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.
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.
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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.
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RE/MAX Town Centre
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
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.
Re/Max Town Centre
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.