Is it easy to let ? (Orlando, Winter Garden: renters, eviction, appliances)

[antmavel]

Hi,

I am currently overseas and I have the opportunity to buy a property in Winter Garden. I was wondering how easy it was to let property in Orlando ? Should I assume that most of the times there will some demand or not really.

By they way I recently found this forum and it has been extremely helpful !

Thanks,

Antoine

[Rabflmom]

Originally Posted by antmavel

Hi,

I am currently overseas and I have the opportunity to buy a property in Winter Garden. I was wondering how easy it was to let property in Orlando ? Should I assume that most of the times there will some demand or not really.

By they way I recently found this forum and it has been extremely helpful !

Thanks,

Antoine

I would advise letting it pass right now. You need to be here to see what it actually looks liked and condition it is in. We found many homes stripped when we went in with our realtor. People destroyed and took everything like light fixtures, kitchen sinks, cabinets, vanities, appliances, central air, etc. Some had brown stuff( use your imagination) smeared on the walls and into the carpet. Some had huge holes in the dry wall. the pictures on MLS were probably a year or more old and the houses and yards looked beautiful. The realtors who listed the house had not been in them since the listing and had no idea what condition the homes were in until our realtor called them. Plus there are so many houses on the market and rentals because owners can't find buyers that the market is saturated with rentals sitting empty. You would also need to hire a property manager to handle it while you are not in Orlando area.

One of the houses up the street from us has had different renters in it 3 times this year. Latest family moved in about 2 months ago. This week the owner of the house put a For rent sign in the yard and on the cross street. She was sitting out front of our house at 6AM on Monday morning watching her house and when we questioned why she was there, she said she was waiting to verify that they were there so deputy could serve eviction notice. 2 houses down from that one, people came from out of state , moved the family of 6 in, and were there 2 months. No one has been there since early last month. House on that corner also had the same thing happen. Had to evict the renters after they trashed it. It is a risky business to be out of state ower in my book.

[antmavel]

Thanks for the reply although I assume that it depends where you buy, no ? Was your description based on winter garden ? I am quite surprised to read this. I would assume this would go on in bad places but not in the good neighbourhood...
To be honest management fee and other related issues are not big challenges. I am more concerned about vacancy rates, etc...

[Rabflmom]

Originally Posted by antmavel

Thanks for the reply although I assume that it depends where you buy, no ? Was your description based on winter garden ? I am quite surprised to read this. I would assume this would go on in bad places but not in the good neighbourhood...
To be honest management fee and other related issues are not big challenges. I am more concerned about vacancy rates, etc...

Actually in a good neighborhood, with good schools, and with mostly owners living in their homes. The rentals are the ones people couldn't sell in the last 2 years and they are renting them now.
We're not in Winter Garden but a subdivision of houses built from 2003-2006. Most are in the 2000+ sq ft range and sold for $240,000+ when we bought them.

[cfIfan]

Hi there, as with everything it does depends on the location and the home. I specialize in the Winter Garden area and I can tell you in terms of desireability not all neighbourhoods are the same. I did send you a direct message, because I wanted to make sure you were aware, when you talk about vacancy rate, you do realize you cannot rent out a property in Winter Garden on a short term basis. For that you need to be in a short term rental area. You would be looking at renting on a yearly basis in the Winter Garden area. I know of many communities which are aggressively priced in the resale market where if you check on properties for rent there are very few and when they do come on to the market, they do not stay vacant for long.

I hope this helps.

Nick

Originally Posted by antmavel

Thanks for the reply although I assume that it depends where you buy, no ? Was your description based on winter garden ? I am quite surprised to read this. I would assume this would go on in bad places but not in the good neighbourhood...
To be honest management fee and other related issues are not big challenges. I am more concerned about vacancy rates, etc...

[oahufish]

Csi fan, could you send me a list of communities or a listing of properties which would be desireable as LTR's in the Orlando area. I am looking for an investment property as well....