Short Term Rentals near Walt Disney World Advice?
I'm interested in learning more information about investment properties near Walt Disney World... specifically Windsor Hills Resort and/or Similar Resorts in close proximity to Walt Disney World. There are A LOT of properties for sale and A LOT of properties for Rent. Does anyone have any experience regarding the current market conditions, previous issues, advice on management companies, estimated annual rental occupancy, and which properties are in Higher Demand on the rental market? (Ex: 2BR/3BR/4BR/5BR etc and/or Condo/Townhome/Single Family, etc)
Has anyone worked with Global Resort Homes Property Management and/or Villa Direct Property Management Company?
I'd appreciate any information you can provide. Thanks in advance!
I live in Jacksonville about 120 miles from Disney. I looked into partnering with a friend of mine who lives in Orlando. It is potentially an interesting market for shot term rentals. However, be cautious since most local municipalities do not allow short term rentals. This does not mean it is not going on, but they are starting to crack down. If you are small and local you would probably be alright, but being out of town and having a management company.... One could make the case you are a hotel. In Florida, under a 7 month rental you are technically a hotel and have to be zoned appropriately. My advice is tread lightly and do a ton of research before jumping in.
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Lesley,
Thanks for the feedback and response. I'm currently researching Windsor Hills Resorts.... it's a gated community with resort type amenities that is only a few miles for the Walt Disney World area. The entire community is zoned for STR. The management companies that I've listed only service a few communities and provide all of the legal paperwork, bookings, house cleanings, pool maintenance, etc. They pay all of your utilities and send you one statement each month. Yes, their fees are high (15 - 30%) but they also take care of just about everything.
It scares me, because there are so many properties for sale and when researching price history, the market has been so volatile and hasn't recovered entirely. I believe in time, the market will go back up and I could earn on increase property value over time, but I'd also like for the Short Term Rental to come close to covering the annual operating costs (mortgage/management). Am I asking for too much? ;)
I am also looking at the Disney World Area, I currently have Vacation rentals in other states and want one there as well. I like bigger 5 + bedrooms single family homes in areas with a mix of owners (not just vacation renter) which can be tricky with the hoa and short term laws. I don't like using vacation property managers as they charge to much and many don't do much for the 25-35% they take. I dont currently have anything in place for resources to share but hopefully we will see more replies here
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Real Estate Agent
- The Resort Team Compass Hawaii
I lived in Kissimmee, own a rental in Kissimmee and I have stayed at Windsor. We asked the employees a lot of questions when we were there. It is a decent location about 10 minutes from Disney property and 30 to Universal. Orlando was the hottest city in all of FL in 2015 and I assume people are selling due to the market conditions (they probably aren't under water anymore. This property was a mix of short term rentals, long term rentals and owner occupied. It is a really good location for a vacation rental.
I do not know much more about the property but I am very familiar with the area. We now stay at a resort just 5 minutes away from Windsor.
I live in Orlando and have been considering this type of investment for a while. Would be happy to chat although I don't have much info to offer at this point. Just hoping to learn from any/all who contribute. -Andy
Bernie,
I am a Realtor as well as an Investor based right here in Orlando. I just wanted to underscore Leslie's comments made earlier; she is right on the money! Short term rentals are not approved for many areas of Orlando (including some of those near Disney); further, for some of the gated communities that are approved, the HOA fees and property taxes can be onerous, so make sure you check over all your numbers prior to investing in one of these units.
As far as an environment for vacation rentals, you probably can't beat the Orlando market. We had over 62 million visitors in 2014, and it may be even higher in 2015.
Best of luck to you.
As others stated, do your research before jumping in! With HOA fees, management fees, upkeep (pool, lawn, etc) it all starts to add up. You will also have to apply for an occupational license with the city.
Depending on price point and what your motivation is the investment, these are some I like:
Indian Ridge
Windsor Hills
Solterra
Reunion
Champions Gate
Legacy Park
If it's a SFH look for ones with South Facing pools or having no rear neighbors. You got to have a game room and make it stand out from your other competition. Nice furniture, not your Grandmothers praisely couches. Rooms to go will deliver a room package for you, and they do a nice job. Run specials and be on top of the managing if you are going to do it yourself. There are so many short term rental properties here, so you have to make your stand out.
@Bernie D. Feel free to reach out to me if you have any questions
Erin Wysocki I am a new investor in Orlando and would like to chat with you about this other ideas at some point if you have time. I went to you're profile to direct message you but didn't see how I could do that. -Andy
Just wanted to THANK Everyone for their responses. If anyone has any feedback/experience using Global or Villa Direct management companies, I'd love some insight.
I've learned Short Term rentals are tricky, have higher maintenance, management, and advertising costs....not to mention HOA, Taxes, Utilities, etc. I can easily see these as threats that could easily nickel and dime the P&L into the red. On the other hand, it would be a dream to have one of these pay for themselves.
