Anyone own a condo/townhouse for rental purposes?

[rchristiansen]

We just finished a two week DVC vacation in a studio and realized we would prefer a full sized condo-type of accommodations going forward. We own 150 DVC points, but that isn't enough for a 2 bedroom, and I refuse to pay any more maintenance fees for another 150 points that would still only allow us to go one week a year in a DVC resort.

Also, we love going with friends and family, but again - not enough points.

So while down there we had a thought that we should consider buying a condo. The real estate market is so bad right now, we figured there could be bargains out there. This would be more desirable to me rather than flushing maintainance fees - and we would actually have an asset for when we retire (we're only in our early 30s).

Also, we would consider renting out the weeks we were not down there. We both have extremely flexible jobs and probably would vacation at least 2 week (probably much more) each year.

Thoughts?

Where are good locations? Any places to steer clear of?

We're just in the very very early discussions/research of this any advice is greatly appreciated.

 

[Canusa Family]

To me it seems like a waste.I would not want to only vacation in Orlando.But thats just me.

 

[rchristiansen]

To me it seems like a waste.I would not want to only vacation in Orlando.But thats just me.

Thank you, anyone else have a "helpful" response?

 

[Zeebs]

To me it seems like a waste.I would not want to only vacation in Orlando.But thats just me.

Owning an investment property doesn't mean you have to ONLY visit Orlando for your vacations.

Sorry I can't help, it is something that we (I am sure hubby will come round EVENTUALLY) would like to own in the future. I look forward to seeing some other comments on the matter.

Kirsten

 

[kkar]

We've owned a rental condo near Disney for 6 years and love it! We do rent it out most of the year, and use it ourselves 5 or 6 times a year. We too are looking to the future when we can be "snowbirds", so purchasing was a step in that direction.
Overall, it's been a great experience for us. Feel free to PM me if you have any specific questions.
Good luck!

 

[PJMPA]

You should consult your tax advisor if you plan to use the property yourself for vacation purposes. The property loses its investment property status if you use it personally for more than 14 days per year or more than 10% of the total days rented. It would then become a second home thereby eliminating many of the tax benefits of owning an investment property, depreciation, etc.

 

[spiceycat]

condo have maintence fees.

just stay 5 days in OKW (sun-thurs - leave on Fri) - that will work with a 150 points for a 2-bedroom.

the real estate market is bad - so is renting - just look at the bargins people here are getting.

rent an offsite condo - at least until they get busy again and it is easier to make money renting.

 

[rchristiansen]

condo have maintence fees.

just stay 5 days in OKW (sun-thurs - leave on Fri) - that will work with a 150 points for a 2-bedroom.

the real estate market is bad - so is renting - just look at the bargins people here are getting.

rent an offsite condo - at least until they get busy again and it is easier to make money renting.

I'd prefer to go more than 5 nights though --- our plan is to rent off site for our next trip and see how we like it.

I am also looking at it as a long term investment too. I have a call into my financial planner to see what she thinks.