what is the occupancy rate
how much is owner occupied
can you rent the condo
hoa, is it in good financial shape or not
all I can think of besides taxes and insurance that can be pricey.
I've helped Canadians buy condos here in the Orlando area. They always start out being interested in something near Disney and here is the advice that I give to all of them.
If you want to use the unit for yourself sometimes, then I recommend complexes to the south-east and east of Disney as these are very well located for Disney and all the other attractions (SeaWorld, Universal, Shopping, Dining, etc.). The short term rental market is tough right now, but when the economy picks up and the tourists come back in huge numbers, then your rental income will easily cover the costs you will have at current selling prices.
If you are making a pure investment, then check out the Lake Nona area. Between 30,000 and 60,000 new jobs will be created there by the new medical city. You can still get in on the ground floor of this growth.
Check out my website for more information on the area and to check me out. If you like my approach, then I'd be glad to hear from you.
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It is going to be very difficult as a foreign national to obtain US financing on a condo. Everything we are hearing says it's impossible....hopefully someone will prove us wrong!
Our recommendation is to secure a loan in Canada and transfer the funds for the closing or be prepared to pay cash.
A big concern in today's condo market is the financial stability of the community. Be certain your great deal from a price perspective is a solid investment based on the community's financial soundness. Communities with a high number of empty units should send up a red flag......proceed with care.
The Eckler Team
You must look for a good rental amount that helps cover the HOA, taxes, insurance
and mortgage payment if your doing a loan on the condo. Some of the popular places
have great amenities such as large pool area, workout rooms and nice clubhouse. The
tenants are also looking for garages or covered space and gated/secured access too.
This is what the tenants are looking for now a days. Also need to keep the rents somewhat
affordable because of the competition in the market place.
Hope this helps you a lot.
John Forrester PA 407-741-3258
27 years of Real Estate service to the Orlando area!
Very few Orange County properties have short-term leases, only Osceola County provides this unique aspect in their properties. If you are looking to lease on a weekly or monthly basis (short-term) instead of 6 months to a year (long-term), you will want to look at Osceola County.
Bank owned properties will want to close within 30 days and short sale homes can take up to six months to close. This is another item to decide. Are you willing to wait six months or more? Sometimes after the waiting period the bank can reject the contract. This is a chance to take if you decide to work with short sales.
Bank owned properties sell very quickly, therefore many of the properties you see on this list will be pending by the time you arrive in Orlando. Typically, the bank does not release the property keys at closing but shortly after when all documents have been settled by the Title Company.
Some areas may be less desirable than others. A good measure of researching this information is the crime statistics in the different areas which can be found online. If you need a link I would be happy to send it to you.
I certainly donâ€™t claim to be a financial consultant, but being able to estimate your bottom line is an important factor when investing. Receiving a list of properties that are available for rent in the area you requested will give you an idea what to expect as a rent basis not including the vacancy rate of each of the communities. I would happy to send you a list of these.
Rents vary widely depending on the community, amenities and length of lease among other items.
The yearly property taxes are paid annually in arrears and prorated when purchasing the property. Each community has homeowners associations (HOA) and this item can also widely vary. On the information sheet for the homes to purchase, last years taxes and the HOA fees are posted in the body of the each of the customer synopsis and likely to change year to year.
Donâ€™t forget incidentals such as repairs, property management, utilities, lawn and/or pool maintenance and special assessments. Special Assessments can be imposed by the community for beautification or by the County for extra street lighting. Some special assessments are being imposed because of the high vacancy rate of the community to keep the grounds mowed and pool cleaned until the community rebounds.
With this information you should be able to calculate fairly closely your yearly expenses so long as you pad your numbers for any other unforeseen expenses or any items I may have missed. Each of the communities is very different and it would not have given you the whole picture if I had chose one property for an example. Once you decide on a few communities, then it would be fruitful to delve into the specifics of these few communities/subdivisions.
Be prepared to ask the listing agents questions to get a fairly accurate breakdown of your running costs:
1. What average monthly amount of rent are you receiving?
2. Name of the Property Management Firm and how much they charge.
3. What utilities are the Owners responsible for and what is the average monthly bill?
4. Are there any other special fees? Please itemize
5. What is the vacancy rate of the units?
6. Any other optional fees? Please itemize
7. Do you have a furniture package? If so, how much is it?
8. Are there any special assessments attached to the property?
9. Who is responsible for cost of repairs?
10. Any other pertinent information would be helpful.
Feel free to contact me with any questions or comments.
Charles Rutenberg Realty
Its not as easy as it sounds however with a little bit of homework we can help you find the right investment at the right price.
Wason Realty Corp
If you would like to give me a call I can explain it in better detail, 407-497-7688.
Talk to you soon,