Short term rentals in Orlando

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Short term rentals in Orlando

Keleisha Carter
Investor · Tampa · Member since 2018 · 289 posts · 107 votes

I am still interested in doing short-term rentals in Orlando especially as there will be a new theme park in 2023. If you are doing short term rentals in the area, how is it thus far for you? Any advice on how to approach this strategy even with COVID

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Shawn McCormickPro Member
Realtor · Central Florida-Orlando · Member since 2014 · 1k+ posts · 892 votes
5y

@Jessica Wygal I do not feel we are saturated. Yes, there is a lot of competition for vacationers. I'm seeing/hearing that bookings are really ramping up especially for later this year and already solid for 2022. My PM company rep does a great job with tour operators, youth sports leagues coming for competitions and markets aggressively to keep their units full. They have over 700 and they are all full thru April. Zero availability. So there is room and once everything 'opens up', I believe you'll be in a really good position.

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  • John UnderwoodPro Member
    Investor · Greer, SC · Member since 2014 · 13k+ posts · 17k+ votes
    6y

    Whats the new theme park?

    Disney or Universal?

    0Reply
  • Keleisha Carter
    OP
    Investor · Tampa · Member since 2018 · 289 posts · 107 votes
    6y

    @John Underwood  Universal. It's a Mario Theme park

    1Reply
  • Reese Newell
    Investor · Fort Lauderdale, FL · Member since 2019 · 124 posts · 68 votes
    6y

    @Keleisha Carter, I am buying my first airbnb currently in the Fort Lauderdale area to work out any kinks before I move out of market.  Orlando will be my next one.  The new theme park sounds amazing!

    When you look at all the communities, most are very cookie cutter and similar layouts with a good amount of inventory.  I am going to keep an eye on prices going forward and buy during any dip after a few months of running mine successfully here.  Do not feel a rush to get in right now as tourism is down.  Tracking the metrics of the park and any good news would be the way to go!

    1Reply
  • Keleisha Carter
    OP
    Investor · Tampa · Member since 2018 · 289 posts · 107 votes
    6y

    @Reese Newell Hi Reese, Sounds like a plan. I’m still researching to see the progress of the theme park if it is still in effect

    1Reply
  • Reese Newell
    Investor · Fort Lauderdale, FL · Member since 2019 · 124 posts · 68 votes
    6y

    @Keleisha Carter what are the goals with your first short term rental?  Are their metrics you are striving to reach?  That will really help you determine when to enter.

    Myself for example, I had a great career and am moving over to transition fully. My first STR is more about establishing my process and ensuring that I enjoy it, and then expanding. This allows me to be closer to home for lower margins, but is ideal for my situation. This will vary from person to person.

    1Reply
  • Mike Shulman
    Real Estate Agent · orlando, FL · Member since 2009 · 159 posts · 121 votes
    6y

    Unfortunately, the new park was put on hold. Ill the staff designing it was let go. Not going to happen by 2023. But Orlando is still a great place to run short term rental in. I have 5 of them and they are still doing well. 

    2Reply
  • Alice Horn
    Property Manager · Kissimmee, FL · Member since 2019 · 445 posts · 266 votes
    6y

    @Mike Shulman agreed. We are seeing our homes closer to Disney outperforming the Universal- area homes by far. Too bad, we were excited about the new park and the theme!

    1Reply
  • Keleisha Carter
    OP
    Investor · Tampa · Member since 2018 · 289 posts · 107 votes
    6y

    @Mike Shulman that’s amazingg. Are they in Oscela county?

    0Reply
  • Brandon S.
    Rental Property Investor · Washington, DC · Member since 2015 · 88 posts · 45 votes
    6y

    I don't want to get off subject, but I'm looking to do the same thing that @Keleisha Carter is doing.

    @Mike Shulman - do you place your STR under an LLC? I'm looking for a commercial lender in that area that will allow it.

    0Reply
  • Mike Shulman
    Real Estate Agent · orlando, FL · Member since 2009 · 159 posts · 121 votes
    6y

    I have conventional financing on them so they are my personal name

    0Reply
  • Ezra Benjamin Harris
    Investor · Orlando, FL · Member since 2020 · 17 posts · 3 votes
    6y

    @Mike Shulman

    I am seeing homes in winter garden and ocoee on AirBNB, I thought Orange had an ordinance against using non occupied whole dwellings for STRs? How do you subvert this?

    0Reply
  • Reese Newell
    Investor · Fort Lauderdale, FL · Member since 2019 · 124 posts · 68 votes
    6y

    @Brandon S. the same information you got from Luke and John in the other thread are good information with the LLC. I would not worry yourself with that yet. Please note that I am not a lawyer, but with a policy for short term rental you should be similarly protected. Depending on your net worth, speak with a lawyer on the topic if it concerns you that much.

    @Keleisha Carter you will find that Orange county is extremely restrictive when I researched the areas.  Osceola County is much easier and a lot of homes there fit communities that were built for this type of investment.  I would recommend sticking to that county.

