Buying vacation home in Orlando?

coastalhh

Mouseketeer

Joined

Aug 27, 2014

• May 29, 2015

• #1

1)anyone done this?

2)How did it work out for you if so?

3) would you do it again?

4) if you don't mind sharing what was your yearly budget for this? Did rental fees cover most of it? Was it harder or easier to rent that expected?


We are getting to the point we go so often (5 hour drive) that owning something may be more practical. Starting to explore the possibility of buying. The cash we have saved up would be a better investment going towards a home in say Windsor hills rather than buying DVC. Curious to hear anyone that has explored this road.

(We also consider it a likely retirement destination for us and if rentals could pay off the mortgage over the next 25 years it only helps our efforts)

Thank you.

 

labdogs42

DIS Veteran

Joined

Dec 2, 2005

• May 29, 2015

• #2

I'm intrigued by this idea as well. Following.

 

D

Disneyliscious

DIS Veteran

Joined

Feb 15, 2009

• May 29, 2015

• #3

In my limited research on this I have seen that most of these homes range from $450,000-$800,000. I did find a few old ones in the $250,000 range that needed repair. Changed my mind real quick.

 

K

kathy884

DIS Veteran

Joined

Sep 26, 2009

• May 30, 2015

• #4

Here are posts I've seen you might find interesting. There was a really good post sometime back that had some really good info on costs / weeks of year rented etc, but I don't know where I saw it and can't find it right off. // It's usually been a really competitive rental market -- overbuilt. I'd definitely say proceed with caution. The fact that you can get rentals for really good prices and have tons of choices would scare me off big time, but I'm just a renter on occasion, not an investor with personal experience.



http://www.disboards.com/threads/ha...s-or-similar-community.3229683/#post-51526306

http://www.disboards.com/threads/an...tion-rental-in-orlando.3365185/#post-52835938

And older post from Trip Advisor
http://www.tripadvisor.com/ShowTopi...0-Buying_a_Vacation_Home-Orlando_Florida.html

A post from another site -- Sept. of 2014
http://www.biggerpockets.com/forums/52/topics/145492-vacation-rental-home-in-the-orlando-area

 

Last edited: May 30, 2015

A W Reezy

Earning My Ears

Joined

May 26, 2015

• May 30, 2015

• #5

Disneyliscious said:

In my limited research on this I have seen that most of these homes range from $450,000-$800,000. I did find a few old ones in the $250,000 range that needed repair. Changed my mind real quick.

Click to expand...

I'd invest in a RV before putting that much money in a vacation home. I'd become you're regular everyday nomad. LOL!

 

Alexle2007

DIS Veteran

Joined

Apr 15, 2013

• May 30, 2015

• #6

I have a friend who did and recently purchased a second home down there that will now become their retirement home. Can't tell you any specifics but I do know she had to wait a year before she could start renting it and the first home she bought had tenants so she had to wait for them to move out before she could actually take possession of it.

 

coastalhh

Mouseketeer

Joined

Aug 27, 2014

• May 31, 2015

• #7

A W Reezy said:

I'd invest in a RV before putting that much money in a vacation home. I'd become you're regular everyday nomad. LOL!

Click to expand...

We are also considering an RV but the cost of Maintenance and storage etc.. is probably going to put that off.

The community I liked the best had monthly fees of around 350 a month just for HOA fees which is the norm in a lot of rental orlando communities. It was very close to disney (3 miles without getting on the highway) but at 350 month + mortgage + Cable/insurance/electric/other utilities etc.. then paying the rental company and cleaning service then saving for comman maintenance I dont see how it could possibly work in the positive cash flow. I will continue to look but those are killer HOA fees when you are not using the amenities much (2nd home/ weekends)