...wow! Is that north or south of 30A?Rental Investment Questions
- Thread starter DreamnOfFL
- Start date
-
Trouble logging in? Send us a message with your username and/or email address for help.
...wow! Is that north or south of 30A?
the one on the market, or the one I used for sample rental charges? The one on the market is north of 30-A overlooking Cerulean Park. Actually, the one I used for sample rental charges is north of 30-A as well.
Last edited:
Your purchase numbers are close, actually 500k.....but for 12k a year out of pocket and to have 32 weeks left over to rent to very aggressively or use for 12k....I cant figure out why is that so terrible....the numbers get better if you rent the condo 100% yourself on VRBO and pay a management company 10% all the time....which I know are out there. It looks like the condo could even make money with several weeks to boot........
Unlikely to happen scenario? You tell me.
I don't know how possible this scenario is. I have been using this for a home purchase in phase II. From the rental histories I have looked at, 15-20 weeks is not unusual for a three bedroom. The number of weeks on paper seems the same for four bedroom, you can just ask that much more per week. There is a long debate about number of rooms (how many you can sleep) and weeks of rental. I can only tell you what I have seen when we pull rental history reports on homes in phase II. Your realtor can get rental histories for you. You might be able to speak with the manager for watercolor vacation rentals and they can get the information for you as well. I think I gave you the BEST possible scenario year. IMO your expenses would only go up. I have no opinion for you either way if its good and/or bad. Only you can decide if those numbers work for you. I don't think you should count on renting it 100% yourself. The management company wouldn't really be doing its job, and they want the 25%, I'm sure. You could set a marketing/sales goal for yourself to rent VRBO a certain number of weeks and actively pursue that. Bottom line, for my husband and myself, we look at the scenario of "What if we never rent?". How does that look for us? If we can stomach it, then the renting is gravy, and MAYBE even fun. You get to offer couples and families long lasting memories. You might even develop a friendship or two and get repeat renters.
It sounds like you may have already found something????Most folks I know that rent on VRBO only get list price about 25% of the time. These days, everyone is looking for a deal and most owners are negotiating to get the rentals.
Not terrible if you can afford it, you don't mind prices on the place you just bought continuing to fall and you really, really want a second home.
Just know that once you buy a condo, getting rid of it will be very, very difficult.
Clearly this is a case of "My mind is made up don't confuse me with the facts."
I recommend you go on, give it a shot, and report back about your success.
Oh,...and to save you the time--all Realtors you contact will tell you "Now is a great time to buy" <same as 2004-2008>.
BTW, my ex's 2nd cousin with 5 kids and 3 dogs will be looking forward to taking advantage of those "aggressive" price drops.
Last edited:
It's terrible if calculations are based on stale data from a time when everyone in the US was employed; credit was falling like mana from heaven; homes were ATM machines that magically produced money for vacations, cars, and flat screen TVs; inflation was non-existent, baby boomer stock portfolios were soaring in value; and unicorns were munching on jellybeans and pooping rainbows.
.
Last edited:
melscuba, dont forget to include property taxes on that and hazard insurance. For your example, you could easily throw in $4,000 in property taxes. I guess the condo HOA covers the building's hazard and flood insurance, so you would likely be insuring only the contents.