All Forum Posts by: Levi Bennett

Hey man,

I don't know that specific market, but seasonality has affected every rental I've ever seen. Typically, it goes with the school schedule, and major holidays.. You can charge more. An experienced management company will know how to price this out right off the bat, but it's something a new owner can figure out quickly.

Honestly, finding a PM is something you can do with google.. Also, find a local realtor to help you, I know that I can name about 10 locally right off the bat. 

Estimating demand is tricky.. demand is HEAVILY influenced by the type of house, and type of furnishings (and thus, pictures)... so... I would say don't shy away from investing in good stuff. However, look at all the major sites and study the calendars for occupancy. Homeaway.com makes it easy. But study Airbnb, VRBO, etc.. all the big ones. Get a feel for similar homes and how they perform and how you can edge them out and do a little better. See what they're doing that you hadn't thought of. A game room? A movie theatre room? A jacuzzi? Themed rooms? Track lighting? Anything you can do to separate yourself from other places. There are plenty of ways to do this inexpensively.

Yeah.. anyway, hope this helps. The main thing is.. dive in and build it up. Not only can you break even, you will probably make a profit as you learn. 

Waiting won't do you any good with how aggressively appreciation is surging in vacation markets.. but yeah, I can't help you with you with financing options in HI, but definitely, here in Central Florida, there are plenty of lenders that lend for the purpose of a vacation or short term rental. 

As with anything, you need to have a reasonable debt to income ratio to get a good rate. So be sure you're ready for that. 

Good stuff, thanks. 

Generally yes they are. Banks here have been scaling down the price on a time scale. So lowering it every 90 days or so. But they do NOT negotiate here in Orlando more than 1 or 2%.

They start at or above list and then wait. They've figured out that many people still seek bank owned primarily, and automatically think it's a good deal.

@Karen Margrave We desperately need a VR forum lol.. I talk about it all the time. In the Disney World area or Orlando (Davenport, Kissimmee, Clermont, Windermere, Winter Garden), we eat sleep and breathe this stuff, and there is TONS of interest online for it. It's becoming a front-runner for many REI's.

I think even @Brandon Turner has been talking about adding VR's to his portfolio. 

It's a way of life in some markets. I would love it. 

Hey man, I'm not a fan of multi-family in central Florida. They're not that common (not compared to most of the country anyway) and they're highly competitive. In my mind, people pay way too much for them here because they've gotten so popular online and elsewhere in the country. 

I'm a big fan of sticking to what makes your market unique. Find the niche that nobody else can compete with and force your way in. There is lower competition, and it's easier to get on the short list of experts. 

What's the niche market in Orlando? Easy. Vacation rentals. There are more here than anywhere in the world. We're the first US city to have more than 60 MILLION visitors in one year. Less than a fraction of a percent are staying in vacation rentals because they either don't know about them, or there isn't occupancy. So with some marketing charm, it's not hard to get occupancy. Short term vacation rentals are also more affordable here than most other places in the US where they are popular (like coastal towns or in the mountains). They don't need a view, they don't need much of anything, just close enough to attractions. Orlando sells itself! Anyway. Other than that, you should be a realtor and sell new homes. There are literally thousands going up in Lake Nona, around Disney, and on the outskirts. They pay high commissions. 

Orlando is a great market. Not a fan of multi-family. Also, college students are known to be the best tenants in the world either.

whatever you do, don't put "CEO" or "Owner" on the front. That screams "start up" and everyone will instantly be skeptical lol. 

As a real estate agent, I have "Disney Area Real Estate Jedi" on my card... it leads to convos about Star Wars, which obviously helps lighten the mood, because most of my clients know what Star Wars is.. and then selling a house comes a bit easier. Don't take yourself too seriously, especially if you're self-employed. People appreciate that. 

@Justin Stamper nailed it. Orlando is a blazing inferno of R.E. deals and I only wish I had millions to do everything that I see. lol

Yeah I'm with @Joel Owens.. what are your goals? We specialize in short term vacation homes around Disney, and nobody is better at what we do than we are, but it depends on what you're going for. Let me know if that happens to be your strategy. We're well connected in all aspects regarding vacation and short terms. 

Does the lender know that it's a condo-hotel? Most lenders won't touch them. 

Also, to repeat what everyone is saying.. what are your long term goals? If it's a 5 year ARM then you need to know what your 5 year plan is. By all indications it's likely that interest rates will be [significantly] higher in 5 years. They're good for flips or <5 year investments, but... other than that, why risk it?