[Mstrlucky74]

Me and my wife love Florida and want to retire there in about 15-20 years. We were thinking about buying a 1or 2 bedroom condo or something similiar that would allow short term rentals. We would be down there two weeks per year in the meantime. Assume the best route would be to go through a real estate agency or sonmthing similiar that would make the vacationers who rent sign paperwork and leave deposit so our place does not get trashed. Looking to offset some of the costs of the mortgage etc.

Anyone doing this or has done it in the past? Thanks

[mathjak107]

insurance and mortgage can be hard to get for a rental if at all.

the worry and stress of storms to me would make the whole thing not worth doing.

[cfbs2691]

Being a landlord in Florida was tough IMO.. and we lived in the area.
You'd really need to trust whoever would manage the property for you and even then..
Regardless of incomes too.. renters can be very disrespectful.

[Mstrlucky74]

Originally Posted by mathjak107

insurance and mortgage can be hard to get for a rental if at all.

the worry and stress of storms to me would make the whole thing not worth doing.

Thanks

[blueherons]

If you buy something now, make sure you can afford the mortgage, taxes, HOA, and insurance without having to rent it out. Being a landlord is a giant PIA. My family has done it for years and I've written extensive posts if you want to click on my name and search.

There is a lot to think about and take into consideration that would never occur to you without being a landlord.

[Mstrlucky74]

Thanks everyone

[GreggT]

Well what all the posters have said so far is not true. We own a condo in Florida, rent it out through VRBO, and do rather well thank you.
The keys to success are:
A, Pay a reasonable price for the unit, DO NOT rely on any ole' real estate person. Do your own research and determine the actual comps (in Florida the actual sale prices is public info) DO NOT just look at the asking price.
B, If you are going to purchase a condo in Florida, ONLY buy one on the beach! Being off the beach your vacation rentals are few and far between.
C, Be aware of all the costs, HOA fees, taxes (these most likely are posted on the MLS listing), furnished or unfurnished (based upon the number of bedrooms this can add $20,000 to $30,000 to the cost) insurance (the HOA fees will include the structural insurance, yours will be for the inside plus liability in case one of the guests trips and falls, then sues you)
D, If you only can visit once or twice a year, forget it! This is a major investment, do not think a management company will look out for it for you, their main goal is only "putting a head in the bed"!
E, Check out the financial condition of the HOA, if they are unstable, remember buy buying into the complex you will be part of that.
F, Some complexes can have financing, you just need to do your research.
G, Best to handle the rentals yourself if you can. A management company will get you for 25% to as high as 43%.
H, If you are going to rent it yourself BE SURE and require a refundable damage deposit.

[brianjb]

Originally Posted by GreggT

Well what all the posters have said so far is not true. We own a condo in Florida, rent it out through VRBO, and do rather well thank you.
The keys to success are:
A, Pay a reasonable price for the unit, DO NOT rely on any ole' real estate person. Do your own research and determine the actual comps (in Florida the actual sale prices is public info) DO NOT just look at the asking price.
B, If you are going to purchase a condo in Florida, ONLY buy one on the beach! Being off the beach your vacation rentals are few and far between.
C, Be aware of all the costs, HOA fees, taxes (these most likely are posted on the MLS listing), furnished or unfurnished (based upon the number of bedrooms this can add $20,000 to $30,000 to the cost) insurance (the HOA fees will include the structural insurance, yours will be for the inside plus liability in case one of the guests trips and falls, then sues you)
D, If you only can visit once or twice a year, forget it! This is a major investment, do not think a management company will look out for it for you, their main goal is only "putting a head in the bed"!
E, Check out the financial condition of the HOA, if they are unstable, remember buy buying into the complex you will be part of that.
F, Some complexes can have financing, you just need to do your research.
G, Best to handle the rentals yourself if you can. A management company will get you for 25% to as high as 43%.
H, If you are going to rent it yourself BE SURE and require a refundable damage deposit.

Thanks for the info. I have also been toying with the idea of buying a home/condo and renting it out.

[gypsychic]

Originally Posted by Mstrlucky74

Me and my wife love Florida and want to retire there in about 15-20 years. We were thinking about buying a 1or 2 bedroom condo or something similiar that would allow short term rentals. We would be down there two weeks per year in the meantime. Assume the best route would be to go through a real estate agency or sonmthing similiar that would make the vacationers who rent sign paperwork and leave deposit so our place does not get trashed. Looking to offset some of the costs of the mortgage etc.

Anyone doing this or has done it in the past? Thanks

IMO, it would be crazy to buy something now when you don't plan to retire for 15 - 20 years! Especially if you are only going to visit two weeks a year. Just save your money, take vacations, Florida will (probably) still be here when you retire. By then you may want to do something else.

[GreggT]

Originally Posted by gypsychic

IMO, it would be crazy to buy something now when you don't plan to retire for 15 - 20 years! Especially if you are only going to visit two weeks a year. Just save your money, take vacations, Florida will (probably) still be here when you retire. By then you may want to do something else.

Well if you lived within a reasonable distance, 8 hours or less, if you owned property you would probably visit more than twice a year. One issue is however in order to claim it as a rental property with the IRS you can only stay 14 days or less. Of course the IRS can spend millions on so called conferences so they can drink, have fun, and make UTube movies but you have to obey the rules.
Another note, if you can pay for the property you can get a very good rate of return on your money, much better than most any place else.