Disney Area STR newbie

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Disney Area STR newbie

Kim Robinson
Member since 2020 · 8 posts · 4 votes

I have been reading these forums and there is a ton of great info. I'm researching buying a SFH pool home in Windsor Hills or nearby. Looking at 4-5 bedrooms and would like to stay under $350k. It seems that most on here prefer to self-manage, and I've seen some general costs of property managers. Can anyone share their actual cost and experience of using a property manager in this area? In today's world, is it realistic to assume 50% occupancy in this area? I would be using this home periodically throughout the year and while I can afford the mortgage and monthly expenses without any rental income, I would obviously prefer to have those costs recouped through rentals. I'd appreciate any details or recommendations you have! Thanks

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

@Kim Robinson I recently helped a client acquire a townhouse in the area for STR and a family vacation spot. If you would like to talk feel free to send me a message. I know a good property management team in the area I can connect you with.

[email protected]407-590-9858
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  • Ben Codiroli
    Member since 2019 · 6 posts · 13 votes
    5y

    I'm in the Orlando area and recently had the idea of looking into STR properties in case any are being sold at a discount--nope. Median sale price has continued to climb in the Davenport/Kissimmee region the entire year since pre-pandemic. I've spoken with realtors and they think it's because of the low home inventory, most of the houses around there are being sold to primary residence buyers.

    1Reply
  • Kim Robinson
    OP
    Member since 2020 · 8 posts · 4 votes
    5y

    Thanks, I've been watching homes down there. At any one time there are lots available. I'm looking for a nicely furnished turnkey, which I know may be a little more cost up front. Some of them seem to sit on the market for a while, not sure if those are just overpriced or something else wrong that isn't obvious from the pictures.

    0Reply
  • Tyler GibsonBusiness Member
    Real Estate Agent · Orlando, FL · Member since 2017 · 1k+ posts · 2k+ votes
    5y

    @Kim Robinson I recently helped a client acquire a townhouse in the area for STR and a family vacation spot. If you would like to talk feel free to send me a message. I know a good property management team in the area I can connect you with.

    [email protected]407-590-9858
    GPG Team 598 Reviews
    WebsiteView Page
    3Reply
  • Shawn McCormickPro Member
    Realtor · Central Florida-Orlando · Member since 2014 · 1k+ posts · 892 votes
    5y

    @Kim Robinson Windsor Hills is a pretty sought after community for investors looking to be close to Disney with a premier community. The people that purchase in there generally know what they have and hold on for their price, I have made many offers on behalf of clients and the sellers just typically aren't motivated and that keeps the pricing pretty stable. The occupancy rates are higher than many other nearby communities because they have a  good inventory, amenities and proximity to the parks and the reputation keeps people coming back. I did have a client purchase in there just before The pandemic started and they completely redid the decor and theme. They have experienced good returns throughout the Summer. 

    If there are some homes you are serious about, I can get us on a call with a couple of the property managers in there that offer some guarantees on occupancy. Happy to help so reach out anytime.

    0Reply
  • Alice Horn
    Property Manager · Kissimmee, FL · Member since 2019 · 446 posts · 266 votes
    5y

    Hi @Kim Robinson! I can completely confirm what Shawn mentioned above for Windsor Hills. We are happy to assist with analytics and projections on specific properties. 50% would be extremely conservative for a nicely decorated home in Windsor Hills. Our overall occupancy for our 85 homes in all communities this past summer was 66%, with higher percentages for our top homes.  I'll PM you and can send you some reports to give you a better idea.

    Good luck and enjoy your search!

    1Reply
  • Kim Robinson
    OP
    Member since 2020 · 8 posts · 4 votes
    5y
    Originally posted by @Shawn McCormick:

    @Kim Robinson Windsor Hills is a pretty sought after community for investors looking to be close to Disney with a premier community. The people that purchase in there generally know what they have and hold on for their price, I have made many offers on behalf of clients and the sellers just typically aren't motivated and that keeps the pricing pretty stable. The occupancy rates are higher than many other nearby communities because they have a  good inventory, amenities and proximity to the parks and the reputation keeps people coming back. I did have a client purchase in there just before The pandemic started and they completely redid the decor and theme. They have experienced good returns throughout the Summer. 

    If there are some homes you are serious about, I can get us on a call with a couple of the property managers in there that offer some guarantees on occupancy. Happy to help so reach out anytime.

    Thanks for the information. I'm going to send a message

    0Reply
  • Katty Espinoza
    Homeowner · Valdosta, GA · Member since 2020 · 2 posts · 2 votes
    5y

    @Alice Horn, I've been using Airdna to run numbers for a STR, but I want to know what the REAL numbers are in the Disney area. I want to purchase a 3-4 bed/2-3 bath SFH with no HOA with a pool within 10 mins from Disney. Currently my budget is about $250K. I want to buy in June 2021. What do you think my occupancy rate would be? What is the average revenue with a mortgage?

