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Old 07-14-2012, 09:55 AM
 
Location: Fort Payne Alabama
1,179 posts, read 1,566,185 times
Reputation: 2254

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Quote:
Originally Posted by Interested in Florida View Post
New to the research but here are some questions I have if any experienced property owner in FL can assist:

Like to buy a property in Florida

Investment is my first concern. Something well price (value for my money) Something attractive to the rental market for vacationers that could offer a good return.

I have several weeks of vacation annually and would perhaps use it a couple of weeks during summer vacation and a week or so in the spring. Possibly use the property occasionally on Christmas as well



Items I am considering and perhaps there are are others I am not aware of:

Proximity to beach or attractions – preferably walking distance to amenities
If you want to rent your property and it is near a beach, in NEEDS to be on the beach! If it is not your average rental will really suffer.



Quote:
Budget would be under 150,000 for an initial purchase. if it works out I may potentially consider another.

Would consider house/condo with community pool or private pool
Tough to do, being on the beach with a newer condo will run at minimum 180,000.00 to 200K. If you go with an older complex again your average rental will suffer, generally your HOA fees will be higher due to insurance issues as well as insurance you personally have to carry.





Quote:
easily accessible from major airports

Rental potential for about 40 wks. + per year would be desirable

Average weekly return of $700 + depending on the property and the cost investment (house or condo purchased and location) whatever the circumstances I certainly hope to stay in the black with a profit.
All reasonable (if you are thing of $700.00 BEFORE a management company gets their cut OK, but if it is after, look at doubling or tripling the 150K) but research needs to be done on your part. As it has been mentioned in a prior thread you can check out VRBO, look at the calendars and check the rates keeping in mind most travelers that use VRBO expect a discount on those rates no matter how low you are. "If" you pay for your unit in cash, being in the black should not be an issue if you do your research. It's not just HOA fees, taxes, and insurance that have to be considered but upkeep is also another big issue. If you are thinking a management company will do that for you, forget it!

Quote:
Access to cleaning and property management services.
Again requires research on your part, taking to other owners in the complex you are looking to purchase in keeping in mind most all property management services on vacation rentals are interested in only one thing, putting a "head in the bed", you the owner come in a distant 2nd! On ours we used Resort Quest for 3 years before dropping them. Against the gross rental income they hit us for an average of 42% on commissions, fees, and various charges. In addition we had constant problems with minor damage and cleanliness. In doing our research other companies in our area are not much better if as good! We now are doing it ourselves and much more successful.

Quote:
Insurance and taxes. I suspect coastal areas are where most people want to vacation will also have higher insurance rates?
On a condo your main property insurance will be part of your HOA fees, on a house....good luck!

Quote:
Market Value - if markets improve how significantly higher might property taxes rise??
Certainly!



Quote:
Can anyone recommend an investment realtor in the state of Florida?
Boy I hate to use this wording but the real estate market is local, even on the beach. Do your homework, decide where you would like to purchase on your own keeping in mind how easy it would be for you personally to visit several times during the year. If outside of Florida, Northern Florida would be your best bet.

Last edited by GreggT; 07-14-2012 at 10:30 AM.. Reason: Clarify
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Old 11-29-2012, 07:27 AM
 
1 posts, read 1,592 times
Reputation: 10
Quote:
Originally Posted by Interested in Florida View Post
New to the research but here are some questions I have if any experienced property owner in FL can assist:
Like to buy a property in Florida
Investment is my first concern. Something well price (value for my money) Something attractive to the rental market for vacationers that could offer a good return.
I have several weeks of vacation annually and would perhaps use it a couple of weeks during summer vacation and a week or so in the spring. Possibly use the property occasionally on Christmas as well

Items I am considering and perhaps there are are others I am not aware of:
Proximity to beach or attractions – preferably walking distance to amenities
Budget would be under 150,000 for an initial purchase. if it works out I may potentially consider another.
Would consider house/condo with community pool or private pool

easily accessible from major airports
Rental potential for about 40 wks. + per year would be desirable
Average weekly return of $700 + depending on the property and the cost investment (house or condo purchased and location) whatever the circumstances I certainly hope to stay in the black with a profit.
Access to cleaning and property management services.
Insurance and taxes. I suspect coastal areas are where most people want to vacation will also have higher insurance rates?
Market Value - if markets improve how significantly higher might property taxes rise??
Market appreciation is also part of a longer term exit plan, but in the right location this could potentially be a longer term ownership for retirement.

Can anyone recommend an investment realtor in the state of Florida?

Hi there, I am from Canada and just became a member of this forum. I am interested in purchasing a rental property in Florida. I was curious to see how you were making out in your search. Did you buy a place? Have you been able to rent it out a lot? Thanks, Mike
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Old 11-29-2012, 03:21 PM
 
Location: Richmond suburbs
78 posts, read 152,426 times
Reputation: 26
I have been thinking similar thoughts. The kids and I (I am 38) are completely able to be mobile and winter in Florida. (we homeschool). My husband works in sales, and can work from home wherever. We plan on retiring in Florida. Right now, we travel at least once a year to the Disney area. 2 of us suffer from terrible Seasonal affective disorder, and I think winter sun in Florida would help make our life better.
I would love to purchase a townhouse type residence, with a community pool/gym. 3 bedrooms would be ideal. My dream would be to start snowbirding next year, and continue until retirement, renting it the rest of the year if possible. I think it may work well for us, since we would not use it during the "busy" Disney seasons, when kids are out of school. The rental would be available during all the major school vacations. ( except maybe Christmas, and whether we wanted to come back to Nj or not).
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