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Old 01-28-2013, 04:39 PM
 
15 posts, read 35,831 times
Reputation: 20

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Hello all.

I'm thinking down the road a bit, 5-6 years. What I would like to do is buy a very small oceanfront/near ocean studio or one bed condo, rent it for 8 months a year and let my retired parents live there during the winter months. I'd like to try to "break even" so to speak wherein the 8-9 months of rent covers the mortgage and condo fee for the entire year. Is this a reasonable goal?

Obviously this is a very vague plan at this point. Can anyone give me pointers as to where to get started?

Considerations:

- low crime
- nice for retirees
- under 100k for condo

Thoughts? Throw me in the right direction? Thanks!
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Old 01-28-2013, 07:38 PM
 
Location: Fort Payne Alabama
1,938 posts, read 2,136,148 times
Reputation: 3632
No, the only way you can come out is not have a mortgage.
In order to rent it for a decent amount it needs to be ocean front or at least across the street, for 100K or less, forget it. There is little demand for shortime rentals off the beach.
There are several expenses you need to keep in mind,
HOA fees
Utilities
Taxes (no Homestead Exception)
Insurance
Upkeep which in Florida can be significant due to all the licensing requirements for the contractors.
Advertising plus management company fees which can really take a bite.
[SIZE=3] [/SIZE]
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Old 01-28-2013, 10:18 PM
 
Location: Pittsburgh, PA
1,304 posts, read 2,842,129 times
Reputation: 1131
Figure that it will cost you at least $10000 annually for the general expenses (before the mortgage) that GreggT outlined in his post. Virtually all condo associations have bylaws that will dictate how and if you are able to rent your unit. Plus, you will be taking your unit off the market during Florida's prime rental period while your family stays there. Not meaning to sound brusque, but you are looking at a real money pit that will have many ongoing unpredictable costs and headaches. If you can afford the costs, it may not be enough for all of the aggravation that you will undoubtedly incur.
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Old 01-29-2013, 12:06 AM
 
Location: Broward County FL
652 posts, read 1,524,476 times
Reputation: 571
No it's not reasonable. You would need to find a tenant every year that fits into the time frame that you need, and like someone else said they have to leave for the winter which is the most desirable time here.
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