Things to consider when investing in Orlando

[Daniel Gugliotti]

Hi! I am looking to invest in condos (or dare I say multi-families) in the Orlando area. I am mostly familiar with the Connecticut market where 2-4 MFH are very common and laws are generally not much different for primary homeowners than for investors. 
That said, I am exploring an opportunity in the Orlando area to invest in some condos in a great location, however, HOA costs seem prohibitive, insurance is obviously very high, and STR is usually frowned upon in Orlando, I am curious if there is a winning strategy out there folks are willing to with share?
Please feel free to share any intel you have or advice you can share! Thanks!!

[Shawn McCormick]

@Daniel Gugliotti sounds like you understand the market and risks enough to evaluate some properties. Curious why you would want condos? You did mention STR, is that what you are looking to do, if so your best bet is in the Kissimmee/Davenport area and stay within a resort community. There are quite a few that are zoned specificially for short term (i.e. Windsor Hills, Storey Lake and other that have condos).

The HOA fees are going to eat into profits weather long or short term, but with short term, the guests get resort amenities and generally cable/internet/trash is also included, so at least you get some benefits.

If you want long term, you'll have to make sure the condo is warrantable and the complex has the right mixture of investor to owners. Depending on the demographic you are looking for would help determine what part of town to look in. Downtown and surrounding neighborhoods will get you younger professionals working the hospitals/office buildings, Out by UCF-students, near Disney-roommates sharing a condo. Out by the airport will be a different mix of everything. 

As far as multi family, we don't have much worth looking at here. It is typically overpriced, older, usually need many updates/reparirs and many times not even a true multi (garage conversions etc). They are scattered and the good ones don't come on market very often so you have to really watch for them. 

Happy to dive a little deeper if you have specific questions. Reach out anytime. 

Best of luck.