I currently live in CT but I’m interested in buying a vacation home in Orlando. There are a lot of agents out there that are advertising these homes that I can rent out to vacationers. Does anyone know anthing about that? I own a few rental homes in CT that are doing pretty well but I’ve never bought any vacation homes so I’m very new at this. I’m going to Orlando on June 30th to check out some places and to find an agent. Does anyone have any advice or suggestions? Thanks in advance.
Hi,
I’m a realtor and yes there are entire new construction communities setup for investment/vacation homes. Most are located south of Disney (Kissimee area) which are zoned for s/t rental. The market is very hot due to foreign (UK,) and northern (NY, NJ, MI etc) immigrants.
I am a realtor by day, but a wannabe investor by night.
I looked at one of these investment communities last month. They were charging $300K+ for a 3/2 home. Homes in this area will rent for roughly $1K a week off peak, $2K during peak. Most people don’t factor in they want to use the home during peak season, so they are not making $$ during their most profitable periods. The community had 75+ homes and sold out completely in less than 4 mos. Majority of buyers were from the UK, who are loving the weak dollar/pound conversion. Everyone is banking on the appreciation continuing.
If you are seriously looking to purchase property, I would advise you to come ready to move quickly. It’s the wild, wild, west and cash is king. The better new construction communities go fairly quickly. Now some new communities are having lotteries so people feel like they have a fighting chance.
I see on the MLS and hear from my fellow realtors some of the craziest things. It’s amazing to us because everything started to explode in fall of 04 right after the hurricanes.