Windsor Hills, Emerald Island, Other-has anyone bought here

[msp2mco]

I'm just wondering if any DIS'ers have bought a condo, town home, or house at any short-term rental place near Disney and what your experience has been.

 

[sympatico]

There are a few owners on here but they can't really say that they are because of the rules against advertizing. Maybe they would send you a private message if you wanted them to.

 

[msp2mco]

Thanks for the tip, Sympatico! Yes, I would be happy to get a PM about it. Anyone?

 

[tednvon]

Hello friend just to our north!!

Wanda is right on about posting rules. However, I bought in 2002 and then sold in 2006 in Emerald Island...so I no longer rent a home and could probably post a few thoughts for you here without violating the posting rules.

Major pieces of advice from Ted only:

1. Do not let anyone tell you that renting a home enough weeks to cover expenses is easy or can be done by a management company. Nuf said there!

2. Expenses each month will be more than you think and more than most sellers will tell you. Figure at least $1200/month over and above P/I for a rental home...Not quite that much for a condo without a private pool, deck and lawn. IMHO break even for most rental units is at least 25/weeks a year. I may get some legitimate folks who agree or disagree with the 25 weeks/year but I will bet it is close.

3. Understand that in the Disney World Market area, there is a over abundance of homes/condos for rent, and I see no indication that will change in the near future, Also, I have seen NO appreciable increase in weekly rental rates in the last several years. I see more and more adjusting rates to try and fill weeks.

4. Location is critical to volumn and rates you can charge. "15 miles from Disney World" is no where near enough any more. It worked 10 years ago, but internet savvy rentors are much more informed today and look for very specific locations and amenties...expensive amentities!!

Those are few thoughts off top of my head...

Was it fun...yes, most of the time...

Was it work...absolutely...every day it was something for all three years.

Did I make money...yes...not sure I could now without twice the work.

More if you want...Ted

 

[msp2mco]

Thanks Ted. You confirmed what I was thinking. The purchase price is a drop in the bucket to the ongoing expenses. It seems that you need a high occupancy to break even, and looking at availability charts on various websites for existing places doesn't indicate that they are booking at 60%+ occupancy.

 

[cammie810]

Great advice Ted! We actually rented last weekend from a young couple who were given a condo by their parents to operate as a vacation rental and wish they had read your advice. They were very nice but had obviously not done alot of research. Including the fact that they were renting in a community not zoned for short term rental. I was trying to explain to them that if they are going to make it work they need to have more than one TV in a 3 br condo and actual mattresses rather than futon pads from IKEA!

 

[sympatico]

Great advice Ted! We actually rented last weekend from a young couple who were given a condo by their parents to operate as a vacation rental and wish they had read your advice. They were very nice but had obviously not done alot of research. Including the fact that they were renting in a community not zoned for short term rental. I was trying to explain to them that if they are going to make it work they need to have more than one TV in a 3 br condo and actual mattresses rather than futon pads from IKEA!

Yikes!

 

[tednvon]

Yikes...again

My heart goes out to them...I could tell plenty of scary learning experience stories...

Peace...Ted