Home Buying in Sarasota>Question Details

gailmoona-ne…, Home Buyer in Sarasota, FL

Hello ,I would like to buy a condo near to the beach , for rental income

Asked by gailmoona-nevulis, Sarasota, FL Sat Jul 20, 2013

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13
Please contact me at your earliest convenience to discuss your needs. I am available by phone or email. I look forward to hearing from you.

Michael S Holderness
SaraBay Real Estate
941-725-0338
mike@mikeholderness.com
0 votes Thank Flag Link Mon Jul 29, 2013
Gailmoona-nevulis, your theory is good, getting it to work in the field will be challenging. Why? because you have not identified what amount of cash throw off you'd like. Your best opportunity will be to pay cash for the unit. Why? because adding a mortgage (PITI), plus condo fees, plus vacancy (figure it will be rented 9-10 months out of the year). Your cash throw off might be $100/month if you are lucky.

Best regards,
Lynn Brock
Brock Realty Inc.
941.313.1234
http://www.brockrealty-inc.com
0 votes Thank Flag Link Mon Jul 29, 2013
Please email or call me and I will make sure you receive the available properties that meet your criteria . I look forward to hearing from you.

Mike Holderness
SaraBay Real Estate
941-725-0338
mike@mikeholderness.com
0 votes Thank Flag Link Mon Jul 22, 2013
Hello..Gail..

I have a prepared list of available condo units on the beaches and their rental minmums. If you would like me to forward it , please give me a call or drop me an email and I will be happy to send it to you.

Rhonda Masotta...Realtor®
(941) 504-4349
rhondalifestyles@comcast.net

"A Tradtion of Trust...Put Experience to Work for You"
Celebrating 25 years in the Sarasota Luxury Market Place

Direct:(941) 504-4349
Email: rhondalifestyles@comcast.net
Sandals Realty of Sarasota
5218 Station Way
Sarasota,Fl 34233
Web: http://www.rhondamasottasarasotalifestyles.com
0 votes Thank Flag Link Mon Jul 22, 2013
Hi Gail,

In our area there are two basic forms of rental markets. The common annual rental and the seasonal rental. Without getting into a lot of unwanted details, seasonal rentals are a popular choice for several reasons, the biggest being the income factor. Because of the highly desirable peak season rental demand, seasonal rental units can demand a much higher monthly fee(often double the annual rates, or more) Renting on a seasonal basis also allows the owner a window of time during which they can enjoy the property themselves. This type of arrangement minimizes the "wear and tear" on a property and allows the owner frequent opportunities to check on its condition.

The rental market is Sarasota County is very strong because of the appeal this location has to our northern visitors. There so many activities to choose from hat visitors find they can be a busy as they elect to be while enjoying a quality of life that is something left to the imagination of many.

You are on the right track by selecting Sarasota County as your target location. It has so munch to offer including a diverse price range that meets the needs of all buyers.

We would be happy to support your interests in area real estate opportunities and welcome a call.

Best wishes with your search,

Bill Eckler

941-408-5363
billeckler@michaelsaunders.com
0 votes Thank Flag Link Sun Jul 21, 2013
March 20, 2013 by tammyhayes | Leave a comment


There are several factors that need to be taken into consideration when purchasing a condo. One thing that might help to narrow down your choices is a list of must haves versus needs. The purchase of a condo is a big investment and you want to make sure that it will meet your requirements for living, lifestyle and purpose of use. Examples: Amenities such as pool, tennis, golf, exercise room, pet friendly, within budget, 55+ and close proximity to amenities such as beach, restaurants, shopping, medical facilities, highway, etc.

Then you need to determine your budget. You need to take into consideration the monthly fees, taxes, insurance, interior maintenance, utilities, etc. Create a budget that fits within your parameters and then weed out the condos that do not fit within your budget. Some condos include water/sewer/cable/trash and others do not.

Some condo developments have special assessments on top of the HOA fee. For example, if the units need a new roof and there isn’t enough money in reserves, then they will ask the owners to pay a special assessment for the roof, which could mean extra money for a certain number of years until it is paid off. This could happen in any condo community. There may also be a master homeowner association fee plus a condo fee. Some communities have other required fees such as golf, restaurant and even Community Development District (CDD) fees.

When looking at the taxes in the MLS, what a current owner is paying is not necessarily what you would pay. The current owner may be homestead and have an exemption and it will be reassessed once purchased. If you are not a resident of Florida, you cannot claim homestead.

Another thing I would suggest is contacting an insurance agent if you have not already done so. You can start with Island Insurance Agency, 941-764-8050. They represent several different agencies and can shop for rates. AAA is another company that represents several different agencies. The cost of insurance may help in deciding on a condo location as well.

The bylaws, covenants and rules and regulations are not always readily available beforehand, but you will need to read them before purchasing. You will also want to get a copy of the financial documents to see if they have a healthy reserve and are financially stable. Some communities have a web site where you can read the minutes of meetings, which generally gives you a good idea if there are any problems within the community. If not, you could do a Google search to see if you can find any history on the community or reviews by owners.

