Agnes, Home Buyer in London, OH

Hello all I am so glad I came across this site and I hope somebody can help me with my query. I am

Asked by Agnes, London, OH Mon Oct 29, 2007

considering investing in a rental property in Orlando - somewhere central near disney so that I can keep the property tenanted. I have been browsing at condos which seem to be within my price range. What are my other options for buying a place to rent out. I do not live in the states so I would need to hire the services of a property manager. Many Thanks

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If you plan on renting the condo out more than 6 months at a time then I would suggest Metrowest, Dr. Phillips, and Windermere area. If you plan on renting out the property short term, then I suggest one of the many that are in town. I don't know your price range, but the Blue Rose, Village of imagine, World Quest Resort, Tierra del Sol, Emerald Island, Windsor Palms tend to be popular short term communities. One thing to be aware of is that short term rental property managers fall under the jurisdiction of the Division of Hotels and not the Division of Real Estate meaning you need to be very careful in selecting a property manager. There are good ones out there but there's also companies that have gone out of business without returning escrows to their customers because the Div of Hotels do not have stiff penalties for violating escrow laws whereas the Div of Real Estate does. I have a post on my blog about this subject if you'd like to check it out.
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0 votes Thank Flag Link Wed Oct 31, 2007
As an Accredited consultant in real estate, I'm trained to focus on what is in your best interest, not just to sell you something. Therefore there are some questions you must answer in order to make the right decision for your family and finances:

Will you be staying in this property for vacations?
How often?
what is the cost difference between buying and staying in a resort for the number of times you would come here?

How long will you hold the property and will you recoup your investment with the closing costs when you buy and sell?

compare the numbers to buying, paying a property management co. against staying in a resort and what else you could do with your money rather than buying.

Nobody has a crystal ball, so appreciation is a big factor in your long term strategy.

The number of times you would visit and how often it rents out ie: the bottom line is what you should be thinking of. if it is once a year, and the rental rate is good, you need the write-off on taxes, you hold the property for at least 5 yrs, we have good appreciation and you do a 10-31 exchange when selling, that is the best one could hope for.

You may also want to talk to a financial planner or your CPA after answering the questions above and see what their thoughts are based on your particular situation. Everyone's situation is different and you need expert counsel prior to making this expensive decision.

Right now is a great time to buy because the market is soft... but the number of times you would come here, the amount of time you could keep it rented out and your NET is what counts - aside from just knowing you always have a place to stay - which is a personal, not investment decision, but maybe equally as important to you. .

Good luck and let us know what you decide to do!
0 votes Thank Flag Link Mon Oct 29, 2007
Hi Agnes,

I specialize in working with Investors here in the Central Florida Area and have lived here for over 25 years. Some options for you may be single family homes, townhomes or condo hotels. If you would like to send me your criteria I can assist you with your search
0 votes Thank Flag Link Mon Oct 29, 2007
You need to go over, As I did, to get an idea of the areas you like?
When you say tennanted, do you mean Long term or Short term(vacation) rental?
Some areas do not allow the latter. Kissimmee or Davenport are in reasonable distance for
Attractions & Beaches if your aiming at Vacation rental? But you really need to go and look round.
These areas might not suit everyone.
0 votes Thank Flag Link Mon Oct 29, 2007
To get more information regarding what things would rent for around Orlando and Disney, may I recommend as a great means of information of what you might expect if you tried to rent it yourself or what the rental standard is. It's worth looking at. If you rent it out yourself--a condo would be pretty easy since the association takes care of the amenities. Some condo assoc do their own rental management. It usually runs you about 30% of your gross intake on rents. If you buy a detached dwelling, you must consider cost of pool maintenance, lawn keeper, cleaning personnel, and I would highly recommend someone just to be a troubleshooter and that person should also be the one checking for damages, etc upon departure of your guests. If you are out of state, you might also consider beach rental property on the gulf coast--check us out--and check me out at my website. If I can be more help, don't hesitate to ask.
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0 votes Thank Flag Link Mon Oct 29, 2007
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