vacation properties (Clearwater, Treasure Island, Indian Shores: rentals, insurance, condos)

[Sandy1975]

I am looking to buy a vacation property in Clearwater or Treasure Island area that I can use as needed and rent out when I am not there. I would like to buy a condo but many do not allow weekly rentals. I am not considering condo hotels at this point because I am not sure I can make a profit on these because of the revenue sharing agreements and expensive fees. I would consider a town house or home but I want to ensure there are good property management companies out there. Does anyone out there have experience renting out vacation properties? If so can you give me some advice on the route you took and how it is working out.

Thanks

[Innertuber]

The rental market is a bit messy right now.

If you are paying cash and look at it as an equity investment over 10-15 years ... might work if home prices improve.

If you hope to positively cash flow a purchase I'd be cautious. Especially if you have to hire somebody for everything. You might want to add up insurance, property taxes, lawn care and add a couple grand for misc. expenses. Estimate what you need to rent. I doubt you will like the answer. Insurance near the beaches can eat you up if nothing else does. You sure you want to worry about hurricanes?

Not trying to sound negative, just be careful.

[lavender]

I own, manage and sell vacation rental properties on gulf coast - Indian Shores/Indian Rocks specifically. It is a good idea, if you can afford to pay cash for them. You will not rent out a condo enough to pay for tax/ins/mortgage and interest. Decent property managers are essential if you are not in town. There are plenty of folks out there renting out condos, taking a large commission and not caring it is rented or not and too busy to really keep on top of enquiries. I have learned from renting my own for almost 20 years now, that if you are not on top of rentals, someone else will get them. Also people are very discerning and know there is plenty to choose from, so you need to run a good rental if you want guests who will treat it well. there are a lot of 7 day or less rental buildings, but not in Sand Key area of Clearwater, some cities are very specific about rentals. I would avoid condotels like the plague.