Buying an occupied rental house (Sarasota, Brent: for sale, foreclosures, rental homes)

[jpjpjp]

Hi All,

I'm looking to spend under $100k cash on a (preferably already occupied) rental house in Sarasota, preferably in a good school district. I'd rather stay west of I-75, close to the gulf as possible.

A realtor there told me there is a long waiting list of renters, so I would have no problem attracting (within 2-6 weeks) and keeping a good paying tenant.

Is this true?

Any feedback on realtors or rental agencies is appreciated. I dont live in the area (about 500 miles away), but love it so much and hope to move there within 3-5 yrs.

Thanx!

[TamRE]

Yes, the rental agencies are looking for homes to rent. We get just as many requests for rentals as we do people buying homes, if not more. Here are a couple of agencies you could contact if you need property management or just want to ask them questions about renting.

Also, here is the web site for the Florida Landlord and Tenant Laws - Florida Landlord/Tenant Law Division of Consumer Services, DOACS (http://www.800helpfla.com/landlord_text.html - broken link)

Rental Agencies

Rent Me Florida
517 Paul Morris Dr.
Englewood, FL
www.rentmeflorida.com

Frank Barrow - 941.474.2882 ext. 228
Sarasota / Manatee Rental Specialist

Stringer Management
6524 Superior Ave
Sarasota, FL
941-922-4959
smirental@stringermanagement.com
http://www.stringermanagement.com/

[Sunshine Rules]

A lot of the homes in the under $100,000 price range that meet your school district qualifications are going to be found in neighborhoods such as Sarasota Springs, Brentwood, Ridgewood, Sun Haven if you're looking for a typical 2 or 3 bedroom/2 bath, block construction rental home.

I know several investors in Sarasota with rental properties and just spoke with one last week who said he is raising the rental rates on all of his rental homes by $200 - $300 a month when the current leases expire as rental rates are increasing in Sarasota due to higher demand for rental homes. Another one told me recently that he had 11 applicants for a rental home off of a for rent sign he put in the front yard. He did not even get around to running an ad. I will add that the rental home is located in the South Gate area, which is a very popular part of Sarasota with both home buyers and renters.

I think part of the increased demand can be blamed on the number of short sales & foreclosures in our area over the past couple of years. People who have lost their home to foreclosure or have done a short sale instead of foreclosure typically must rent for 2 to 5 years before their credit is repaired enough to qualify to purchase another home. So we now have a larger pool of renters.

A lot of the homes for sale in the $100k and under price range in the Sarasota market right now are short sales. If there are tenants in place, they are typically month to month and are paying a rental rate less than the market rate. They also tend to put more wear and tear on the homes than regular tenants from what I've seen. So buying a home with a current tenant in place may not be to your advantage.

Here's another property management company to consider:
Sarasota Management
Sarasota, FL
941-377-8400
http://www.sarasotamanagement.com/owners_choose.html?gclid=COiWw9qvtqsCFYlM4AodaE9Ze g