Home Buying in Englewood>Question Details

John Ledger, Home Buyer in San Diego, CA

Buying a Property for short term vacation rentals on the gulf coast

Asked by John Ledger, San Diego, CA Sat Jun 4, 2011

We're in the UK and looking to buy a vacation home on the gulf coast.
We haven't decided on an exact location but are considering anything from Sarasota down to Venice
We would probably only use it ourselve 4-6 weeks a year and be looking to rent it on a weekly basis for the rest of the year.
I understand that generally to do this the area has to be zoned for this.
How can I find out which areas are appropriate.

Help the community by answering this question:


Hello John: Much depends on your price range. That will determine the areas. My partners are from the UK and that's how they began before their final move to Sarasota. What are your minimum requirements? How many Bedrooms, Bathrooms, Pool? You'll need a rental agent and or management company, which we assist you with.
We can also recommend Mortgage Brokers to you.
Jim Soda .. TheSodaGroup.com
Keller Williams Realty Internantional
Sarasota - Lakewood Ranch
sodasells@gmail.com 941-809-7759
Web Reference: http://www.jimsoda.com
0 votes Thank Flag Link Sun Aug 14, 2011
Hello John:

The further South from Sarasota the better your opportunity for buying a more affordable second home. Englewood FL, off of 776 from US 41 (8 miles from Venice ) has excellent opportunities.
It is not your responsibility to be concerned with the zoning. Any home that you find should be zoned appropriately through Sarasota County Zoning. a second home in this down market is a wonderful idea!
0 votes Thank Flag Link Sun Aug 14, 2011
Each development has its own rules and regulations if you are buying in a deed restricted community. Some of them allow only one rental per year, others will allow you to rent seasonally. You have to check with the homeowners association to see what the rental restrictions are. If you are buying a single family home in a non-deed restricted community, then you can rent it out however you want. I would recommend speaking with a property management company.

Here are some things to keep in mind if you are planning to purchase an investment property. First of all decide how long you plan to own the property before you buy it. The longer you own the home, the more money you will need to put into it for maintenance, repairs, and improvements. Then decide your purpose for investing. Is it for rental income? Are you looking to build up appreciation and resell?

Don't count on appreciation. With the market the way it is right now, appreciation is not a guarantee. When looking at homes, you want to purchase a home that would have an attractive resale value no matter what the market is like. Obviously you would like to make a profit if you did resell.

If you decide to rent the property, you want to rent it for at least 1.5 to 3 percent of the purchase price. It is necessary to make sure your rental income will cover your out of pocket expenses such as the mortgage payment, taxes, insurance, maintenance, repairs and vacancy rate. Right now, demand is higher than supply. Check with local real estate agents or call rental ads to see what the going rental rate is within the areas you are looking to purchase a property.

Try an investment calculator such as the one at goodmortage.com. Go to their web site: http://www.goodmortgage.com/Calculators/Investment_Property.html. This will give you a good idea of the financial situation if you decide to rent an investment property.

There are tax benefits in any real estate investment whether it be rental homes, apartments, vacant land, commercial buildings, industrial, shopping centers, or warehouses. Check with your local tax advisor before entering into a purchase agreement for any investment property to make sure you qualify and follow the strict requirements.
0 votes Thank Flag Link Sun Aug 14, 2011
Hello John: The most important item is your price range. The closer to the beaches, of course, command a higher rental income. Your Investment will also be higher. Our partners on the Soda Group are from the UK, Ian and Julie Cutmore. We have a full time rental agent, Cliff Kaplan and now a property management group set up to manage rentals. Cliff interviews the propects, does a credit check and back-ground check. This is the type of service you'll need. The Soda Group covers those areas you're most interested in. If you prefer a condo, many buildings on Siesta Key have a rental management in place. You can just reserve your time for holiday and they will manage the unit for 10% to 15% of the income. Please review our website at TheSodaGroup.com
Jim Soda TheSodaGroup.com
941-809-7759 jim@jimsoda.com
Keller Williams Sarasota-Lakewood Ranch
Top 5 In Real Estate Member / Keller Williams Luxury Properties
Web Reference: http://www.jimsoda.com
0 votes Thank Flag Link Sat Jun 4, 2011

Your getting some very good responses from some of the agents. I work with a lot of International buyers and sellers just like yourself. Siesta Key and Anna Maria Island are both great places for year around vacation rental abilty. I have a number of listings myself on Siesta Key that have vacation rental income right now. A new buyer would be able to continue with the programs that are in place with these properties. I also have another personal listing on Anna Maria Island with good vacation rental income. A good vacation rental can bring in $10K to $18K US a year. My listings on Siesta are both well over $20K US a year.

If your a golfer, Stoneybrook Golf and Country Club of Sarasota would be a great option that has a vacation rental ability. There are many Brits that own and live at Stoneybrook of Sarasota.

Englewood area is lovely! I just sold a condo in Placida at Hecienda Del Mar this month. We close in another 25 days. Though that region along with Venice will not have the vacation rental incomes like Siesta or Anna Maria. I would certainly not rule out Lido Key or Longboat Key for a vacation rental property either. Your budget and personal tastes will dictate what would be some of the better options for you.

Please contact me. I would be happy to work with you and get you the kind of information that you are most interested in.
Web Reference: http://www.kenipox.net
0 votes Thank Flag Link Sat Jun 4, 2011
Mr. Ledger, I’m currently working with a new gated Golf and Country Club located minutes north of Sarasota in West Bradenton. In this community, they allow monthly rentals. I know you mentioned weekly renting requirements, but maybe this will suite you. I’ll be more than happy to assist you if you want details on this community. Let me know the best way to contact you, so that I can understand more your needs.
0 votes Thank Flag Link Sat Jun 4, 2011
This is commonly done with no problem. I would choose an area that appeals to tourists. Certainly Englewood and Venice have quite a few but nothing seems to beat Siesta Key. I imagine now that it is ranked the #1 beach in the US, the demand for vacation rentals will only grow.

I sell properties in all of Sarasota County and my office is on Siesta Key. Give me a call. I can help you with this.
0 votes Thank Flag Link Sat Jun 4, 2011
Hello John

Thank you for your very good questions. There are two areas that you should consider on the Gulf Coat, Siesta Key and Anna Maria Island. Both of these location are great for short term rentals. Siesta key is so popular because of it's beautiful white sand beaches and was recently named the #1 beach in America! There is also a darling village on Siesta Key for dining and shopping Anna Maria Island is very popular with tourists as well and many Europeans enjoy their vacations there. The beaches there are also very beautiful. Either one will do the trick, it's just a matter of finding the right property. You can do that at my website! Let me know if you have further questions.
0 votes Thank Flag Link Sat Jun 4, 2011
Hello, you do not need to worry about zoning, because that pertains to having a home permitted to build.
You as a UK citizen can own a second home and then you can call a Property Management ( I can help you with this) to rent the home out for you, and handle the transaction.
I have some excellent ideas for you! I have an ideal Manasota Key home for you to consider! It is only $225,000.
0 votes Thank Flag Link Sat Jun 4, 2011
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