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Old 08-10-2009, 07:08 AM
 
4 posts, read 5,795 times
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What community would you buy a 3 bed villa in with pool if you only had $150K.?

Must be good for short term rental market and not have huge running costs

Thanks for any advice!
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Old 08-10-2009, 09:27 AM
 
Location: Asheville, NC
12,626 posts, read 32,079,436 times
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Quote:
Originally Posted by celticzod View Post
What community would you buy a 3 bed villa in with pool if you only had $150K.?

Must be good for short term rental market and not have huge running costs

Thanks for any advice!
Regency Park at Lake Mary is nice. They have condos there that are very inexpensive at this time.
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Old 08-10-2009, 10:58 AM
 
Location: In the sticks, SC
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Quote:
Originally Posted by beckycat View Post
Regency Park at Lake Mary is nice. They have condos there that are very inexpensive at this time.
If the OP is looking for something that's marketable short term, Lake Mary might be a little too far from the theme parks for some to consider a vacation there.
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Old 08-10-2009, 11:20 AM
 
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Originally Posted by beckycat View Post
Regency Park at Lake Mary is nice. They have condos there that are very inexpensive at this time.
They aren't zoned for short-term rentals.
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Old 08-10-2009, 12:43 PM
 
Location: Asheville, NC
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Originally Posted by annerk View Post
They aren't zoned for short-term rentals.
They have short term rentals on Craigslist. Alot of them are month to month. Don't know if they mean weekly rentals though.
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Old 08-10-2009, 01:22 PM
 
Location: Kissimmee, Fl/Guntersville, AL Soon
482 posts, read 2,418,899 times
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My brother works for what was a fairly large property management company in the area. They manage the villas for owners and rent them out at several different complexes. My brother thinks he will be laid off by next month ( and he has been with this company 14 years) as they are not getting enough rentals to send the owners any money so they are canceling their management contracts. I would be careful buying anything that you will rely on getting a rental income to make the payment, that market is real weak right now. Also, there is a lot for sale so if you are going to buy, make sure you get the best deal you can, I think $150k would be over-paying, heck you can just about find a beachfront rental for that if you look around and get a good deal.
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Old 08-10-2009, 03:30 PM
 
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Originally Posted by Guntersville Boomer View Post
My brother works for what was a fairly large property management company in the area.

what area do you mean, Lake Mary ? .. surely one really close to disney can get rentals ? really appreciate any advice here .. thanks
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Old 08-10-2009, 04:30 PM
 
26,585 posts, read 62,067,847 times
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Close to Disney doesn't matter. The market is glutted with these rental homes, and Disney is offering a ton of deals to get people to stay right on property. Most people with short term rental properties are happy when they can get 10 weeks a year rented--which includes the holiday peak weeks, so no using it for yourself then.

If you can't afford it with zero income from it, you can't afford it.
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Old 08-11-2009, 03:44 AM
 
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does everyone agree .. impossible to buy a property now close to disney that would pay for it's own expenses (no mortgage). impossible?
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Old 08-11-2009, 06:25 AM
 
Location: Kissimmee, Fl/Guntersville, AL Soon
482 posts, read 2,418,899 times
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The area where my brother's company manages short term rentals in out west hwy 192/535 area, within 10 minutes of disney, really good location which makes the fall off of their business alarming.
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