Rental in Orlando Florida
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Thread: Rental in Orlando Florida

  1. #1
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    Rental in Orlando Florida

    Anyone ever looked into this or have done it? Is this feasible? I dont mean a cakewalk, nor do I mean you'd have to win a lottery, but is there any reasonable prospect of success?

    This is an intentionally open ended question, as I have done some preliminary research and have some thoughts myself, but what do you think?

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    be more specific

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    Quote Originally Posted by digitalatlas View Post
    Anyone ever looked into this or have done it? Is this feasible? I dont mean a cakewalk, nor do I mean you'd have to win a lottery, but is there any reasonable prospect of success?

    This is an intentionally open ended question, as I have done some preliminary research and have some thoughts myself, but what do you think?

    I've looked into it before. your best bet is to message a few people with for rent ads where you are considering and chances are 1 of them will let you pick their brain.
    I was looking into one of those turn key ones where they rent it for you, management on site etc etc. I was told you won't have any cash flow to put towards the mortgage. the management company will make sure of it. they'll be making all kinds of repairs.. replacing towels.. all kinds of shit.

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    Florida is one of the states that has higher property taxes for foreign ownership. There are more investor friendly states down there.

    There are also issues specific to Florida that you should be aware of, things that don't happen in Canada (hurricanes for example, being a drug entry state and swampland is another that quickly comes to mind), other states have their own issues (termites). It's not something to jump into without some homework.
    Last edited by Just a Guy; 2017-05-14 at 09:02 PM.
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    I rented a house in Orlando in February with kids and grandkids, through airbnb and was surprised at the number of houses available and the low costs to rent a relatively new house with pool.
    Not sure how the owners make out with these houses.

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    Quote Originally Posted by Just a Guy View Post
    Florida is one of the states that has higher property taxes for foreign ownership. There are more investor friendly states down there.

    There are also issues specific to Florida that you should be aware of, things that don't happen in Canada (hurricanes for example....)
    Agreed.

    Why not rent when travelling or vacationing?

    This way, you keep the liabilities with the owner and not you. Turn the key, enjoy, hand in key - walk away. If you don't like the experience, don't go back.

    Lots of competition for landlords now in our sharing economy (i.e., using Airbnb, VRBO, etc.). Lots of risk being a landlord now and going forward and not very liquid asset either.
    Hidden Content - Working on a $1 million portfolio and $30k per year from it.

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    Judging by the wording of OP's obscure question, he is talking about investing in a rental property in Florida, not renting a vacation home for his personal use. You will note he has not bothered to clarify his question.

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    Thanks for your replies. Yes, I was referring to the feasibility of purchasing and investing in a rental property, not renting a vacation home for personal use.

    As I said, it was an intentionally open-ended question. I was also hoping for some replies from anyone who's actually purchased an investment property and their thoughts (is it a good idea, bad idea, makes money, doesn't make money, why or why not, beware of tax issues, etc.) about this kind of investment going forward. Some of you have addressed some of those issues, so thank you.

    But it seems from your replies so far that it's perhaps not the best investment idea
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    To answer your series of questions...

    Is it a good idea?
    Depends on what you buy and how much you pay.

    Is it a bad idea?
    Depends on what you buy and how much you pay.

    Does it make money or not make money?
    Depends on what you buy and how much you pay.

    Why or why not?
    Because each property is individual, it's not like the stock market where everything has one price. There is no one answer which applies to all situations.

    If you buy in the wrong location, the wrong property, pay too much, choose the wrong tenants or manager, the economy tanks, etc. Then the property will most likely lose money.

    If you buy a bargain in a high demand area that is well built and maintained, get quiet tenants who always pay on time, have an honest property manager, then you could make a fortune.

    Reality usually lands somewhere in between. Remote property ownership has a whole lot more issues than local ownership, foreign ownership adds even more issues. If this was a "1st purchase" in real estate investing, I certainly wouldn't recommend it, start local and build up some experience.

    Real estate investing is a lot more than buy and collect profits, there's a lot of work involved. Well paid work usually, but not always.
    I'm not JustAGuy (without spaces), or Donald, or <insert name here>.

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    I used to own a rental property here in Ottawa. A lot of work, although somewhat (not hugely) profitable. So...it was a good idea (not great); made some money (not lots); had stress (not good); had complications with tenants (not good at all); has tax issues (some); has tax benefits (a few)...etc.

    In terms of multiplying the complexity and doing this in a foreign country, I personally wouldn't do it but your mileage and goals likely vary. Good luck with the decision!

    Hidden Content - Working on a $1 million portfolio and $30k per year from it.

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