You can't get a loan with 25-30 % down at todays prices.....
Do you have too many investment properties to qualify for another?
I think the real estate market is at the bottom in Winter Park.
I have invested in rental properties exclusively in Winter Park since 1987 and am confident that the prices are headed back up. It's a great City with limited inventory. A wise investment in residential property in Winter Park will provide great rewards. If I was your landlord, I would also consider letting you rent as long as you want too!!!

Duma,

Marty's advice is on the money, especially the three conditions he names. There is nothing to add to that.

(Marty, did I give you my accont number already?
...just kidding, no relation between us, and we have never met or worked together).

Allthough these FAR stats include _all_ houses - from the $40,000 shack to the $19m estate – the Orlando median selling price for SFH was $150,500 for January, $141,800 in April and $144,200 in August. Someone who works in the area and has access to the MLS can give you more detailed information.

My advice: hire a local buyer's broker; please don't go at it alone.

All the best,

Tobias Kaiser, MS, CIPS
Greater Fort Lauderdale Real Estate Broker + Consultant
Certified International Property Specialist
Director, Realtors Commercial Alliance of Greater Fort Lauderdale
954.561.0066

Hi Duma,

Obviously, my advice is based on the general information you have provided without the specifics of your home's location in Winter Park, what it is worth presently, it's overall condition etc. Generally speaking, I would only enter into a lease option as a buyer in that price range with the following provisosL

1. The price you agree to now is contingent on your receiving an appraisal at or above the contract purchase price at the time you exercise your purchase option.
2. You are credited with a portion of your rent towards the purchase.
3. The owner/landlord would still be responsible for repairs during the lease option period.

If the landlord would not agree to those terms, then a simpler less binding format would in the lease renewal you would have first option to purchase prior to the landlord/owner placing the home on the market.

My other question/observation is do you have a realtor presently representing your interests. If not, I would highly recommend either retaining one or at the very least, retaining an attorney who specializes in real estate. If I can provide additional information or future assistance, please do not hesitate to contact me.

Sincerely,

Marty Kaiser
Broker/Associate
Accredited Buyer's Representative(ABR)
marty@floridasells.com
407-595-9700
Keller Williams Realty
"Excellence, Experience, Enthusiasm & Ethics"