Kissimmee or Davenport for rental home purchase (Port St. Lucie, St. Lucie: real estate, foreclosures)

[successinstocks]

Hi I am new to this blog/thread.

I am looking at purchasing a home in either the Kissimmee area or Davenport area strictly as an investment property. My wife and I are using about 15K as a down payment.

I am looking at renting the property for several years until the market rebounds somewhat, then selling and then finding our retirement home "somewhere" in Florida.

What are your suggestions on areas to look at and the whole rental market in today's real estate climate?

Lastly, we are looking at homes in the price range of 130-170K.

Thank you for any responses in advance.

[Guntersville Boomer]

Success- I suggest first you make sure you purchase in an area that allows "Short Term Rentals" just incase you can't rent it long term (12 months at a time) this leaves all options open, you have the option of furnishing it and renting by the week or month and you also having the ability to use it. If you are only interested in renting for 12 month period then this may not be important. Housing prices are still falling here, you should be able to get a good deal, try to buy at the low end of your budget which will improve the # of potential renters because you will be able to keep your rent down, remember around here, wages are fairly low. If you are going to do short term rental, consider purchasing out toward the west side of kissimmee, toward the attractions, also good for longer term rental due to all the workers needing a place to live too. I don't know much about Davenport but I do work with a lady who lives there and drives here to kissimmee for work because she says it is cheaper housing, she said a house down the street from here sold 2 years ago for $360k and ended up in forclosure and just sold from the bank at $118k. There really are some great bargins if you take your time and look. Good luck!

[tworent]

Try going here a much better place to get info try talking to people doing it

CFRI - Central Florida Realty Investors

Bob

[successinstocks]

I am also looking at Port St. Lucie.....

Seems to be a lot of foreclosures everywhere down there.....well it isn't much better here in Michigan.

Anyway, do you folks have any good references for property management companies that could handle weekly, monthly/annual rentals for folks out of state.

Thanks again for your responses

[tworent]

See my other post 2 before this one

[aneftp]

Originally Posted by successinstocks

Hi I am new to this blog/thread.

I am looking at purchasing a home in either the Kissimmee area or Davenport area strictly as an investment property. My wife and I are using about 15K as a down payment.

I am looking at renting the property for several years until the market rebounds somewhat, then selling and then finding our retirement home "somewhere" in Florida.

What are your suggestions on areas to look at and the whole rental market in today's real estate climate?

Lastly, we are looking at homes in the price range of 130-170K.

Thank you for any responses in advance.

You are going to need at least 26K-34K downpayment if you want an investment property in that price range (130-170K). Most if all banks require 20% downpayment for non-owner occupied homes these days.

[tworent]

Originally Posted by aneftp

You are going to need at least 26K-34K downpayment if you want an investment property in that price range (130-170K). Most if all banks require 20% downpayment for non-owner occupied homes these days.

Not true I bought a house in that area 2 weeks ago with under 5k out of pocket

Bob

[successinstocks]

who did you secure the mortgage through....i am hearing minimum 10% down....

[successinstocks]

Originally Posted by tworent

See my other post 2 before this one

thanks for the link tworent i will consider buying a membership.

[tworent]

Originally Posted by successinstocks

who did you secure the mortgage through....i am hearing minimum 10% down....

Took over the existing mortgage they were happy to get it current and have someone that could make the payments. I took over a 30 year fixed note that has been paid on for 8 years with over 30k in equity at today’s prices and renting it for 400 dollar plus cash flow a month

Bob