    1Reply
  • Alice Horn
    Property Manager · Kissimmee, FL · Member since 2019 · 445 posts · 266 votes
    6y

    @Ezra Benjamin Harris and @Keleisha Carter for what it's worth, here are the rules for Orange County. Needless to say, this wont work for most investors. Stick to Osceola and Polk Counties. You may see some on Airbnb, but they are likely not legal and licensed vacation rentals. It doesn't make sense to take on that risk as an investor.

    ORANGE COUNTY STR RULES

    "Anyone who would like to use a portion of their home for a short-term rental must have a short-term rental property permit. To be eligible to rent out a portion of your home as a short-term rental you must meet these requirements.

    • Your property must be zoned as residential.
    • You can only rent out less than half of your home.
    • The house must continue to be your primary residence.
    • During the guest’s visit, you must be present.
    • Only one booking at a time is allowed.

    PS - there are actually two in Orange which ARE legal, but not booking well at the moment due to current conditions, so I'm not recommending them.

    1Reply
  • Ezra Benjamin Harris
    Investor · Orlando, FL · Member since 2020 · 17 posts · 3 votes
    6y

    @Alice Horn 

    Thanks for that info!

    What type of occupancy rates do you see throughout the year on these Osceola/Polk residences?

    0Reply
  • Alice Horn
    Property Manager · Kissimmee, FL · Member since 2019 · 445 posts · 266 votes
    6y

    here you go. Our occupancies are lower than usual post-Covid but starting to climb again looking ahead to the holidays. Note: these are VillaKey occupancies which I have data for, not the market as a whole. 

    3Reply
  • Jessica Wygal
    Real Estate Agent · Cypress, TX · Member since 2018 · 156 posts · 73 votes
    5y

    @Mike McKee & @Alice Horn can you tell me how long you've had STR in the Orlando area and what made you pick that area? Do you feel the market is too saturated to try and get in now?

    @Keleisha Carter is this something you still plan to pursue?

    0Reply
  • Alice Horn
    Property Manager · Kissimmee, FL · Member since 2019 · 445 posts · 266 votes
    5y

    Hey @Jessica Wygal! We have been marketing Orlando vacation rentals for 7 years, actively managing for two. Orlando is indeed competitive but there is also very high demand. With the right home type, community in Orlando, decor, marketing and pricing strategy your home will very successful. :)

    2Reply
  • Shawn McCormickPro Member
    Realtor · Central Florida-Orlando · Member since 2014 · 1k+ posts · 892 votes
    5y

    @Jessica Wygal I do not feel we are saturated. Yes, there is a lot of competition for vacationers. I'm seeing/hearing that bookings are really ramping up especially for later this year and already solid for 2022. My PM company rep does a great job with tour operators, youth sports leagues coming for competitions and markets aggressively to keep their units full. They have over 700 and they are all full thru April. Zero availability. So there is room and once everything 'opens up', I believe you'll be in a really good position.

    3Reply
  • Tyler GibsonBusiness Member
    Real Estate Agent · Orlando, FL · Member since 2017 · 1k+ posts · 2k+ votes
    5y

    @Jessica Wygal There is so much pent-up demand for vacations right now.Consumers still don't feel "safe" staying in a hotel so naturally a STR is the next best choice. There a several new construction projects going on right now in the area and they are selling which means that we have not reached over saturation. @Alice Horn an her team really know what they are doing and have helped several of my clients with their properties. IF you have any other questions or would like to discuss what is available in the are feel free to reach out. 

    [email protected]407-590-9858
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    3Reply
  • Jessica Wygal
    Real Estate Agent · Cypress, TX · Member since 2018 · 156 posts · 73 votes
    5y

    @Shawn McCormick thank you for the response, I hadn't even thought of all the sports travelers that go through! Thats a great point!

    @Tyler Gibson that makes perfect sense! thank you for sharing. 

    0Reply
  • Keleisha Carter
    OP
    Investor · Tampa · Member since 2018 · 289 posts · 107 votes
    5y

    @Reese Newell my goal with having STR's is to help replace my current income so I can cover my monthly expenses. I was to invest I real estate full time so I am trying to position myself to make this happen as soon as possible, especially because I am in the restaurant industry

    0Reply
  • Keleisha Carter
    OP
    Investor · Tampa · Member since 2018 · 289 posts · 107 votes
    5y

    @Jessica Wygal Yes I am. In the process now of trying to find a lender who can accommodate my needs as most lenders I have spoke with offer the same traditional financing as the general market.

    0Reply
  • Mark Sinclair
    Real Estate Agent · NJ · Member since 2021 · 20 posts · 7 votes
    5y

    @Keleisha Carter if you are still on the search for a FL lender let me know. I am utilizing a more traditional approach myself, but I have contacted several lenders who have been helpful. Let me know if you are still looking! 

    0Reply
  • Keleisha Carter
    OP
    Investor · Tampa · Member since 2018 · 289 posts · 107 votes
    5y

    @Mark Sinclair Yes I am. I will send you a private message

    0Reply
  • Julie Sisnroy
    Realtor · Papillion, NE · Member since 2013 · 134 posts · 59 votes
    5y

    @Mark Sinclair Are these lenders more traditional or are any of them using DSCR? I find it difficult to find lenders that accept STR income as qualified income or don't like a property without a lease.

    0Reply
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