Accountant · West Melbourne, FL · Member since 2015 · 44 posts · 7 votes
Hello all!
I am looking to get an idea of what rental rates are for a 4/2.5 in Winter Haven, FL in 33884. Also, are rent-to-own properties attractive to the rental/tenant pool in the area? I appreciate all of the help!
Rental Property Investor · Lakeland, FL · Member since 2015 · 51 posts · 40 votes
7y
@Gabriel P. I am currently renting out 3/2's between $1000 - $1200 mo. in Winter Haven, however I would caution it depends on 2 factors 1. location 2. condition of the property I say that because in many of the areas in Polk county you can find pockets of excellent rental areas next to some questionable neighborhoods. 33884 puts you closer to the LegoLand area, which has recently gone up in value quite a bit, I would say a 4/2 would produce good cash-flow.
I cannot say I have ventured into the rent-to-own arena, but I know of some very successful investors in this area who do this type of investing mostly with mobile homes, and they are doing real well.
Rental Property Investor · Lakeland, FL · Member since 2015 · 51 posts · 40 votes
7y
@Gabriel P. I am currently renting out 3/2's between $1000 - $1200 mo. in Winter Haven, however I would caution it depends on 2 factors 1. location 2. condition of the property I say that because in many of the areas in Polk county you can find pockets of excellent rental areas next to some questionable neighborhoods. 33884 puts you closer to the LegoLand area, which has recently gone up in value quite a bit, I would say a 4/2 would produce good cash-flow.
I cannot say I have ventured into the rent-to-own arena, but I know of some very successful investors in this area who do this type of investing mostly with mobile homes, and they are doing real well.
Accountant · West Melbourne, FL · Member since 2015 · 44 posts · 7 votes
7y
@Christian Paez
Good morning and thank you for the response! It’s actually about 6 min away from legoland so that’s not bad! I appreciate your input. Just an FYI, I looked at rentometer.com and it looks like the rent for 4 bedroom homes is about 1400 but I like to get verification. The data you provided seems to jive (assuming I could get another 200 or so for another room).
Rental Property Investor · Lakeland, FL · Member since 2015 · 51 posts · 40 votes
7y
@Gabriel P. An option you might want to consider is short term rental (Airbnb, VRBO) since it is so close to Legoland, you have families visiting that area year round, and one good advertising advantage is since Winter Haven is central to Tampa and Orlando, families can use that location as a HUB to visit Busch Gardens, Universal, Disney etc.
Of course if that was an option, make sure to check local rules and regulation for short term rentals.
Accountant · West Melbourne, FL · Member since 2015 · 44 posts · 7 votes
7y
@Christian Paez
That is in interesting approach. I didn’t consider a property in winter haven for Airbnb but it may make sense. I’d have to research and see what rates I could get and be aware of any local ordinances that can effect that business model.
Do you have any AirBnB properties in that area? If so, what do you do for getting the property turned around and ready for rent once the renters change?
Rental Property Investor · Lakeland, FL · Member since 2015 · 51 posts · 40 votes
7y
@Gabriel P. My business model is Long Term multifamily rentals, however I know people in the Lakeland area who are doing short term rentals, and surprisingly they stay fairly booked.
Realtor · Tampa Bay Area · Member since 2019 · 24 posts · 12 votes
7y
@Gabriel P. I agree with @Christian Paez you might be surprised to see what you can get with Air BnB we have 3 rentals and ended up using 2 of them as short term. The benefits are endless really if you can get it rented out for half the month. In our case a half month of short term rentals equals a full month of long term but obviously this depends on the area. Let me know what you find for winter heaven I'd be curious because I see deals out there all the time.
Rental Property Investor · Auburndale, FL · Member since 2018 · 58 posts · 68 votes
7y
In the Davenport area, 4 and 5 bedroom homes rent well as short-term rentals for vacationers. This area draws a lot of foreigners too and the large bedroom count can accommodate multiple families traveling together for vacation.
A friend of mine who is an agent in the area has a few clients buying in Davenport for the short-term rental options. I do not have anything myself as I focus on long-term multifamily properties.