Home Buying in Winter Park>Question Details

Mary Jo Kipp…, Other/Just Looking in Somerset, WI

Living in chilly WI, looking at buying a home for our 23 yr old son in Winter Park, FL who plans on attending

Asked by Mary Jo Kippes, Somerset, WI Thu Feb 7, 2008

school at Full Sale this fall. Would like to rent it out to him as well as a few other students to help him save on housing. Any thoughts??

Help the community by answering this question:

Answers

10
Mary Jo:

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.

Tony
CB Ackley Realty
407-791-9086
1 vote Thank Flag Link Thu Feb 7, 2008
Hi Mary Jo,

Both Winter Park and Oviedo are good choices to purchase properties. Let me know if I can help you.
Phil@PhilFowler.com
Web Reference: http://www.PhilFowler.com
1 vote Thank Flag Link Thu Feb 7, 2008
Hi Mary Jo --

You may want to have a look at this Fortune Magazine report before buying in Orlando/Winter Park:

http://money.cnn.com/2009/12/08/real_estate/housing_outlook.…

It predicts that Orlando real estate prices will drop by 30% in 2010, and another 2% in 2011.

Good luck!
0 votes Thank Flag Link Sun Dec 20, 2009
Great timing for you and your son! Winter Park is the best investment choice. I have invested exclusively in rental property within the city limits of Winter Park since 1988. I have also rented to dozens of Full Sail students. They are more mature and responsible than other college students and have been a pleasure to do business with. I am also searching for a house for my 22 year old to purchase and rent to fellow students. There are dozens to pick from. Size, price and condition all need to be decisions to consider before continuing with your search. Since I am currently going through this process and have extensive knowledge of Winter Park and the rental business (resident since 1971), I would love to help you with your search. Please feel free to contact me with any further questions.
Kathy Black (407)539-4117
0 votes Thank Flag Link Thu Oct 22, 2009
It is a buyer's market! We just need to find the right home at the right price. Since there are many homes for sale within minutes of the Full Sail Campus, we will find someone who is willing to negotiate and that way you get a good deal. I would love to speak with you more. I have experience in placing other students in homes near the campus.
0 votes Thank Flag Link Mon Jun 23, 2008
As a UCF Alumni and Realtor….this is a Great idea! Now that we are in a Buyer's market you will find a great deal on an investment property that is centrally located to Full Sail, UCF, Valencia, Rollins College, etc. Reason why I mentioned all of those schools is because an investment property in the area will help you find a tenant / student attending at least one of these schools thus giving you continual income even after your son has graduated. Now is a great time to buy! You will not only save money but purchasing an investment property in this area is a great tax benefit for you and your family all while providing you with residual income.

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!
0 votes Thank Flag Link Sun Mar 30, 2008
I have a 3 bedroom 2 bath condo in winter park for sale. It has new tile and carpet and fresh paint. It would be perfect for your son. Please contact me if you would like more information. Angie Carlson 407-920-8459 or email me at avcarlson@yahoo.com
.
0 votes Thank Flag Link Wed Mar 12, 2008
Mary Jo,
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.
Rick.
Web Reference: http://www.realestatera.com
0 votes Thank Flag Link Sun Feb 10, 2008
I have a house for sale in E. Orlando...about 10 - 15 minutes from Full Sail. It is a safe neighborhood...3 bedroom, 2 bath with a loft. If interested, please let me know.
0 votes Thank Flag Link Fri Feb 8, 2008
Dear Mary Jo,

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.
0 votes Thank Flag Link Thu Feb 7, 2008
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer