Looking for realtor to contact me...advice on condo buying in Disney/Universal Area (sales)

[brianjb]

My wife and I want to purchase a condo in the Disney area. Our thought is to furnish it, then rent it out by the week as a means of making money. We will probably use it 1-2 weeks a year. I have looked at realtor.com and zillow.com , but it is hard to find a decent area within a good driving distance of the parks.

Can someone recommend either a condo or house? I'd love to talk to a realtor about this. Currently we own two homes, but one should be sold soon. Once that is sold, we would like to buy a condo or home down there.

[Lynn71092]

Originally Posted by brianjb

My wife and I want to purchase a condo in the Disney area. Our thought is to furnish it, then rent it out by the week as a means of making money. We will probably use it 1-2 weeks a year. I have looked at realtor.com and zillow.com , but it is hard to find a decent area within a good driving distance of the parks.

Can someone recommend either a condo or house? I'd love to talk to a realtor about this. Currently we own two homes, but one should be sold soon. Once that is sold, we would like to buy a condo or home down there.

I have the best realtor in the world, she answers her phone and actually returns calls immediately if she's with a client. I worked with her for several years until I found what I was looking for and she always made me feel very important even though I know my price range was rather low. I recommended her to 2 other people who also bought. PM me if you would like her number.

[annerk]

You aren't going to make money. The market is over saturated, and unless you've had the rental for a long time with a lot of repeat guests, you'll be lucky with 25% occupancy rates--and that's if you don't want to use it yourself on the major holidays and price it very competitively.

[brianjb]

Originally Posted by annerk

You aren't going to make money. The market is over saturated, and unless you've had the rental for a long time with a lot of repeat guests, you'll be lucky with 25% occupancy rates--and that's if you don't want to use it yourself on the major holidays and price it very competitively.

I'm not necessarily looking to make a lot of money. Ideally I would break even. If I can get enough of an occupancy that it covers the mortgage, then great! If not, then so be it.

[brianjb]

Originally Posted by Lynn71092

I have the best realtor in the world, she answers her phone and actually returns calls immediately if she's with a client. I worked with her for several years until I found what I was looking for and she always made me feel very important even though I know my price range was rather low. I recommended her to 2 other people who also bought. PM me if you would like her number.

I sent you a DM, thanks!

[qdogfball]

Originally Posted by brianjb

I'm not necessarily looking to make a lot of money. Ideally I would break even. If I can get enough of an occupancy that it covers the mortgage, then great! If not, then so be it.

It would be very difficult to generate enough income to get a break even with all the costs.

You have Mortgage/Taxes/Insurance then Property managment, lawn care, pest control, utilities, HOA dues, not to mention upgrades to home and maintenance items.

If the place rents for 10-15 weeks a year and you can still be able to pay for the rest yourself, I would say look into it.

If you want more info, PM me.

[brianjb]

Thanks all.

I don't expect it to fully pay for itself. However if it does, then great.

I understand all of the costs associated with owning a home; and also with owning one remotely.

If the total cost each year is $12000 and I can rent it out for 15 weeks at a cost of $600/week. That will generate revenue of $9000 per year. Then I will pay the remaining $3000 out of pocket. Of course, I will prepare to pay the entire thing out of pocket, but it will surely rent out at least 5-10 weeks per year.

What do you think? Any advice you can give?

[annerk]

You underestimate the costs on an annual basis. Expect $3600 (or more) a year in property taxes, $100 a month in home owners fees (more for a condo), $150 a month in lawn and shrub care, $100 a month plus a cut of rental fees in property management, $200 a month in electric, $50 a month in water/sewer (could be more if it's rented), $40 a month in irrigation water, $100 a month in home owners insurance, $100 a month in cable/internet, $50 a month in pest control, $100 a month in pool care. On top of that you need to budget $200 a month for wear and tear and regular maintenance. Depending on where you buy you might also have $50 a month in garbage hauling fees.

Additionally there are sales taxes and rental property taxes that have to be paid, inventories that need to be performed and submitted at lest once a year. You'll also have cleaning fees.

[FL2MT]

Annerk's advice is spot on regarding the monthly/annual costs. Are you paying cash or will you have a mortgage on the place?

If it's an all-cash purchase then yes you can probably be under $12,000 per year, but if you'll have a mortgage you'll never find something decent with costs that low.

You would almost certainly be better off to pocket the $$ you'd spend on purchasing a condo. The $$ you'd spend on HOA fees / property taxes / insurance / utilities / management fees alone will pay for better accomodations for those 1-2 weeks a year you'd plan to use it. If you're thinking of it as a potential retirement home down the road I'd add that no one I've ever met wants to live in an area that's full of short-term vacation rentals.