Hello all... I'm looking at buying some Multi's in the Kissimmee, FL area.
What are your thoughts on the quality of tenants down there?
I hear they have a mouse problem...
Ilona I actually grew up in Kissimmee and my parents and brother still live in Kissimmee. They both have small multi family properties (triplexes) and SFH in that area and have been in that market over 20 years. We talk real estate, residence, and investing all the time as it’s king of the “family business”. There “tenant quality” is very comparable to that we experience in the mid-west. I would not have a issue at all investing in that area. In fact we are considering larger Multi-family properties in that area as well. Happy investing!
Thanks @Mike Montana I appreciate the feedback!
@Ilona Kovacs Eviction data in the area you are trying to buy can also give you a general idea of the location/zip code.
Remember that you still need to perform appropriate due diligence on each of the potential tenants for your properties. Whether you are planning to manage it yourself or use a PM company, you definitely need to have a clear tenant profile, that you need to stick to as close as possible.
Good Luck !!!
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But seriously, Kissimmee lives and dies mostly from the attractions. If you're looking at vacation rentals that's s different ballgame. But general run of the mill MFR is basically marketing to people who make a living off the parks. Overall pretty good as Disney at least takes good care of its cast members. The farther South/West you get the more that deteriorates as you love towards Polk County
@Henri Meli Thanks for the message. Where would I get eviction data for a specific area?
Hi Ilona, as others have said Kissimmee is very dependent on the Orlando theme parks and attractions; so a lot of the multifamily houses employees of Disney, Sea World, etc. As a whole the Orlando metro area is stable and growing. To really get a good understanding of the tenant base there I'd suggest getting in touch with some of the local property management companies. They can tell you which submarkets to focus on and which to avoid as well as potentially provide some deals that fit your criteria. Connecting with some great local property management companies will be very beneficial especially if you're investing from out of state.
A lot of people stay in Kissimmee for the deals. Great spots for AIR BNB. I’m not sure on actual neighborhoods. But if you’re thinking of using your units air bnb, look at the competition and see what neighborhoods they are in.
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