All Forum Posts by: Sid Payne

I own/manage three houses in Florida from Colorado and manage one townhouse in the Colorado mountains for a buddy. All of this is doable, but I would echo everyone else and say that you need to be prepared to pay for the whole thing yourself if things go south. I can tell you that December through March have paid all of the costs except the mortgage for the year. Hopefully some summer rentals will cover the mortgage. I am taking 10% for managing the property on VRBO/HomeAway and we are paying a local management company for boots on the ground.

If you are considering Winter Park, Colorado or close to there, I would be more than happy to help you get setup with them.

PM me if you would like to chat about it some more.

 I have three properties 24 minutes north east of Davenport in Kissimmee, probably right between Davenport and the Orlando Airport. Osceola county is very supportive of STRs so long as you get licensed and collect/pay sales tax. I can tell you that the market has gotten way tougher in the last couple of years. I am trying to buy a 4th property there and the prices have gotten a little crazy. You can feel free to personal message me if you want to hear more about my experience in the area.

I don't personally have any experience with them, but I have not heard great things on in this group:

https://www.facebook.com/groups/568782883285173/se...

Sid

 Yes, this is great. Thanks for sharing it. I am going to definitely make sure my potential guests know about it.

 I really don't. I have not had to deal with it, I just hear about it a lot on one of the Facebook groups I'm in. It should not be a big deal but is something to keep an eye out for.

 That seems odd for sure. Anyway, what was attracted you to the deal? I am doing some analysis to look into buying a 4th place down there.

 I read a couple books off of Amazon before getting started. I think The Vacation Rental Goldmine (https://smile.amazon.com/Vacation-Rental-Goldmine-...) and it helped me quite a bit.

In terms of city codes, I would be very careful to make sure you get into an area that is already supportive of STRs. There are a lot of places that are starting to ban them. I am in two markets that are very supportive of STRs so we have to be licensed as a hotel and collect sales tax. If they have sales tax structure setup for STR's, you're probably in good shape. If they don't, they are behind the curve and you are gambling that when they do get caught up that it might not be in your favor.

Good luck!

Wendy, I have a lot of good resources for services down there such as my management. Please let me know if you need any ideas? I've been working in that market for about 3 years and have seen quite a bit.

@Chai Xiong, I think new resort will be competition and good thing for other owners are the same time. It seems like it will have a water park, shopping, restaurants and bars (all good things) but they are also renting houses. From what I understand is that as an investor, you have cede all control to them. It is a straight up investment that you have no control over. As you can imagine, I would rather have control over my investment and how my guests are treated.

Sorry if this has already been discussed, but I was wondering if there were any other Central Florida (Disney Area) owners on here? It might be worth having a discussion about what is working for us and what is not as well as what else is going on down there (Margarita Village?).
I have three properties just south of 192 off of Formosa Gardens.

Thanks,
Sid