Home Buying in Orlando>Question Details

sicopapaya, Home Buyer in Denver, CO

Where do you recommend buying an investment property? Hunters Creek or Lake Nona? A townhome or single family home?

Asked by sicopapaya, Denver, CO Thu Aug 23, 2012

Our family is planning to move to the Orlando area by next summer 2013. Since we are not sure of the final place we will live, we are open to buying an investment home that we could rent out for a year until we arrive to Florida.

Then, potentially, we could live in the house until we decide on a permanent place to live, and finally, rent the investment property.

We like Lake Nona and Hunters Creek, and don't know which of those areas would be the best for purchasing a rental property? Which one do you recommend for a budget of around $200K? Also, do you recommend a townhouse or single family home?

Thank you for your recommendations.

Help the community by answering this question:

Answers

10
Say you buy lake nona for 285,000
Put down payment of 85, 500
Finance 199,500 @ 7 % with year payments of $ 16800.00 + 3800 in insurance and tax
Total outgoing is 20600
Income will be $ 19800 considering $1650/month , no accounting for vacancy ot maintenance, yearly repair, management cost.
So you see from a rental stand point you are negative cash flow.
these investments need to be scrutinized in great depth.

There are many other factors that should be thrown into the very simplistic pictorial above.
We do claculations on a excel spread sheet that goes into many more details and tax consequences and appreciation, tax brackets , so forth to get a true picture.

If you need help analizing all that let me help you with the purchase.

Best wishes
Jim malak
321 286-5942
0 votes Thank Flag Link Fri Aug 24, 2012
We recently visited Orlando to check out both Lake Nona and Hunters Creek, and preferred Lake Nona... which is also the recommendation of the group (so far).

I greatly appreciate your feedback.
0 votes Thank Flag Link Thu Aug 23, 2012
Depends if you mean Lake Nona itself or the areas to the east of Narcoossee Rd that are generally included in the "Lake Nona Area". The reason it depends is that it has become virtually impossible to buy in Lake Nona itself under $200,000. As I write this there is one listing in Lake Nona under $200,000 and it is for $199,500. The lowest price on a single family house is $285,000.

Being "The Lake Nona Agent" of course I would say Lake Nona is the better choice, but you do have a very specific set of personal circumstance and Hunters Creek is a great family community.

Basically with your budget your choice is pretty much a newer townhouse in the Lake Nona areas to the east of Narcoossee or older single family home in Hunters Creek. That gets to be a tougher choice. In the long run, single family always out performs townhouse in terms of return. And Hunters Creek is close enough to the new medical city that it will also benefit big time form it's development.

Single family does come up in the Lake Nona area for under $200,000, but when it does it is very competitive. I've got several Chinese clients who basically have standing orders to go after anything under $200,000 in places like Eagle Creek.

Did you know that you can check out my references and the references of the other agents that answer right here on Trulia? Just click on our pictures to go to our profiles and read what our clients say about us. Pick the person you’d be most comfortable to work with. Of course I hope it’s me, but if not then best of luck to you.
0 votes Thank Flag Link Thu Aug 23, 2012
Well I think we can all agree that Lake Nona is the place to be, both as a place to live and invest in. Now your question is what Realtor would you like to work with. I specialize in foreign and out of area investors and so I see it as a natural fit.
Being that you would like to stay for a while and then move I would suggest buying a bank owned or a short sale because there are still some great deals to be had. This way you will begin to see a return very quickly and can pick a move in date that coincides with your relocation.

Having 25 years as a home improvement contractor allows me the ability to give you an overall idea of the condition of the property and what, if any, repairs may be needed. In most cases all that is needed is some new paint and flooring, either way you will see it first hand via my video upload.

I am happy to discuss this with you in greater detail at your convenience.

Call or email me anytime, I always answer my phone :)

Brian Mahoney
RE/MAX Town Centre
848-448-0333
321-206-1107
http://www.downtownremax.com
downtownremax@gmail.com
0 votes Thank Flag Link Thu Aug 23, 2012
Lake Nona, no doubt.
I can assist you to get the better deal for your money.
This is my farming area.
marlonvch@gmail.com
0 votes Thank Flag Link Thu Aug 23, 2012
Lake Nona, no doubt.
I can assist you to get the better deal for your money.
This is my farming area.
marlonvch@gmail.com
0 votes Thank Flag Link Thu Aug 23, 2012
Hi Sicopapaya:

I think that you have a very good plan so you can take advantage of the current low prices and interest rates by purchasing something now. Lake Nona is the new "hot" area in town because of the Medical City being built currently. So desirability for that area is very high and properties rent quickly. Townhomes are a great investment property as long as the HOA dues are not too high and any of your potential rental profit is eaten by expenses. A single family home is also a good choice and may be more comfortable for your family when you do move here. HOA dues in neighborhoods with single family homes are usually not as high as with multi-family properties. Hunters Creek is also a good choice but Lake Nona may be the one to focus on. Hope this helps some.

Carri Schoeller ABR, e-PRO
407-492-8559
0 votes Thank Flag Link Thu Aug 23, 2012
Hunter's Creek is a well established residential area. Major parts of the area was built in the 1990's so not only has it had it's chance to stabalize, but the infrastructure is there to support the residents as well (shopping, dining, easy access to major highways). The homes, however, can seem "dated" since a majority of them were built 10-15+ years ago.

Lake Nona, on the other hand, is up and coming. If I could put my money anywhere in Central Florida, it would be Lake Nona. With the influx of people that will be relocating to the area due to the Medical City, the potential for appreciation and rental return is much higher. Also, the homes in this area are newer, with plenty of subdivisions still continuing to build. This would be my pick.

I tour buyer frequently in Lake Nona AND Hunter's Creek. Would love to speak to you more about them.

Linda Jokbengboon
Re/Max Town Centre
LindaSellsOrlando@hotmail.com
0 votes Thank Flag Link Thu Aug 23, 2012
Either Townhome or Single Family would work in Lake Nona. Price points, of course would be higher for Single Family. Both are tending to appreciate at the same pace currently for that area.
Flag Thu Aug 23, 2012
Either Townhome or Single Family would work in Lake Nona. Price points, of course would be higher for Single Family. Both are tending to appreciate at the same pace currently for that area.
Flag Thu Aug 23, 2012
Hands down lake Nona for investment purposes. For 200k you could afford a new townhome which will rent for about 1500. I just sold 2 last month. New construction and one recently rented for 1500, I expect the other to quickly rent for the same. That is a 3bed 2bath, 1500sqft, gated, all tile first floor, granite, stainless appliances, washer/dryer, 42" cabinets. All the nice upgrades you would expect in modern homes.
New construction in lake Nona has been increasing in price and is appealing to many investors because of the medical city.
Best of luck with your purchase and if I can be of any help, please let me know. I would be happy to send you the specific details of each sale and rental returns.

Danny Barto
0 votes Thank Flag Link Thu Aug 23, 2012
Hi there

I definitely recommend Lake Nona as a better investment in door of Hunters Creek being cheaper.
Call me anytime at 4079299674 to discuss this in more detail.

Thank you

Alexander
0 votes Thank Flag Link Thu Aug 23, 2012
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer