where is the best area to buy rental property on the florida gulf coast?

Asked by Wzvhyz4gm, Virginia Beach, VA Sun Sep 4, 2011

Help the community by answering this question:

+ web reference
Web reference:

Answers

11
Christopher…, Agent, Tarrytown, NY
Fri Sep 9, 2011
Hi, I personally love Treasure Island, Reddington Beach, And Inbdian Shores...I just got back from visitng a friend there. I may even consider a move and I was never a fan of Florida until I visited these areas. It seems there are many retirees and people that can work from home in the area. If you need to find work you will most likely have to branch out to Tampa and other flourishing areas, depending on what you do.

Christopher Pagli
Licensed Associate Broker
Accredited Buyer Representative
GREEN Designated Agent
William Raveis Legends Realty Group
914.406.9023
Web Reference:  http://raveis.com/chrispagli
1 vote
Robert Schult, Agent, Sarasota, FL
Fri Sep 9, 2011
Siesta Key and Longboat Key are excellent areas that fit your criteria and I would encourage you to look also at Bradenton Beach and Anna Maria Island. You can find condos of all types including complexes that have inhouse rental programs to find you renters when you are not using the unit. In these areas you not only have wonderful beaches, boating and golf but you are in close proximity to all the wonderful restaurants, shopping and entertainment that Sarasota has to offer. Let me know if you would like a comprehensive list of available properties in these areas or need additional information.

Bob Schult
Key Solutions Real Estate Group
941-915-9797
0 votes
Kevin Clouti…, Agent, Cape Coral, FL
Fri Sep 9, 2011
You are very clear about what your looking for and that's good for you and your buyer agent.

I believe the one of the best areas you have already visited, Fort Myers Beach. Also, there are a couple other places I would like to privately send you links to.

Please email me at

Kevin@kevincloutier.com and I will use the email to send you the links.

Cheers

Kevin Cloutier
Southern Premier Realty
1-877-840-3413 RE Hotline
Web Reference:  http://Www.kevincloutier.com
0 votes
Wzvhyz4gm, Renter, Virginia Beach, VA
Thu Sep 8, 2011
We have a couple of purposes for our rental/vacation condo investment...

First, we are seeking to invest in a local Florida Gulf Coast Resort community. Second, this real estate purchase will serve our family as a vacation home during school winter, spring, and summer breaks.

Our family has rented condos for our annual summer vacations in Ocean City, MD for the past 9 consecutive years. I did give serious consideration in 2003 to purchase a $250K condo in this area, but at the time we were straddled with a new home mortgage. We are near paying off our home mortgage and are making our initial plans to locate a suitable vacation/rental property on Florida's Gulf Coast.

Our family intends to use the condo/rental during school winter, spring, and summer breaks. So, basically it will not be available for rent during the last week of Dec., first week of April, and for a month sometime from July through end of August.

We are interested to rent the unit weekly and monthly. It should be a newer 2-3 BR, 2+ Bath, Beachfront, Full Gulf or Gulf/Bay View. Our primary goal in our purchase is the best location that will attract the most rentals. The unit should be up-to-date in terms of finish, decor, and furnishings. It would be best if the unit is turnkey ready. Upon pay-off of the mortgage we do not possess any other financial liabilities. We our figuring our price range (based upon current income not including rental income from condo) will be between $350 to $500K. We may find our price range to be greater than 500K depending upon the potential rental income and other disposable financial assets.

Our only personal experience to date has been a 1-week vacation at Fort Myers Beach approximately 24 years ago. My wife and I were 23 years old at the time and rented a Geo Metro to drive from NE Ohio to Ft. Myers. It was an arduous trip. It was during the week following Christmas and an Arctic cold front pushed its way all the way through Tampa. While driving southbound, once we were past the northerly states which use an abundant supply of road salt I remember driving on solid ice through the SE states until we reached Tampa. It was a 20 hour road trip from hell.

During our initial search we have began to grow more and more interested in Siesta and Longboat Key.

We greatly appreciate in advance any assistance that will help us locate our dream vacation/rental home on the gulf.
0 votes
Tammy Hayes, Agent, Port Charlotte, FL
Mon Sep 5, 2011
What is the purpose of the rental property? Are you looking at a seasonal rental near the beach? Are you looking as an annual rental in a local neighborhood? What is your price range? Are you looking at a condo, single family home, mobile home? There are many factors that need to be taken into consideration. I can tell you that North Port, FL located in southern Sarasota County is a great area for investing right now. There are more renters than there are renters. So rental companies are looking for additional homes to rent.

Here are some things to keep in mind if you are planning to purchase an investment property. First of all decide how long you plan to own the property before you buy it. The longer you own the home, the more money you will need to put into it for maintenance, repairs, and improvements. Then decide your purpose for investing. Is it for rental income? Are you looking for a quick flip? Are you looking to build up appreciation and resell?

Don't count on appreciation. With the market the way it is right now, appreciation is not a guarantee. When looking at homes, you want to purchase a home that would have an attractive resale value no matter what the market is like. Obviously you would like to make a profit if you did resell.


