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Brevard County Space Coast: Palm Bay, Melbourne, Titusville area
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Old 10-19-2011, 03:21 PM
 
10 posts, read 18,861 times
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We have a great deal on a wonderful home in Viera. What is the rental market like? We can't move there yet due to a retirement date of 3/2014 but I would like to buy the home and rent it out in the meantime. The elementary, middle and high schools are wonderful and so is the Viera area. That said, I still wonder if there's a rental market for the property. I appreciate any feedback.
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Old 10-21-2011, 07:09 AM
 
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There's a huge rental market in Florida period. With so many foreclosures it has sent those residents into the rental market and as a result there is a fairly high demand. It will only help that you're in a high demand area.
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Old 10-21-2011, 07:31 AM
 
3,718 posts, read 6,677,827 times
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Quote:
Originally Posted by kyle19125 View Post
There's a huge rental market in Florida period. With so many foreclosures it has sent those residents into the rental market and as a result there is a fairly high demand. It will only help that you're in a high demand area.
But thinking that way you also have to consider that the people who have foreclosed homes probably won't be able to keep up the rent that is charged for homes in Viera. Most would look at the apartments and cheaper homes for rent in other communities. Most of the homes I saw for rent in Viera on the MLS list were in the $1200-5000 range so might be too high end. I think the market would be to new residents of the state while they decide to buy. If there is a HOA for the subdivision they might also frown on renting out a home because homewoners do not always like having homes in neighborhood as rentals because it brings down the value of the community somewhat. I know in our HOA a few years back they always boasted about the percent of homes lived in by the owners so before OP buys needs to check with HOA if there is one to see if renting is allowed.
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Old 10-24-2011, 11:07 PM
 
Location: Florida/Oberbayern
587 posts, read 972,491 times
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Good luck with rentals!

Bitter (well, learned from my mistakes) voice of experience here:

In Jan 2007, we bought a new very well-equipped 2500 Sq ft house in a 'desirable' are in Vicksburg, MS. (We expected to be there for 5 years before we moved to Melbourne.)

18 months later the government sent us to Germany (No complaint about that! )

We couldn't sell the house, so we decided to rent it. There was (at that time) only one Realtor dealing with rental properties. There were a total of 3 (yes, THREE) similar houses available. Ours, a house owned by friends (who had also gone to Germany with the government) and one other house.

You could say it was a 'good' rental market. The house was offered for rent and within 3 days there were 5 applicants.

The first renter paid the rent for 6 months then fell behind. I e-mailed the Realtor and asked "Where's the rent?" and he sai: "Mr Hillman [tenant] has problems at the moment. He has colon cancer and he's in hospital."

Poor guy. 2 months later (and I'd 'phoned a friend' in the meantime) I asked again: "Where's the rent?"

"Oh, Mr Hillman is back in hospital."

Actually, he isn't. The last time you told me Mr Hillman was in hospital, he was in the Warren County Jail answering a charge of theft (he bought a truck in Louisiana using a rubber check) and this time he's in the Big House in Tennessee indicted on a handful of federal charges.

"How do you know that?" I read your local paper ... Don't you?

Hillman's son took his furniture from my house and also took my washer and dryer. (I know where Hillman is. I'll hit him with a gate arrest warrant when he comes out of Jail in September next year. )

That tenancy cost me about $5000.

I got a new tenant. A retired Navy man who wanted to buy the house. His tenancy began in Feb 2010, a 1 year tenancy. He told me (original intention) he wanted to buy the house.

In Feb 2011, I went to MS to check on the house. The tenant wasn't buying the house, he was leaving next week. The letting agent (Rick Caldwell, of Coldwell Bonker) didn't even know the tenant was leaving.

(BTW, if anybody wants to sue me for naming names - feel free! (I'm a retired attorney and I'd be more than pleased to come out of retirement to counter-sue! ) (It will save me the effort of filing first.)

The Navy man left. Rick Caldwell (who was still taking the money) was contractually obliged to handle the 'walkout' but he screwed up. He refunded the tenant the whole of the deposit, saying there was 'no damage'

I've spent about $7000 repairing that 'no damage'.

There's little point suing in Mississippi - small town, local judges, local juries.

Lesson to be learned: If you're going to operate a rental property, you need an agent you can trust. . Not one who spends his life (and your money) 'Hunting and Fishing.' Don't go NEAR anything with the words 'COLDWELL BANKER' in the title!

I own houses elsewhere.

If you own a house and you don't occupy it, you have (IMO) 3 options:

1. Leave it empty.
2. Let it on a long-term lease - but make damned sure you have somebody reliable looking after your property!
3. - And this too will require an agent - furnish the house with furniture you can afford to write-off (against taxes ) and let it as a 'Holiday Home'. You can expect 'wear and tear' (which is why you don't furnish it with expensive furniture) and you can expect to pay your local agent about 15% off the top (100% deductible - running expense) but (IMO) this may be the way to go.
If you're lucky, you could arrange a 'snowbird' lease from October to May, but - and I can certainly adcise you here - there is an acute shortage of rental houses (2 week slots) for Europeans wishing to take holidays in Florida.

Most Americans (and particularly those who live in Florida) want to 'get the hell out of the place in summer'.

A surprising number of Europeans are looking for a house to rent in Florida for 2 weeks in July and August. They are prepared to pay premium prices, too!

If you have any questions, please PM me.
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