    Thank you!!!

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

    @Katty Espinoza finding a property like what you mentioned is going to be tough for that price and little to no chance that you can find one that close to Disney with no HOA. HOA's are virtually everywhere. What is your objection to having an HOA? I have a seller in a STR community that will be selling in June for that price point, maybe 15 minutes out. Maybe I can help you in your search if you like. I am a full time Realtor® and would be happy to assist you.

    Feel free to reach out anytime if I can help answer some questions.

    0Reply
  • Alice Horn
    Property Manager · Kissimmee, FL · Member since 2019 · 446 posts · 266 votes
    5y

    Hi @Katty Espinoza we can absolutely help you run the numbers. I would not recommend a home with no HOA however. Orlando travelers are looking for homes with the types of amenities (pool, clubhouse, water slide, etc) which would be covered by an HOA. You will also have better security at the gate, making it easier to screen your guests. All of this will be reflected in your rates and occupancy, which more than make up for the HOA. Send me an email or a PM and we can help you narrow down the options. Have fun with the search!

    2Reply
  • Kim Robinson
    OP
    Member since 2020 · 8 posts · 4 votes
    5y

    I have narrowed down my search to Windsor Hills. Has anyone bought here recently? I'd like to hear experiences! I may need to make a separate thread specifically to ask about buying in Windsor Hills!

    1Reply
  • Miles McClure
    Flipper/Rehabber · Colorado Springs, CO · Member since 2015 · 36 posts · 25 votes
    5y

    @Kim Robinson I am watching that area as well. It seems like prices are starting to come down... DOM is going up on a lot of them. I am seeing extra incentives offered to get them sold? Does this sound like what you all are seeing? I am thinking about pulling the trigger. Taxes and the Hoa (you seem to get a lot for the hoa but it's a lot of money on top the the payment)fees are the hardest part for me to justify. 

    0Reply
  • Amit Desai
    Member since 2020 · 56 posts · 22 votes
    5y

    @Kim Robinson we have just bought one in Windsor Hills. PM me we can talk further.

    Thanks

    1Reply
  • Joshua Strickland
    Investor · Flowery Branch, GA · Member since 2019 · 413 posts · 412 votes
    5y

    I hear a lot about Windsor Hills and Championsgate, but does anyone have experience with buying an house in the Margaritaville resort near Four Corners? Seems like they have a ton of amenities for guests.

    0Reply
  • Ryan MoyerBusiness Member
    Property Manager · Orlando Kissimmee Davenport Salt Lake City, Park City · Member since 2019 · 993 posts · 1k+ votes
    5y
    Originally posted by @Joshua Strickland:

    I hear a lot about Windsor Hills and Championsgate, but does anyone have experience with buying an house in the Margaritaville resort near Four Corners? Seems like they have a ton of amenities for guests.

     Doesn't Margaritaville require that you use their onsite PM, which takes a huge cut?

    Cosmic Vacations4.9172 Reviews
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  • Joshua Strickland
    Investor · Flowery Branch, GA · Member since 2019 · 413 posts · 412 votes
    5y

    The agent I spoke with their left that part out. She did mention they had two to choose from on site. Hard pass if they require a PM though. 

    1Reply
  • Louis Zameryka
    New York, NY · Member since 2020 · 105 posts · 49 votes
    5y

    I just bought in Vista Cay. The unit I bought only listed for about 10 days or less, and had 4 offers (3 at asking and one cash slightly lower than ask) I like the price I got on my unit becuase it should appreciate when Epic Universe opens, but still the next 6-12months will be tough for cash flow. My hope is after Epic opens I can achieve close to $300 nightly rates or more for 2-3 years at a constant occupancy and see the unit appreciate. Let's see. 

    0Reply
  • Flavio Zanetti
    Investor · Andover, MA · Member since 2015 · 269 posts · 67 votes
    5y
    Originally posted by @Shawn McCormick:

    @Kim Robinson Windsor Hills is a pretty sought after community for investors looking to be close to Disney with a premier community. The people that purchase in there generally know what they have and hold on for their price, I have made many offers on behalf of clients and the sellers just typically aren't motivated and that keeps the pricing pretty stable. The occupancy rates are higher than many other nearby communities because they have a  good inventory, amenities and proximity to the parks and the reputation keeps people coming back. I did have a client purchase in there just before The pandemic started and they completely redid the decor and theme. They have experienced good returns throughout the Summer. 

