Hello,
I currently have deposits on 2 studio units at the Village of Imagine in Orlando. It is a condo Hotel by Intrawest. It will be run by Westin as a 4 star hotel and is directly across the street from the Orange County Convention center. (search google for Village of Imagine for all the details)
This is my first real estate investment purchase and I am concerned becuase it appears (from my calculations) that these units will likey not benifit from positive cash flow. Considering the 2 studios I am looking at buying will cost me almost $6k/month in mortage/taxes/fee’s, I am concerned that I will have to fork out a lot of money each month to own these units and am thinking of only getting one. The only thing keeping me interested in two is this is their first release of units (which should be their lowest prices) and the location. I think the units will rent very well, but I have no idea how well or for how much the nightly rates will be.
I was thinking getting two units and selling one and help pay for the other…but I am not sure if I will even be able to sell them once they are finished. i.e. - if they don’t pay for themseleves (forget making a profit) who would by them?
Your thoughts on this would be much appreciated.
Thanks