Originally posted by @Matthew Wright:
@Michael Peach Probably a 20% down scenario. Even if it just carries itself, Id be pleased.
Hi Matthew, all of this is just my opinion so take it with a pinch of salt but if I was in your position this is what I would be thinking/doing. I can't cover everything but I will attempt to summarize.
Having the condo wash it's face is your target and if you do better than that be very happy. With financing most people will be losing money. When you speak to other owners they will never tell you that, but they are.
I would be looking to find a unit that I can add value to with new paint, kitchen upgrade, better furniture etc. As many bedrooms as my price point allows and as close to Disney as possible, Windsor Hills, Windsor Palms or similar near there. Preferably south facing balcony with some sort of view. (Guests will probably never go out there but it looks good in photos.)
Except in general terms I would disregard any specific booking information from the current owner. There are a multitude of reasons why your experience will be different.
DO NOT USE A FULL SERVICE MANAGEMENT COMPANY. 90% chance you will not make money. I don't care if you look at their calendars and they have more bookings. The owner is only getting a fraction of that money and their unit is high traffic (Getting beat up.)
Once you find a suitable condo get to work. Families are your target. Mom will check the kitchen, dad will check the TV/lounge, kids will check their space, the bedrooms and the pool. Make the place as special as you can on your budget. Granite counters, new appliances, big flat screen TV, fast internet, themed kids bedrooms with XBox/Playstation etc. Make everything as new as possible and do not over personalize.
Get yourself registered for taxes, PAY YOUR OWN BILLS (It is the best way to check if anyone has been in the unit you don't know about.) I would personally get a small mom and pop management company but if you can find a reliable cleaner and handyman who will go to the unit at a drop of a hat for you by all means give it a go.
When the condo is ready have photos done. DO NOT SKIMP ON PHOTOS! (I know a great guy if you want his details) Photos sell your unit.
Learn how to book your own condo out, listing sites, social media, off line marketing etc. Learn seasons (TIP: follow Disney), pricing etc. This is your business, treat it as such. Marketing etc is a huge subject so learn it yourself.
IF YOU AND YOUR FAMILY ARE COMING TO DISNEY DO NOT COME AT PEAK TIMES. Give your kids a week off from school and come after the first week of January or May or September. Also DO NOT DISCOUNT FAMILY MEMBERS OR FRIENDS especially if they are coming at peak times. They have to understand you have expenses.
Hopefully you will be successful but if you're not don't find a full service management company to take the pressure off. You will still most likely be losing money. If you stop enjoying it and it isn't working either sell the condo (Which you should be able to do as you have added value previously) or flip it over to LTR. (You will be inundated with LTR inquiries as Disney staff need to be near work)
Remember that new homes look great but you will be paying a premium (Unless you can get one where a deal has fallen through maybe.) and it will never look better than the first day you own it.
This is all general advice and opinion but it is what I would do.
HTH.
Oh, and if you are sitting reading this thinking, "That's a lot of work" then don't do it. Just book your vacation in someone else's condo. :)