have great appeal. The drawback is that you can use your "home in the sun" for a limited number of months per year - unless you have the highly desirable "Green Card" of course.
Most companies send out literature about the properties they offer in Fla outlining all the expenditure involved, plus the amount you are likely to receive from the months you are not occupying the house.
That makes it a tempting prospect and investment. But in reality, does anybody have any idea of what percentage of those foreign-owned homes are rented out profitably for most of the balance of the year? If it is nothing like as high as suggested, the outgoings to which one commits oneself could well exceed any income.
To us the sunshine and space both have great appeal. The drawback is that you can use your "home in the sun" for a limited number of months per year - unless you have the highly desirable "Green Card" of course.
Most companies send out literature about the properties they offer in Fla outlining all the expenditure involved, plus the amount you are likely to receive from the months you are not occupying the house.
That makes it a tempting prospect and investment. But in reality, does anybody have any idea of what percentage of those foreign-owned homes are rented out profitably for most of the balance of the year? If it is nothing like as high as suggested, the outgoings to which one commits oneself could well exceed any income.
Last edited by kubwasana; Aug 5th 2003 at 10:26 pm.
Aug 5th 2003, 11:09 pm
#2
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Joined: Nov 2002
Location: Birmingham, USA
Posts: 802
Re: Those Homes in Florida
Originally posted by kubwasana
The motto of hundreds of British families seems to be "Kissimmee Quick" - after seeing all those quasi-travelogue programems that flood TV.
To us the sunshine and space both have great appeal. The drawback is that you can use your "home in the sun" for a limited number of months per year - unless you have the highly desirable "Green Card" of course.
Most companies send out literature about the properties they offer in Fla outlining all the expenditure involved, plus the amount you are likely to receive from the months you are not occupying the house.
That makes it a tempting prospect and investment. But in reality, does anybody have any idea of what percentage of those foreign-owned homes are rented out profitably for most of the balance of the year? If it is nothing like as high as suggested, the outgoings to which one commits oneself could well exceed any income.
The motto of hundreds of British families seems to be "Kissimmee Quick" - after seeing all those quasi-travelogue programems that flood TV.
To us the sunshine and space both have great appeal. The drawback is that you can use your "home in the sun" for a limited number of months per year - unless you have the highly desirable "Green Card" of course.
Most companies send out literature about the properties they offer in Fla outlining all the expenditure involved, plus the amount you are likely to receive from the months you are not occupying the house.
That makes it a tempting prospect and investment. But in reality, does anybody have any idea of what percentage of those foreign-owned homes are rented out profitably for most of the balance of the year? If it is nothing like as high as suggested, the outgoings to which one commits oneself could well exceed any income.
Someone is trying to sell you a timeshare/investment that you are told to try and sell to someone else: pyramid scheme.
Last edited by jaytee; Aug 5th 2003 at 11:12 pm.
Aug 5th 2003, 11:19 pm
#3
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Joined: Jul 2003
Location: Kondon
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NO TIME FOR SHARES!
No. Most certainly NOT "timeshares". You genuinely buy the house - often built on a lot of your choice from those available and matching the development - but they impress upon you the income you can enjoy from the rentals (which they handle) during the months you don't occupy the house. It would be just like renting out your house in the UK for short lets.
Aug 5th 2003, 11:46 pm
#4
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Joined: May 2003
Location: Moved from Georgetown to Round Rock, Texas. 15 miles closer to civilization.
Posts: 936
I looked at it a couple of years ago, and while there is a good prospect of a healthy return in the first five years or so what seems to happen is that if you have an older house you can't let it very easily.
Because there is new property being built all the time, the tour companies will take those. Anyone with a place more than 10 years old will find it almost impossible to rent out. Who pays the mortgage then?
I walked away from the deal.
Because there is new property being built all the time, the tour companies will take those. Anyone with a place more than 10 years old will find it almost impossible to rent out. Who pays the mortgage then?
I walked away from the deal.
Aug 6th 2003, 3:13 am
#5
Joined: Mar 2003
Posts: 68,280
Originally posted by g1ant
I looked at it a couple of years ago, and while there is a good prospect of a healthy return in the first five years or so what seems to happen is that if you have an older house you can't let it very easily.
Because there is new property being built all the time, the tour companies will take those. Anyone with a place more than 10 years old will find it almost impossible to rent out. Who pays the mortgage then?
I walked away from the deal.
I looked at it a couple of years ago, and while there is a good prospect of a healthy return in the first five years or so what seems to happen is that if you have an older house you can't let it very easily.
Because there is new property being built all the time, the tour companies will take those. Anyone with a place more than 10 years old will find it almost impossible to rent out. Who pays the mortgage then?
I walked away from the deal.
But away from Orlando its a far different story, I manage a few 10year+ homes on the Gulf Coast and have no difficulty renting them, the owners tend to use them for the Max 6 months of the year, uually during Nov-April, then rent them for the summer months, and for the owners that dont use them in the winter, we have people from the Northern States (snowbirds) who come down every winter for 3 or 4 months.. They have no interest in the Orlando area..