I'll continue my research! Thanks Again for your assistance. Being new to BP, I appreciate the warm welcome and eagerness to help!
- Real Estate Brokerage/Vacation Homes/Short Term Vacation Home Rental Marketing
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Bernie -
We have pro forma statements for vacation homes in Windsor Hills as well as for other vacation homes in surrounding communities. The statements show what you can expect for rental income and expenses (including property taxes, insurance, property mgt fees, marketing, etc.) Feel free to contact me if you would like to see any of them.
- Keith
Keith, I would be interested in seeing pro formas on vacation homes in Orlando. We are considering an investment there as well.
(This is my first post on BP so I hope this is the right place to ask for that information.)
Thanks! -Chuck
Originally posted by @Keith Courtney:
Bernie -
We have pro forma statements for vacation homes in Windsor Hills as well as for other vacation homes in surrounding communities. The statements show what you can expect for rental income and expenses (including property taxes, insurance, property mgt fees, marketing, etc.) Feel free to contact me if you would like to see any of them.
- Keith
Please feel free to send the pro forma my way as well. I am particularly interested in Reunion and Champion's Gate.
I own in Windsor Hills and am more than happy to answer any questions you have. We actually just listed our townhome yesterday as we just don't have the time with 2 kids in activities.
Just wanted to update this post. They are doing new construction near Disney. Windsor at West Side. Same builder as Windsor Hills. I am very excited about the new community. Currently they are not renting out as well as others, but I think once people get to know the community it will take off. New construction and 8 minutes to Disney is going to make it very appealing to short term renters. I am going to visit the site tomorrow. So if any one has any questions please feel free to reach out to me.
Kristine,
If you have the time, can I speak with you about your unit in Windsor Hill? I am also from Minneapolis and considering purchasing in Windsor Hills.
Kind regards,
Rob
Having been to Orlando, I must say the abundance of new constructions and existing home listings, and myriad of VRBO listing would excite me as a renter. Not as a buyer.....
I realize that this is a very old thread, but is it possible for someone to still forward me the pro forma statements for vacation homes in Windsor Hills. We are just now starting to look at an investment property in Florida so are coming into this conversation a bit late. Any feedback from anyone that has moved forward with purchasing a property on how their rentals are going would be helpful. Really trying to get an idea of how realistic the rental income actually is and how many weeks per year of rental income they expect to get would be helpful. I feel like some of the numbers I hear are just very inflated.
Just wanted to update this post. Here are some numbers for short term rentals that were provided to me by Brian Riggs at All Star property management. Numbers are based on a 55% occupancy rate.
| Community | Windsor Hills | Windsor @ Westside | ReunionResort |
| #Bed/Bath 5 Star Home | 5/5 | 8/6 | 9/9.5 |
| Annual Income @ 55% occupancy | $46,574 | $69,460 | $176,058 |
| Occupancy needed to cover monthly expenses (not including mortgage) | 35% | 29% | 16% |
| Estimated annual expenses (not including mortgage) | $30,336 | $37,401 | $50,664 |
@Bernie D. I know that there is a big developer in Orange County, Ca that has bought many SFR around Disneyland, rehab the houses, and then turned them into Airbnb rentals. He performed a lot of them within the last few years and has made a great deal of profit off the short term rental.
Good luck, if you are able to get into a couple of them you can do really well!
Erin Wysocki hi my name is Michael and have been reading through the threads on this question. Is it possible for you to send me some info on short term rentals please? I also live in Northern Ireland, so wondering as well, how difficult that would be for owning a short term rental near Disney.
Thanks
Keith,
I know this is an old post but can I get a copy of the pro forma statement you talked about.
I'm new to BP (this is my first post) and I'm also looking at purchasing a SFH at Windsor Hills. I'd like to get a copy of the pro forma statement if it's available.
Older thread but still relevant... Like others have mentioned, have to know where to look. Most of what you find in Kissimmee near Disney IS a safe bet.
Windsor Hills is still really popular (under $200k for most condos) and most report 80% occupancy rates, though not significant net profit end of year after expenses, so this doesn't work for this buyer, who's seeking that elusive 10% cap. I know, I know... when I find it, you all want to hear about it. ;)
On another note, the Airbnb* alternative (to property management) is a viable solution for some, especially if you find a reliable cleaning company. I know investors who dropped their PMs and now self-manage. *Ask whether the HOA has restrictions
Hi, I'm new to BP and I also would like a pro forma statement. I live outside the US and would like to invest in a STR in the Orlando area.
@Keith,
I am currently looking for a condo in Windsor Plam, would you please send me the pro forma statement that you mentioned about.
Thank you very much!