Atascadero, CA · Member since 2017 · 20 posts · 6 votes
Hi, I'm looking for advice on vacation rental properties in Kissimmee, Fl, specifically at Regal Oaks resort/condos. If any one has experience with owning in that area or that complex, I would love to hear your experience.
The unit we are looking at was sold for $230k in 2014 and is now listed for $179k. Not sure why it would drop that much so quickly. I live in California so I'm not familiar with the Orlando area markets. Would love some feedback. Thanks.
Investor · Bushnell, FL · Member since 2016 · 456 posts · 224 votes
9y
If your looking to turn it into a rental then be sure to check into if they allow it to be a rental .. I dont kniw that complex but i do know that some bylaws in the associations limit the amount of time you can rent your house or condo .. some require you to own it fir a year before you can rent it our at all , some dont allow rentals , some dont allow short term rentals .. point is to make sure you check with the associations or hoa before you purchase if you are looking for a investment as a rental .. Not all have thise rules but some do .. thats the only and best advice I have for you ..except .. if your looking to invest out if state .. try to find someone like myself that can go check out a potential property for you and putting your best interest first .. some realtors ( not all , there are some really great ones ) only care about the sales commission so they might not have your best in mind .. get a boots on the ground type of person who gets paid a small amount to go inspect a property and give his true opinion on the property , the neighborhood, the rehab if any is needed and even a rehab estimate .. ..one who can take pictures and video's for you .. even check out to make sure that you can use it fir what ever your intending to .. send me a request if you would like to discuss more about it ..
Real Estate Brokerage/Vacation Homes/Short Term Vacation Home Rental Marketing · Orlando, FL · Member since 2013 · 159 posts · 127 votes
9y
Rachel -
Regal Oaks is a short term rental community. If you are looking at it for an investment, I would suggest that you go to one of the vacation home listing websites (VRBO, Airbnb etc.) and type in Regal Oaks. Look at the rates and calendars for the more popular units. The occupancy rates and nightly rates are not impressive. That's the reason the units are being discounted for sale. Also the HOA fees are over $400/month.
Atascadero, CA · Member since 2017 · 20 posts · 6 votes
9y
Thanks for the insight. I looked on air bnb and vrbo and seems like most of the units are rented pretty consistently. A few off months during late summer. I see that the HOA is high but it does include utilities and pool use and a few other amenities. Is $400 high for condos? I guess we would have to factor in property management fees as well.