All Forum Posts by: Mike Shulman

Orlando is the vacation capital of the world that has a designated from term rental area of town. If you buy something newer, ideally brand new with a lot of amenities you will do very well with short-term rentals. I also I think the Treasure Coast it's a great spot for short-term rentals. With the port in Cocoa Beach Cape Canaveral and an airport in Melbourne you have a lot of people staying there for the head to Orlando. 

In the areas zoned for short term rental, the guidelines won't change. If you are outside those areas you are taking a bigger gamble. The newer community with good amenities will rent better. Think about it, no one goes to stay in a rundown hotel with no pool. 

The only issue you make face is when you go to sell it. If the roof is already five years old and plan to keep it 10 to 15 years it will need a new roof by the time you sell and then you can have it properly permitted. You shouldn't have any issue with the city forcing me to do anything. The only time you'll become a problem is when you sell. 

Im an agent an investor in Orlando and anything under $100k won't be a place you want to live. It will be hard to find something under $200k that you can house hack in Orlando. Id tries to increase the budget to $250k and you will have a better chance at getting a home that can cashflow $300 a month. 

Those rule are only for properties in the city of Orlando. I'm only doing that outside city limits. 

Orlando is a great market to invest in. Just don't look for something with a 1% rule as you won't find that in an appreciating market like Orlando. That rule stopped working 4 years ago but rates are so low and rents and appreciation are so strong it's still worth investing. PM me if you would like to discuss in further detail

Orlando is a great market to invest in. We have some of the strongest rents, appreciation, and growth of the population in the entire country. With that being said, you will make better cash on cash return in Detroit, but you will have a much better appreciation and demand in Orlando. If you would like to discuss in further detail, please send me a PM. 

I would see if you can get your lender to drop the PMI is you have 20% equity in it. Based on when you purchased, I would guess you do. You can accomplish that without doing a refi and they most it will cost you is an appraisal. Give your lender a call.

If you would like to live closer to Orlando, I would rent and find a new primary residence in the area you want to live in. Then you can take advantage of the current low rates for a primary residence and live where you want. 

Let me know if you would like me to comp out your home and see if you have 20%. 

Im a local realtor, investor, and I flip homes in Orlando. The 1% rule does not work in this area unless you're in a ruff part of town. And Sky lake isn't even that ruff. In my opinion, that rule is keeping a lot of people from investing in great deals. There are so many other parameters to look at to validate a good deal. Personally I would rather have a lower return but be in an area that is gentrifying and it will increase in value and demand. 

If I were you, I would look for something you can AirB&B in Orlando that will give you a better return. That's the only way you can hit the 1% in Orlando if you want to stay away from ruff areas. I currently own 15 rentals and Im changing them all to AirB&B.

PM me if you would like assistance 

The short term rental market in the Disney corridor is competitive. Unless you have a home in a community with nice amenities, it won't rent well. If you buy a short term rental by Disney, its because you want to use it and offset the cost. If you want to make money, I can find you better options.