Investment property in Orlando area (New Smyrna Beach, Winter Garden: real estate, 2014, foreclosures)

[Tiger108]

For the next few years we may be spending a lot of time in Brazil, but are interested in buying property back in the U.S. as an investment, renting it out and, eventually, selling it when we buy someplace to spend our retirement. If one were to buy a condo home in Orlando to rent out (we would be a property manager), what areas would you suggest? Looking at $250-$350k. My wife is thinking of short-term renters (a lot of Brazilians go to Orland), but I'm thinking more long term, at least for an entire season (but if we rent to someone for the winter, summer would be a down time).

Condo homes, in a gated or non-gated community, preferred over just single family dwellings, to reduce the amount of things (e.g., exterior maintenance) the renters would be responsible for. Have only been to Orlando briefly. I have relatives who spend the winter in New Smyrna Beach, but thinking Orlando may be a better rental market. A friend of my wife's suggested Ft. Myers, but Orlando would be easier to get to from many places, including Brazil.

[WithDisp]

HOAs will never allow short term renters in the City of Orlando.

[annerk]

You need to be aware of the various zoning and HOA rules on rentals, and you'll find very few places that allow this.

The short-term market where it is allowed is over-saturated and most people are losing their shirts, not making a profit.

Also, I can tell you that many management companies are leery of renting to Brazilians, as they have a reputation for being very destructive to rentals--be they private homes or hotel rooms.

[HappyGoing]

Look, in my area alone...there are 111 foreclosures. Most are British owned/foreclosed. Now, I don't hold a Real Estate license, but if you want to PM me, then I will get you one.

And if you are easy land-lords...you will get a great family with middle income that can afford it. Just let them be, and use regular laws.

You can get a great 4 bed home with pool for 110 - 140. You may have to repair something. Right on golf course, and great for retirement if you want it.

Everything in Orlando is 20 mins away for someone.

But here, HOA is 75.00 per year. CHEAP! You can do what you want with property. You can even request tenant to pay it. I would have no problem with that price.

I have a home next door that is British owned, and weekly he rents out for 1500 per week or less depending on season.

Every week, there are new families in it. And, he is so racist...that when I emailed and then called to rent the home to for friends for 1 week, he ONLY rents to Brits. I was like...hmmmmm.

Take advantage of the market and buy large...not a condo with huge amounts of restrictions. That is my advice.



PS....I can get you a guy that is from Venezuela who deals with rentals/properties/commercials here. He is a good man. And trust me...I get nothing.

Oh...and this is a good family area...not Poinciana or some half-baked, so far off the map area. I forgot to mention that.

[sellingflhomes07]

Tiger108,

I agree with you Orlando is a great area to invest in. There have been a lot of investors buying properties all over and believe you me they are smart for doing so. As far as short term versus long term if you are thinking about selling in the future I would have to agree with you long term. There are a lot of great places to invest in Orlando with great neighborhoods close to all the attractions. Also make sure you invest in a area with top rated schools which will help you when you get ready to sell. You can even find single family homes in some areas where the HOA actually takes care of the lawns. Property Managers are a dime a dozen and you want have a problem finding someone take care of it for you. Good Luck with your adventure...

[duncanelton]

I am live in Canada .when I was gone by in Carolina for my official tour look at business property for my office new homes in raleigh nc available to be purchased are putting forth best arrangement I can't stop my self for purchase their property.

[GregTraub]

I personally recommend staying away from short-term rentals (anything that isn't rented per year, not per week or month). For one, they are located in better areas that will attract owner occupants when you go to re-sell (so amount it can rent for and vacancy rates have nothing to do with how much they will be willing to pay), they have lower management costs, fewer headaches and things to worry about, and offer more stable income.

For 250-300K you can get a great property, but I typically find the best long-term investments right now are closer to the 250K mark. The area's I've seen my clients do best in so far, have been the Windermere and Winter Garden Areas, Downtown Orlando, Lake Nona, and East Orlando. None of them are locals either....you need to have a team in place to handle everything for you on the ground, efficiently and within a budget to make the ownership make sense. From finding the right property/location to set you up for success, to property management, contractors, tax professionals, insurance agents, etc....

You have the same assumptions regarding condo's being less maintenance as most others. And while true to an extent, your property manager should be able to take care of all the same maintenance as the condo association...and for a lower monthly cost too. So I wouldn't rule out Single Family Homes, though if maintenance expenses are a big concern, then yes, stick with condo's or townhomes (townhome exteriors are also taken care of by HOA's).

I have no specific recommendations as to neighborhoods for you though. I'd have to find out more about your investment goals and expectations to start narrowing down what type of property and where you would want to focus.

Orlando rental market is still VERY strong, and as far as appreciation goes, I just did a very in depth analysis of the local market (I'll try and post this up on my City-Data Blog shortly), and expect prices to continue a faster than normal pace of appreciation through 2014, then slowing significantly. The best time to buy was 1 to 1.5 years ago, but I think the next few months will be the last best time to buy as an investment until the next real estate cycle.

[AONE]

Originally Posted by WithDisp

HOAs will never allow short term renters in the City of Orlando.

That actually isn't true, but they are few and far between.


There are a thousand ways to make money in real estate, short term rentals would be among the hardest and least likely. Flips, long term rentals, new construction are just a few means my clients use and do well with. Windermere is a great area but your costs up front will dramatically lower your roi. I manage a home there that rents for 2600 and cost 245k( because we bought right, the profit is in appreciation) I have some that costs under 100k and fetch 1200... you do the math.

[mizzoujohn]

Originally Posted by HappyGoing

You can get a great 4 bed home with pool for 110 - 140. You may have to repair something. Right on golf course, and great for retirement if you want it.

.

Where are you looking? I'm seeing prices over 150 in every area for a 4 BR pool home.
thanks
John

[amandainflorida]

Originally Posted by Tiger108

For the next few years we may be spending a lot of time in Brazil, but are interested in buying property back in the U.S. as an investment, renting it out and, eventually, selling it when we buy someplace to spend our retirement. If one were to buy a condo home in Orlando to rent out (we would be a property manager), what areas would you suggest? Looking at $250-$350k. My wife is thinking of short-term renters (a lot of Brazilians go to Orland), but I'm thinking more long term, at least for an entire season (but if we rent to someone for the winter, summer would be a down time).

Condo homes, in a gated or non-gated community, preferred over just single family dwellings, to reduce the amount of things (e.g., exterior maintenance) the renters would be responsible for. Have only been to Orlando briefly. I have relatives who spend the winter in New Smyrna Beach, but thinking Orlando may be a better rental market. A friend of my wife's suggested Ft. Myers, but Orlando would be easier to get to from many places, including Brazil.

I know of a property that fits your description. I'm new here (still learning the rules! ), so if you'd like me to send you the info, just dm me.