If you decide to rent the property, you want to rent it for at least 1.5 to 3 percent of the purchase price. It is necessary to make sure your rental income will cover your out of pocket expenses such as the mortgage payment, taxes, insurance, maintenance, repairs and vacancy rate. Right now, demand is higher than supply. Check with local real estate agents or call rental ads to see what the going rental rate is within the areas you are looking to purchase a property.

Try an investment calculator such as the one at goodmortage.com. Go to their web site: http://www.goodmortgage.com/Calculators/Investment_Property.html. This will give you a good idea of the financial situation if you decide to rent an investment property.

There are tax benefits in any real estate investment whether it be rental homes, apartments, vacant land, commercial buildings, industrial, shopping centers, or warehouses. Check with your local tax advisor before entering into a purchase agreement for any investment property to make sure you qualify and follow the strict requirements.

Tammy Hayes, Realtor, Green Lion Realty, Port Charlotte, FL, tammyhayesre@gmail.com
0 votes
Karen Wantuck, Agent, Sarasota, FL
Mon Sep 5, 2011
I'm an investor as well as realtor so from my point of view I want bargain prices, as little hassle as possible, good rental income, and appreciation.

Next I want a locale I want to visit. Being a long distance owner is problematic so puck the best property you can afford: youngest, newest items such as A/C, Riis and hit water heater.

I get about 5% on my money but I paid cash. I do only longterm rentals so I have no advertising expenses and my tenants--- and I'm very careful who I rent to--- direct deposit their rent. having been an investor in real estate for 20+ years I say sell within 5 years if you buy today or sooner. Make your profit and do it again always getting better property. I started with junk property, owner financed (almost an impossibility today).
My real estate market today is Sarasota: lots of property available, fabulous beaches, low crime, good airport, close to other bigger cities and very cultural.

Orlando is a huge market for short term rentals year round. But different communities have different rules regarding term of rental.

You need a knowledgeable agent in each city. ONLY ONE per city. Visit a few, pick a place you love, buy low, sell high. Pay cash.

Anything on water or with real water views gets best rent AND costs you the most due to Insurance expenses and taxes. Forgo the glitz, accept pond or canal views, buy smart, rent yearly and you will do well.

Work with me if you choose Sarasota and her beautiful keys. Check me out on google or below for testimonials.
Web Reference:  http://CityofSarasota.com
0 votes
Kevin Clouti…, Agent, Cape Coral, FL
Mon Sep 5, 2011
In my opinion, Schooner Bay on the river in North Fort Myers. Look across the river at the city scape of Fort Myers, fish, swim, watch the sunsets. Gated, water on 3 sides. Easy to rent seasonally or annually. Close to everything.

Contact me Kevin@kevincloutier.com or toll free 1-877-840-3413

Cheers

Kevin
0 votes
Bill Eckler, Agent, Venice, FL
Mon Sep 5, 2011
Wz,

Annual or seasonal rentals?

Anywhere from Tampa to Naples in a close proximity to beaches, golf, tennis, etc. will attract seasonal renters between December and April.

The "Best" location usually is impacted by the individuals personal preferences. But make no mistake...there is no shortage of great opportunities and wonderful locations on the Gulf Coast.

A visit not for the purpose of buying but gathering information would be strongly recommended.

Best wishes,

Bill
0 votes
Alma Kee, Agent, Tampa, FL
Mon Sep 5, 2011
Of course I'm...... http://www.SoldOnTampa.com

All the best,
Alma
0 votes
Myke Atwater, Agent, Santa Rosa Beach, FL
Mon Sep 5, 2011
Hello, if you are looking for weekly vacation rental property, which is a very different animal from long term renting, The area from Santa Rosa Beach to Navarre, particularly Destin and Sandestin, is great. A couple of factors that play into the rental capability is "does it have a pool" and can I see the Gulf from there, or how close to the beach are you.

I would recommend that you go to http://www.vrbo.com to take a look at occupancy calendars, prices, and types of property available to help you decide. You can do this for any community in the country.

If you are thinking long term rental investment property, Fort Walton Beach, Navarre, Crestview, Niceville, are great places because of the military relocating every couple of years. Many of them don't want to buy if they are only going to be here for two years--3 bedroom 2 bath is what most are looking for.

Also, if you are looking at condos, don't forget to look at what the condo association fees are--this can make a big difference in your monthly costs--these usually also include insurance on the structure.

I hope this is helpful.

Myke Triebold, GRI, LMC
850-305-6256
MykeSaysSold@aol.com
http://www.DestinHomeRealtor.com
Web Reference:  http://www.MykeTriebold.com
0 votes
Marge Bennett, Agent, Fort Myers, FL
Mon Sep 5, 2011
are you looking for annual rentals or seasonal? The Ft Myers/ Cape Coral area is great for both. Give me a shout if I can help you.
Marge Bennett
RE/MAX Realty Group
239-560-4159
Marge@margeBennett.com
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more