    If there are some homes you are serious about, I can get us on a call with a couple of the property managers in there that offer some guarantees on occupancy. Happy to help so reach out anytime.

    Shawn and folks, how would you compare Windsor Hills with Paradise Palms for example? I see those two communities as very similar with the latter being having newer homes and now with not as expensive HOA's as before.

    Thoughts?!?

    0Reply
  • Flavio Zanetti
    Investor · Andover, MA · Member since 2015 · 269 posts · 67 votes
    5y
    Originally posted by @Louis Zameryka:

    I just bought in Vista Cay. The unit I bought only listed for about 10 days or less, and had 4 offers (3 at asking and one cash slightly lower than ask) I like the price I got on my unit becuase it should appreciate when Epic Universe opens, but still the next 6-12months will be tough for cash flow. My hope is after Epic opens I can achieve close to $300 nightly rates or more for 2-3 years at a constant occupancy and see the unit appreciate. Let's see. 

    Hello Louis,

    What made you choose Vista Cay? Was it the hotel/condo experience as opposed to more townhouse/condominium like resorts? 

    0Reply
  • Alice Horn
    Property Manager · Kissimmee, FL · Member since 2019 · 446 posts · 266 votes
    5y

    Hi @Flavio Zanetti! we manage homes in both communities. Windsor Hills gets higher rates because it is closer to Disney, has upgraded amenities and has a great reputation overall. Having said that, if you can find a great buy in the right location at PP, that can also be a sound investment. Some of the homes are far form the clubhouse and separate from the main resort so they are not as popular. Happy to provide revenue and occupancy comparisons on any homes you may find in both communities.

    We can also provide some insights on Vista Cay, which is unique based on its location.

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

    @Flavio Zanetti I sent you a message. Let me know if you would like to connect and go over some thoughts on those communities. Happy to chat.

    1Reply
  • Louis Zameryka
    New York, NY · Member since 2020 · 105 posts · 49 votes
    5y

    @Flavio Zanetti  I chose Vista for 3 reasons. 

    The down payment on a home in a premium community and the hoa fees seemed to result in poor cash on cash return

    The unit i found was priced at a price i think can appreciate in time, the homes seem to have no appreciation potential i saw based on their price. 

    I love the Vista Cay location becuase I like Universal better than Disney (and we will use the unit some time) and with Epic Universe opening across the street in 2025 along with Sea World to the south and the convention center to the west it seems like a great location. The rules in Orange County also lead to a limited supply of vacation rentals. 

    I will likely by more units if the price is right. 


    For the other more experienced investors on this forum thread, do you see any significant flaws in my reasoning? 

    1Reply
  • Courtney Bass
    Realtor · Orlando, FL · Member since 2018 · 56 posts · 28 votes
    4y

    @Joshua Strickland - late for your post, but you are right. You must use one of their 2 "preferred" PM's OR use a 3rd party BUT your guest will not be permitted to use the resort amenities (pool, etc). The bigger issue is that they refuse to divulge any real numbers and from what I hear, you're lucky to break even. So I'd say Margaritaville is a perfect fit for buyers who want a vacation home in an undeniably unique and fun-filled resort knowing the rental program will help pay for the property. I don't believe it will cash-flow. I have someone under contract now on a 3br cottage- she's the right fit and thrilled. 

    I'd really like to hear from others who are paying for PM/Mktg (20% or less total) and realizing cash flow on a 3/4 br in an amenity-rich community. 

    @Alice Horn- I'd love to connect with you. I'm looking for data that will satisfy pretty analytical buyers/investors and help us determine best place to buy. 

    1Reply
  • Alice Horn
    Property Manager · Kissimmee, FL · Member since 2019 · 446 posts · 266 votes
    4y

    @Courtney Bass absolutely!  Let's connect for a call. Email me at the email below. 

    0Reply
  • Joshua Strickland
    Investor · Flowery Branch, GA · Member since 2019 · 413 posts · 412 votes
    4y

    @Courtney Bass you are correct. I couldn’t get a peep out of either property manager of gross revenue. I tried to word it in multiple ways but nothing.

    On a related, but separate note…my wife and I stayed there back in March when we were looking to purchase. I still get weekly emails from them about available dates which leads me to believe they are definitely not maximizing occupancy. Most the the calendars I’ve looked at on Airbnb in that resort have very few bookings.

    0Reply
  • Courtney Bass
    Realtor · Orlando, FL · Member since 2018 · 56 posts · 28 votes
    4y

    @Joshua Strickland- yep. They tried to say it was "illegal" to divulge without having some securities license. And interesting in regard to occupancy. Most places saw significant drops in September, but strong summer bookings. 

    0Reply
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