EddietheViki…, Other/Just Looking in Florida

How's the renting market in Fort Lauderdale/Lauderdale-by-the-sea?

Asked by EddietheViking, Florida Fri Jul 11, 2008

Im thinking of investing in a small condo in Lauderdale-by-the-sea (ca 200K $). Any input on how difficult/easy it would be to rent the condo in todays market? (I would of course search for complexes with liberal renting policies).

Help the community by answering this question:

Answers

9
Angela Schrager’s answer
BEST ANSWER
Hi Eddie! It's a great location but you are going to be EXTREMELY limited on what you can find in a condo with liberal rental policies. If you're thinking of weekly rentals, it's next to impossible to find anything in the $200,000 range that would allow weekly rentals. However, if your thinking of longer term rentals - seasonal ... that's much more promising. Condo associations don't want people coming in and out all the time - it's a security risk for their tenants, in their mind (understandably so).

I'm not saying they're not out there - the one with the most liberal policies that I know of, is on Galt Ocean Mile but they're a little bit higher in price. It depends on your budget and your flexibility on how you would rent.

However, back to your question. Once you'd found the condo, furnished and equipped it appropriately to make it attractive for a renter, marketed it on the right websites, created a nice web page for the unit too - you'd have a popular property in a super location. There are many factors involved to make it successful. We manage a rental home in Fort Lauderdale and have a fair amount of experience in locating and selling vacation rental properties to out of state and overseas buyers.

If I can be of more help, I know this area very well, please don't hesitate to let me know - I'd love to work with you to help you find the perfect place!

Best of luck!

Angela
Web Reference: http://www.villagrealty.com
1 vote Thank Flag Link Fri Jul 11, 2008
Eddie,

Would you be refering to a seasonal or annual rental? The degree of difficulty to find a renter will vary greatly with the time of year.

Good luck,
The "Eckler Team"
1 vote Thank Flag Link Fri Jul 11, 2008
It depends on price, condition, and location. There are lots of choices for renters everywhere but there are also many people that are chosing to rent over purchasing. If you are working with a realtor he/she can help you determine pricing. If you need help, feel free to contact me as I work in the area.
Kindest regards,
Linda Strickland
LindaSellsRE@bellsouth.net
1 vote Thank Flag Link Fri Jul 11, 2008
Run away! Assuming a 20% down mortgage, would result in negative cash flow after you include taxes, condo fees, and insurance.
0 votes Thank Flag Link Tue Jul 29, 2008
Dear Eddie: If you haven't realized it already, the more you think about this investment idea, the more questions you're probably going to have. There are certainly a good number of property management companies operating in and around Fort Lauderdale and Lauderdale by the Sea, and I would expect that most of these companies have experience with foreign based nationals, especially since our local market is such an investment attraction to Europeans right now.

If you would like, I would be happy to discuss all of your questions with you on a person-to-person basis rather than having you constantly add new questions to this thread. I am sure that other of the respondents here would be happy to offer you the same courtesy. If I, (or they) can help you in any way, I would suggest that you contact one of us and we'll see if we can get you all caught up on everything that you need to know. Just talking to someone will probably make you think of things you haven't even thought about yet!

Keep in mind that the buyer does not directly compensate his/her Realtor for their assistance. The compensation is earned from a transaction commission that is paid by the seller when a property is sold.

So ask away!

Good luck!

Angela
Web Reference: http://www.villagrealty.com
0 votes Thank Flag Link Fri Jul 11, 2008
Thanks for all the info. Since I wont visit Florida that often and live in Norway, do you think it would be wise to use a property management company? And are there any companies that specializes in dealing with foreigners living outside the US?
0 votes Thank Flag Link Fri Jul 11, 2008
Hi Eddie,
Condition is everything from the kitchen, baths, flooring etc. to the furniture (if furnished). There are many original condition or semi improved units that are in great shape but there are also some that need some TLC. The same can be true for furniture, it doesn't need to be new but it shouldn't be really old & in poor condition either. There are many quick fixes that you can do to update a unit to give it style and charm. That's what you need in this market to get the best bang for your buck! By the way, I've got a 2/2 that has low maintenance fees & VERY liberal renting policies in Pompano, 1/2 block from the beach & . It's an older bldg. & not for everyone you're welcome to contact me if you'd like more info. And of course I'd be happy to send you info on several of my personal favorites in the area.
Good luck!
Kindest regards,
Linda Strickland
LindaSellsRE@bellsouth.net
0 votes Thank Flag Link Fri Jul 11, 2008
Hello Eddie,

You have chosen a beautiful area to purchase a condo and are definitely right about liberal renting policies. It doesn't make sense to invest in a property and not be able to rent it out for a year or two. That is just ridiculous. Please, keep in mind that not every building will be as liberal as we would like because they want to maintain a certain level of value without giving the feeling of a tourist location. I am in Lauderdale By The Sea every week and I love the comfortable ocean-side environment that is available. Once you have found the area, building and unit, then we can begin exposing it to the local, national and international markets. Marketing and Exposure are equally important as price and without the right tools in place, even a liberal building with great ammenities can remain stagnant for a long time. Please, contact me with your thoughts and search criteria so I can help you move forward and purchase a piece of paradise. Congratulations.

Best Regards,

Stelios Stylianou
Marketing Specialist
stelios@stelsells.com
561.542.4131
Web Reference: http://www.stelsells.com
0 votes Thank Flag Link Fri Jul 11, 2008
Bill: I was thinking anual rental, isnt that the "safest" option if you dont want to much hassle and also want to use the condo yourself in some years..?

Linda: Close to the beach is essential when I am looking, but whats the most important thing when it comes to the condo's condition? The AC?
0 votes Thank Flag Link Fri Jul 11, 2008
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer