Any vacation home owners here that could give us some advice?

[mickeywho?]

My dh and I are thinking of purchasing a vacation home in orlando - for the purpose of renting out as much as possible throughout the year and occasionally using it ourselves.
Wondered what your experiences are with the market in Orlando? Any regrets? Any advice? Recommendations for realtor/lawyer or website to look to for info? We're in S Ontario so this would be an out-of-country purchase for us as well.
Any advice appreciated!!!

 

[tednvon]

Hello,
Here a thread that a lot of us contributed to not too long ago. I think a lot of the info here is still very relevant today. I would advise reading this closely as none of us stand to make money off of you or have any reason to suger coat the idea of buying a rental property here.

I really do not think the basics of renting from long distance are any different for someone from Iowa or someone from out of the country. Keys are still a good management company and true understanding of what it really costs to keep the house going from month to month and the current rental market conditions. My Post is about the fourth one down and tries to detail the real cost of a home...
Good Luck and let us know if questions.
Ted

http://www.disboards.com/showthread.php?t=1550084&highlight=purchase+vacation+home

 

[Chrisinroch]

There are lots of UK owners in central FL and they might speak to specific issues around non-U.S ownership. It would appear from the sheer number that the issues are easily handled however.

My advice about purchasing is to go into the deal with the assumption that you will have zero rental income. Treat this income as gravy and ABSOLUTELY DO NOT RELY ON IT FOR YOUR MORTGAGE!!!

The rental market is rebounding a bit but it is still very very soft with a ton of pressure on rates. Even if the market comes back, there is just so much available rental stock that the market will have a ton to absorb before rental prices move upwards.

With that said, it is an excellent time to buy. Prices are still really good for buyers and there are a lot of motivated sellers and repos. Do a ton of due dillegence. Check out the community, compare HOA fees, talk to owners who have no vested interest in the deal. Beware of quid pro quo deals where you pay the price for some cozy relationship between mgmt companies, vendors, realtors, and community boards.

If you have other questions, shoot me a Private Message.

 

[mickeywho?]

Thanks so much for the links and advice. If we do this - - we'd like to go in with our eyes WIDE OPEN. Thanks for the PMs too - I'm talking to a couple of contacts that have been recommended.

 

[canadianjovigirl]

Also be sure to check out the tax implications for owning out of country property................