I’ve been very interested in buying in Kissimmee for a long time now. I already know where I want to buy (Windsor hills), and I have an agent and a lender. I already own and self manage a vacation rental cabin in the Smoky mountains, and I plan to self-manage anything I buy. I know a lot of realtors and property managers are saying that demand is picking up, and I believe them, but real talk, I want to hear it from the horse’s mouth. Someone in my position. Someone who owns in Kissimmee and can tell me how they’re doing.
Is your STR paying for itself every month, or are you floating the costs until demand improves? Are you making a profit? What does your cash flow look like?
Property Manager · Orlando Kissimmee, Daytona Beach & Cocoa Beach · Member since 2016 · 331 posts · 166 votes
5y
HI Brian. I own 4/2 single family home in Eagle Pointe community. My mortgage is $1300. My Gross revenue is never less than $3000. Just few numbers for you :)
Property Manager · Orlando Kissimmee, Daytona Beach & Cocoa Beach · Member since 2016 · 331 posts · 166 votes
5y
HI Brian. I own 4/2 single family home in Eagle Pointe community. My mortgage is $1300. My Gross revenue is never less than $3000. Just few numbers for you :)
Investor · Phoenix Arizona, USA · Member since 2018 · 176 posts · 105 votes
5y
We own a turn key single family 4 bed 3 bath on the Epcot side, a few blocks from the entrance to World Dr. The last year has been rough. Not only because of the money but our property manager became not very responsive and a bit of a pain. The whole "someone catching COVID liability" issue was a non-stop worry to them and so they didn't want to turn the property without a prolonged wait. We've never gone negative cash flow but at the same time not making much either. The last year was basically a wash. I just spoke to the property manager last week and it looks like bookings are starting to pick up and we are hoping that the Epcot 50th Celebration starting this Fall will be the turning point!
I have done a lot of market research and I agree that Windsor Hills is the right place. I hope to pick one up there soon as well! With a different property management company.
I should add that we bought for cash. If the property had a mortgage on it, we would have had to float it.....
To follow up on my earlier post, I have been in contact with my property manager again. Tourism is starting to rebound in and around Orlando and the word is that by next summer / fall things could be back to near normal capacity.
So things are looking up!
As to how the pandemic affected the performance, it was like a cliff. Pretty much the moment Disney announced they were closing last Spring it came to a grinding halt and is just now starting to come back.
Realtor · Central Florida-Orlando · Member since 2014 · 1k+ posts · 892 votes
5y
I spent some time with my Property manager contact and we went over a lot of what is going on in the area. Her company does massive business with tour operators, youth sports leagues and the like to make sure her units are always performing. Having a PM that lives and breathes this market is crucial if you want to stay booked, get great rates and maintain a quality product.
It is very competitive here and if you are trying to do it all yourself, you could be missing incredible business. She has over 700 units and not one is empty thru April! If you are just putting it up on AIR/VRBO and hoping that someone chooses your unit, you are leaving money on the table, IMO. So, the demand is there, but some PM companies slashed prices to keep units full and that just marred the community and the owner. Get in a community that already has a good reputation and following, do the things that attract people in your finishes, theming and amenities. Bookings are filling up for the rest of the year and well into 2022 already, don't miss the boat.