That is a great idea. Besides the obvious benefits for the son, you will be able to gain equity, deduct expences, take depresiation, and have your travel expences to visit him be tax deductable. I will advice you to go the next step and incorporate, which will make the deductions clearer and provide you added liability protection.
I do most my business in the Disney area of Kissimmee and South Orlando, but frequent the vicinity of Full Sail at least every other week. I will be happy to sent you current listings of the area to give you an idea of availability and prices. Let me know if interested.
CB Ackley Realty
You may want to have a look at this Fortune Magazine report before buying in Orlando/Winter Park:
It predicts that Orlando real estate prices will drop by 30% in 2010, and another 2% in 2011.
Kathy Black (407)539-4117
If you need assistance finding the right property matching your criteria please call or email me at 321-251-6761 or Normalina@OrlandoYourHome.com I'll be happy to negotiate the right deal for you, negotiate for closing costs, HOA dues, home warranty plan, etc. to be paid by the Seller. I make it happen all the time!
Make it a great day!
There are many thoughts on this one. Winter Park is a great area. Also Full sail is centrally located to other areas as well and you may be able to get more house for your money as a result. You may want to consider The Waterford Lakes area Oviedo as well as Winter Park. Please give me a call or shoot me an email and I can send you information. Let me know what size home you are looking for and what amenities you are looking for. I would be glad to help.
My son is also going to Full Sail..... and you are doing the right thing by buying something with mtg rates as low as they are and the buyers market. Renting to several others is also a terrific idea to offset the mtg pmt.
Here is what you need to think about:
How long will your son be at Full Sail?
When he is done, will you want to sell, rent or do a 10-31 exchange to offset capital gains?
You may want to talk to your CPA or Financial advisor before proceeding as to how to buy depends on whether you purchase as an investment, second home, etc........
email me for more info if you need to, I have a TERRIFIC, honest Financial advisor that can help you make this decision and knows the tax laws, 10-31 exchange and Florida laws.
You need more information before taking this important step. Not only that, but there are several area's near Full Sail that are not good to purchase due to the hurricane damage from a few years ago, or HOA issues.
Since I'm in the same boat with my son going to full sail......we should chat. I will help you make a good decision for your son too.