Holiday home investment in Orlando

J

JohnnieKippe

Registered User
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Hi Everybody,

My wife and I are considering using our SSIA money and savings to buy a place in Orlando. I would appreciate advice on this from anybody - especially people who have purchased here over the last few years.

We would like a 3 or 4 bed condo or villa. I guess something around the 250K mark. The resort style developments (own secure entrance, pools, restaurants, bars, health centres, etc) look quite appealing. We would want to stay there a few weeks every year and rent it out if possible. Ideally, the rental income per year should cover the mortgage payment each year.

Some specific questions;
1. What is the rental potential - how many weeks per year, cost ?
2. Is it difficult to rent out ?
3. Any issues with hurricances ?
4. Condo or villa ?
5. how long can you stay there on holiday at a time (3 months? ). thinking about retirement etc.

Thanks in Advance.
 
Orlando is flooded with rental properties, although there are over 50 million visitors to this region each yr. it is very hard to make ends meet with a rental property. so you should budget for supporting this investment for the first couple of yrs ( this will depend on your mgmt co's ability to rent your property - i am using the average case here)
1. first yr aim for 20 weeks of the yr. mgmt companies tend to rent alot to travel agencies so you will get a trade rate ( not so good) as opposed to a private rental ( good rate)
2. depends on your mgmt co and how much marketing you intend to do. There are an abundance of owner websites where u can take booking yourself and advise you mgmt co.
3. there are strict building regulations in florida and houses & condos built now can withstand most of what is thrown at them
4. dont know, maybe easier to rent a villa but also more expensive to run as instead of sharing the cost of maintenance you are paying the whole lot.
pm me if you need more info

best of luck with it


5. depends on the mgmt co u go for. most will allow u book as many weeks of the yr as u want, some of the larger ones may require your property for 40 weeks of the first yr. this is not saying they will rent it for 40 weeks but some like to have properties at their disposal as americans tend to book less than 2 weeks in advance

my advise is to research as much as possible and talk to owners & mgmt co's if possible. capital appreciation is quite strong in orlando but you have to pick a property to suit your budget and needs.
 
Prices are falling in Florida at the moment. Find some way of tracking the market via the web.





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Duplex said:
Prices are falling in Florida at the moment. Find some way of tracking the market via the web.
Click to expand...

Isn't that good for me i.e. a buyers market.

Thanks for the info Bsloe. I will PM you for more info.

Also , What flights can I get there direct from Dublin or London and what price ?
 
???? I would have assumed if you were considering spending 250K on a property you would have at least visited the place before.
 
Howitzer said:
???? I would have assumed if you were considering spending 250K on a property you would have at least visited the place before.
Click to expand...

Never been there but I would visit before buying. I 'know' I would like it though. I have been to several other US cities. I like the American lifestyle, weather, theme parks, food, people, etc. I know it would not be everyones cup of tea. I'm sure constant theme parks,TGI fridays, McDonalds, Starbucks, etc would be a nightmare for many but its my sort of thing. While my children are too young for it at the moment, they will surely love it from around 4 years of age.
 
Johnnie, sorry, don’t bother with the PM. I’m pretty clueless on the US market. Good Luck.
 
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