If you are considering renting it out, then you would need to see what the rental restrictions are. It is generally a good rule to avoid communities where more than 20% of residents are renters. Vacancy rate is another issue. If there are several units vacant or going into foreclosure, are there enough funds to cover owners who are not paying their share of the condo fees?

Here is the web site for Florida HOA members – http://www.floridahoamembers.com/.

Be sure to thoroughly research all that you can before purchasing any condo.

Tammy Hayes, Realtor
RE/MAX Palm Realty, Port Charlotte, FL
tammyhayesre@gmail.com
941-276-6185
0 votes Thank Flag Link Sun Jul 21, 2013
Hello Gailmoona,

Best beach the nation, Siesta Key Beach, equals best rental possibilities. Many great investment opportunities on Siesta Key. If you are not currently working with an agent then consider that my office is in Siesta Key Village and my 20 years of experience on the Key would be very beneficial. Least amount of rental restrictions than any other beach community in Sarasota. Need a lot more information to truly guide you but do look very closely on or near Siesta Key Beach.

My best,
Terri

Teresa M. Fellows
Broker/Associate
ERA Waterside Realty
941-350-4297
tmf4257@mac.com
0 votes Thank Flag Link Sat Jul 20, 2013
You see what happen when you ask question like this? Now you will have a hard time to chose best agent to work with. :)
Sure we have some on MLS , but it is important to know what do you expect from your investment. Therefore it would be the best if you could contact me to discuss your expectation. I am ready to work with you and help you to find best possible property. Contact me at: maria.impulse@gmail.com or 941-284-4242
Impulse Realty International is known by fantastic work ethic and market knowledge.
0 votes Thank Flag Link Sat Jul 20, 2013
That's great! Sarasota offers many great waterfront investment properties. I am a full time Realtor. My office is located within walking distance to great waterfront condo buildings such as sunset towers, the La Bellasara, and many more. If you plan on interviewing agents I would love an opportunity to explain how I differ from the rest.


AUSTIN KASZUBA

Realtor®
GENEROUS PROPERTY
1227 N. Gulfstream Avenue
Sarasota, FL 34236

941-920-1602-cell

austin@generousproperty.com
0 votes Thank Flag Link Sat Jul 20, 2013
Gail Moona-Nevulis...

Hello...

Numerous income producing condos on the beach available.

Give me a call..drop me an email...I would be delighted to send you some to look at that suit your personal criteria and "No-Obligation".

Look forward to assisting you with your real estate needs.

Kind regards,

Rhonda Masotta..Realtor®

"A Tradtion of Trust...Put Experience to Work for You"
Celebrating 25 years in the Sarasota Luxury Market Place

Direct:(941) 504-4349
Email: rhondalifestyles@comcast.net
Sandals Realty of Sarasota
5218 Station Way
Sarasota,Fl 34233
Web: http://www.rhondamasottasarasotalifestyles.com
0 votes Thank Flag Link Sat Jul 20, 2013
As John answered below, there are many properties that would fit the bill - it all depends on your wants, needs and budget. Best bet is to find an agent you feel comfortable working with and let them do the research for you! I'd be happy to help!

Reneé Marquiss
Xena Vallone Realty, Inc.
941.807.5950
reneemarquiss@gmail.com
0 votes Thank Flag Link Sat Jul 20, 2013
Well there is a lot of options for you to consider. Most of all is how much do you want to spend? The next criteria is do you want to use it too. If so you will need to do a turn key furnished rental, which by the way rent for about double an annual rental rents but you must have it set up like a hotel room. all of the kitchen equipment towels, bedding, and beach chairs so on. The only down size to that is you never can predict how many weeks you will get to rent it. Next thing you have to look out for are rental restrictions. Some are very strick on the policy. There are some that dictate you can only rent it 2 times a year, 3 and, 4 times, and than there are some that have weekly rentals available. I would be happy to send you some listings if you like. Please contact me so I can fine tune you criteria.

Michael Beninato
RE/MAX Alliance Group
email: michaelb1@remax.net
cell: 941-479-2777(2SRQ)
0 votes Thank Flag Link Sat Jul 20, 2013
There are a number of rental condos that can create a positive Profit and Loss. One of the important questions is how much do you want to invest in the rental condo.They range from Beachplace on the south end of Longboat Key and several on North Longboat that have weekly rental opportunities. On Siesta Key south of the village there are several condos that have excellent rental opportunities. Many of these have weekly rental minimums. Another excellent condo is the Inn on the Beach which allows for nightly rentals and gives the rental golf and tennis opportunities. I can send you exact Profit and Loss Statements for units at Inn on the Beach. Please call or email and I will be happy to email this information directly to you.
Regards,
John August, Realtor
Michael Saunders & Co - Licensed Broker
61 S. Blvd of the Presidents - St Armands Circle - Sarasota FL
Cell: 941.320.9795
0 votes Thank Flag Link Sat Jul 20, 2013
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