Philadelphia, PA · Member since 2016 · 9 posts · 1 vote
Anyone have experience buying rental property in Orlando market? My wife and I have been considering buying a rental near Disney that we would expect to rent full time. We live in another state. Few questions:
1. How easy it to secure property there living outside of state.
2. Financing became an issue when not in state?
3. What level of success have you had with rental opportunities per month? (Ie what is your vacancy percentage)
4 from what I can see the HOA fees range depending on property but ones I'm finding thay I like are in the 300-600 range which offers amenities geared towards families.
Any help would be appreciated. I'm in Philly market so this area is new to me and will help me decide on anoth er er multi family in philly area or a vacation rental.
Kevin
Not Disney but I had one in Winter Park near UCF. The biggest problem was finding a good property Manager (stay away from Central Property). Other than that, run the numbers. HOA of 300-600 is a nut. Insurance is expensive in Fl. and higher for companies if you operate as an LLC or S Corp like me. Taxes are fairly high too for what you are paying for so the combination says your monthly operating costs are high.
Kevin, I might suggest you look to the west side of Disney in the 4 Corners area. We've sold many short term rentals there with fairly good results. Would this be for you to stay at all or just an investment? You can buy property here without even stepping foot here. No major issues. If you are a foreign national you can also buy no worries with a few strings attached if you want to sell but very much the same. LMK if you need anything else-PM me.
1) Buying a short term rental vacation home here in the Orlando area doesn't involve any special requirements than in other states. 2) You will need to use a lender licensed in Florida. I have some very good lender contacts for vacation homes. 3) Success will be contingent on a number of factors. To name a few - the vacation home and the community it is in; your property manager; and, your short term rental marketing. I can provide you with pro forma statements to give you a good idea of what you can expect for income, expenses and profit for various vacation homes here. The pro forma statements are based on the income and expenses of comparable homes currently being short term rented. 4) HOA fees do vary from $500+ per month to zero. The HOA fees are worth it in a lot of cases when you analyze what all is covered by the fee.