UK investor Orlando real estate
Hi,
I am based in the UK and interested in buying a 2/3 bed condo/ house to rent out in Orlando or elsewhere in USA.
I have seen some properties in Orlando and although the prices have risen a bit recently, they are still pretty low. I wouldnt want to rent the place out for holidays, just on long term rentals. Some places are advertised as tenanted/ rent guaranteed... But does this just mean the agent may give you a few months rent but then the place is empty?
Are places in Orlando easy to rent out on a long term lease, or is this a hard area?
Many thanks
Hey @Graham Bates
If it is marketed as tenanted the tenants should be preforming under whatever their lease specifies.
The only "rent guaranteed" stuff I see is section 8 government housing, which is a whole different ball game.
I sell/own/work with many rentals in the Orlando area, if you would like to talk more about it, please PM me.
We manage about 300 properties in Orlando and when a property is being marketed as rented, usually the tenant has a lease in place. Additionally, you can request the tenants rental history at that property from the listing agent and they can provide you the tenants ledger so you can judge the quality of the tenant.
If you have questions or need help, feel free to PM me.
You have some excellent resources above. I find Orlando has the advantage of higher rents, lots of customers, but high acquisition costs. I stay in smaller nearby counties, with slightly lower rents, smaller tenant base, but lower acquisition costs. I think there is less turnover in small towns. I am a wholesale buyer and I specialize in these smaller towns. Sometimes, I can buy almost two houses in smaller towns for the price of one house in Orlando. You may find greater appreciation potential in Orlando. You may also find it faster, easier to sell in Orlando. Orlando is presently a Seller's Market, in my opinion.
Each has its advantages.
Thanks for your replies.
Originally posted by @Joseph Ball:
You have some excellent resources above. I find Orlando has the advantage of higher rents, lots of customers, but high acquisition costs. I stay in smaller nearby counties, with slightly lower rents, smaller tenant base, but lower acquisition costs. I think there is less turnover in small towns. I am a wholesale buyer and I specialize in these smaller towns. Sometimes, I can buy almost two houses in smaller towns for the price of one house in Orlando. You may find greater appreciation potential in Orlando. You may also find it faster, easier to sell in Orlando. Orlando is presently a Seller's Market, in my opinion.
Each has its advantages.
I have reead about people buying real estate for around $30k in other counties/ cities, but do these come very run down and the properties generally require a lot of work, or is that not always the case? Obviously if I could find an investment elsewhere for $30K that would be great, but I would be looking for an area where I would not have too much of a problem finding a long term tenant, and a property that has long term potential to increase in value.
@Graham Bates if you need help in Orlando I can help you