I always find is amazing that with this many answers so far, no one has actually directly addressed your question. I'm showing around 3 ladies from New York tomorrow with almost exactly the same criteria. They have a strong preference for townhomes or condos with 2 stories maximum, so we are not visiting the resorts with 3 or more stories.
Here is where we are going:
Crestwynd Bay, Emerald Island, Oakwater, Club Cortile, Runaway Beach Club, and Discovery Palms. The first three are within a 3 to 5 minute drvie of Disney's southwest entrance near Animal Kingdom. The second two are off the 535 to the east of Disney and are 8 to 10 minutes from Disney's eastern entrance on the 536. The last is on International Drive just south of Seaworld and about 10 minutes from Downtown Disney.
In terms of condos in buidlings with more than 2 stories you want to be looking at Windsor Hills and Vista Cay. Windsor Hills is pricey, but it is the most popular resort. Vista Cay is right next to the convention center and is ideal for conventioners and the hordes of families going to Harry Potter world at Universal.
Of all the places I have mentioned, I'd say that Vista Cay is the most attractive and the best fit for your business model.
I will say though that the best returns in the short term rental business are in large pool homes with multiple master suites - ideally 4 masters with 2 or 3 additional kids bedrooms. The market for family suites (and that's really what your talking about with 2/2 condos) is extremely competive with a lot of downward pressure on rates. Disney is building yet another resort on their property aimed directly at the economy priced market. When it's completed where do you think a family with 2 kids will want to stay? Your off property condo or at Disney for under $100 a night in a family suite and free transfers to and from the airport?
With the resources that you are talking about you will do much better with a single 6 or 7 bed pool home at Windsor Hills, Emerald Island, or some of the other close in resorts than you ever will with 3 or 4 small condos.
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Mark as usual did a good job of answering your question. I took a couple from Canada around yesterday with the same criteria and stopped off at almost everyone of the places Mark mentioned. My personal favorite if you like townhomes is Crestwynd Bay, but after all the management fee's you will be luckly to yield 7 percent. I would recommend Single Family Homes in Windsor Hills if you had $300k to invest. Windsor Hill's rents the easiest and is the best among the short term rental communities. The only downside with Vista Cay is that with so many short sales and foreclosures in there, we are about a year away from the bottom in prices in there. That and the lack of consistent conventions will make for a harder draw for rentals. I hope that helped.
Orlando has more than 25,000 vacation homes that owners use for their vacations and rent to other Orlando visitors when they are not using their property.
Orlando has resales, bank owned properties and short sales.
We also have an array of excellent new home builders who have adjusted their prices for the recession. These builders want to keep their construction crews working. When they have an inventory home (one that has been competed, but not sold) they are highly motivated to sell.
Bargains abound. It is a great time to buy.
I have lived in Orlando for 23 years and wrote two books, "Maximize Your Resort Property Investment," and "Road Map to Your Vacation Property Dream." My books, writing, and speaking on vacation property is based on our ownership of a seaside villa at Kiawah Island, SC, for 16 years.
I would be pleased to help you find a vacation home or retirement home in Orlando.
I serve as "International Vacation & Retirement Home Specialist" for Stirling Sotheby's International Realty.
If you want a vacation (holiday home) or retirement home in Orlando, I will be pleased to help you find the vacation property of your dreams that best suits your needs.
Chris Cain, Stirling Sotheby's International Realty
Thanks for the additional information regarding your investment venture here in the Disney region. There are many great communities that meet your criteria. One of thing to keep in mind with short term rental is that the management company is driving a large part of your business. We Realtors have the knowledge of great communities with close proximity to Disney and Orlando's attractions however the management company has to keep the property rented. Their are many great companies out there that can provide this type of service, however keep in mind they are as valuable as the properties location!
On the other side of the spectrum we also have a strong long term rental market that has been helping many of my investors net a stable income while they wait for the market to keep increasing. You know your numbers and the profit margins you are looking for, but I always like to provide both options to investors. For an example I have an investor, purchased a condo for $40k, has a long term renter bringing in about $500 a month after HOA and taxes.
I hope this helps, glad to hear the Canandien interest is still in the Central Florida Region, we have the inventor and the prices, so come on down!
as I mentioned in my previous email. I would buy the properties outright so credit is not an issue, at some point we would want to add in the banks which our business model is solid.
currently looking for best value and profitability for properties under 100k, ideally 2 bedroom, 2 bathroom for a family with kids to visit disney and surround areas, also to service the convention center which is close by
Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
great question and answer
looking for short term rentals for under 100k each unit
will hold on to property for long term, meaning looking for best value
would like profession property management
would like to make money above all carrying cost of property,.. taxes, utilities, management (actually this is an absolute must, so the locations must be in high demand for tourist)
would buy outright, but need help with short sale and foreclosure information
I am canadian, have bought lots of properties here with the same guidelines.
thinking that orlando would be ideal for year round short term rental
would like to buy multiple properties if the business numbers are good as I have quite a bit of venture money behind me
hope this gets the ball rolling more.
I'm sure that if you guys are thorough in answering these questions, there are thousands of canadians thinking the same thing. the only difference is that i have the financial backing and property ownership experience.
thanks for the help so far.
You've gotten some good answers so far. The most important thing to consider is if you want long or short term rental, and if you are going to do the property management yourself. There are many good short term vacation rentals with terrific property management companies that will keep them rented out, book all the reservations, have the people to clean and do maintenance, etc. If you are looking more for a long term rental, then it's a little easier to manage yourself although I'd still recommend getting a professional to do it.
Post back here and let us know more details so we can be of further help.
Great area for investment, but I would need some specifics on what type of property and what price range you are considering in order to assist you. Would you be doing the property Management and Guest Bookings yourself?
Keller Williams Classic Realty
Although you came to the right place to get answers, I would need a little more information to provide you appropriate feedback. Are you interested in condos, townhouses or single-family homes? What is your preferred price range? Are you seeking short term rental options or longterm rental situations? What is the minimum bedroom requirement?
It remains a strong buyers market and it is a GREAT time to invest. Please free free to call me from morning until midnight or e-mail me your criteria via e-mail and I will promptly respond. Hope you had a great weekend! I look forward to assisting you on your endeavor and helping you make a sound decision.
Thank you kindly,
Kim Setzer, REALTOR
CENTURY 21 Elite Home Finders
If you are thinking short-term rental, like fully furnished and equipped home rented per week to vacationers then Hwy 27 area/ west 192...this area is also called the Four Corners. It includes Kissimmee, Davenport and Clermont.
Short-term rentals near Disney is one of my specialties. I can put you in contact with a few past clients who are doing exactly what you plan to do, if you want to ask how it works for them.
Depending on your price range you can get a townhouse or single family in one of many Short-term approved communities.
Contact me (by clicking on the photo) with a few more details and i will reply with a list of homes meeting your needs and wants.
You can also conduct your own search at http://www.SearchKissimmeeHomes.com
Charles Rutenberg Realty
Currently in and around the Disney area there are many great communities that could work with this type of venture. Depending on the type of rental, short or long term, you are looking for and the amount of money you are willing to spend will ultimatley help narrow down your search. There are currently a lot of deals and you can be very specific in what your property needs, such as pool, gated and so on.
Since this is going to be an investment also keep in mind what you would like for your return on investment. I hope this information helps!