Newbie - Florida Prop Help

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buster
Posts: 2
Joined: Mon Mar 16, 2009 3:04 pm

Newbie - Florida Prop Help

Post by buster »

We have just started using the internet to look for an investment/holiday prop in the Disney Area. What are the pros/cons of Townhouse/Condo or Det Pool Hse? We would be cash buyers looking at the lower end of the market. Would consider a prop for long term rental any thoughts. Any advice on all aspects of buying and renting out a Florida property would be greatly received. We would be looking to follow the market with the intention to visit the area toward the end of 2009
janny
Posts: 70
Joined: Tue Sep 28, 2004 3:09 pm
Location: florida
Contact:

Post by janny »

The best way is to go there and look to be honest as there are lots of homes for sale.I can give you the details of a Realtor if you wish.
There are several things to keep in mind when thinking of buying a property in Florida at the moment.
1 yes you can get a good bargain but if you are looking for an investment property then its probably not the best place as prices are dropping.
2 if you are looking to rent it out then short term rentals is a very hard game and cut throat at the moment people wanting the homes for peanuts but their must have lists are as long as your arm at the same time.
3 Long term rentals do not give a great return as rents are low and the owner is still liable for the property taxes and up keep.
4 The over heads are quite high .If you go short term route then you pay license fees of around $230 per year,taxes on all rentals - between 11-13%- management fees -could be anything-insurance -and there is no choice of companies as most won't insure STR,then you have all the utilities ,phone ,pool,lawn maintenance plus the property taxes -this is in addition to being able to up grade and maintain the house in a good condition for the guests.

The difference between town homes and single family homes is the pool really and space.Most families like the homes for the pool but most communities where they have town house have good community facilities to make up for things.
buster
Posts: 2
Joined: Mon Mar 16, 2009 3:04 pm

Thanks

Post by buster »

Thanks for the info Janny it was very helpful. I would like to have the realtor information. How many years have you had your property and forgetting the money side of things are you pleased that you bought a property in Florida. Do you feel that you are able to cover your annual costs through renting out your holiday home especially if you you don't have a mortgage to pay.
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