I am an agent AND and investor myself so here are specifics from my own experience: you pay taxes depending on the purchase price of the property for the most part plus breaks you get on the assessment depending upon numerous specifics all of which you can look up at http://www.myflorida.com, a great site from the state. We agents kinda say figure 1.5% of the purchase price, just to be safe. The major consideration, as other agents have mentioned, is that as a second home OR an investment property you can NOT declare for Homestead Exemptions. Which is too bad because that is a huge saving and all of that is explained on myflorida.com site.

It is also pretty difficult to actually make money on a rental unless you know the area, and calculate accurately primarily because rents are comparatively low (say to Atlanta, New York), taxes may be higher than you'd expect, and mainly insurance takes a huge bite out of your profits. However, I just bought a foreclosure and I am making about 5% on my money primarily because I have no debt on it: I paid cash. I figure that is pretty good since I know of no other way to make 5% on my money in this day and age.

If you would like to talk more, and/or let me help you find a rental that WILL return a profit, do call me at 941-400-4660. I've been investing in real estate since 1980 or longer and it has been the #1 way to wealth for me.

Lepner
taxes in florida are all based on assessed valus. so depending on where you buy a home the Milage rate chages. for examples if you buy a home in Manatee County tax rat is about 1.6% in most areas, that same home in Sarasota county mil rate is 1.7% of assessed value, and then some areas like Lakewood ranch has CCD fees which add about 1800/yr to your taxes, Longboat Key is higher in milage rate.
As far as fees, do you mean your assoc. fees if so this will vary
if you are talking about paying a rental person to manage this home 15-20% from what i see out there I do not handle rentals though
if you are talking about your normal expenses like mowing, water, trash, etc... this will also depend on how much you use and what type of lease to make with your tenants
do not mean to be evasive but this is a hard qestion to really answer without knowing what is the specific property
Great time though to buy a rental property and almost make the numbers work
Let me know if I can help
David Leventhal
The Leventhal Team
941518-7694

You will not qualify for the homestead exemption, if that is what you mean.

As mentioned before... the taxes and fees are no different than that of a local investor. There really are no fees that I am aware of when buying a property- other than those closing costs involved.

Good answer Alex.

Teresa M. Fellows
Broker/Associate
Waterside Realty LLC
941-350-4297
tmf4257@mac.com http://www.floridawestproperties.com

Lepner -

You do not incur any extra fees or taxes with the purchase of a rental property; specific charges will vary by company and every deal is different, so make sure before you purchase that you receive estimated closing costs from your agent and, if there's a mortgage involved, your mortgage broker.

You WILL be charged federal income tax on the rental income.

Alex Krumm, Broker Associate
Re/Max Alliance Group
GRI, Certified Distressed Property Expert
941-234-3597 Direct
941-954-5454 Office http://www.sarasotapropertygroup.com

If you would like I can search for income producing rental properties for you before you get here and e-mail them to you through the multiple listing service. Do you want a multi-family, single family home, condo, townhome, or another option? You may e-mail me your request and criteria at monikadepalo@adamscameron.com
Thank you,

Monika Depalo, Florida REALTOR
STAGER-INTERIOR DESIGNER
Adams Cameron & Co. Realtors
Listed in Real Trends 500
http://www.monikadepalo.adamscameron.com

The taxes are based on the price of the property. As far I know there are no specific fee/s for someone purchasing a property in Florida. There may be added fees for out of the country.