Quote:
Originally Posted by margaretmattson
It seems you have described a Lifestyle Visit. It will be interesting to see what the Developer does once this bill has passed. The lifestyle visits are no longer in neighborhood CYVs with its own pool. They are now in patio villas. Perhaps, the Developer got a whiff of the new state laws.
In my prior neighborhood, STRs were not planned. They were born out of necessity and greed.
1. The original owner passed and the child wishes to keep the home but is not ready to retire. Brilliant! I'll rent it out until I am ready to occupy it.
2. One of the owners has a serious medical condition and the bills are getting out of hand. Solution? Rent our property for added income.
3. Seasonal residents cannot find a responsible person to look after their homes while they are away. Why pay someone to take our money and not do as promised? Rent the home while we are away and those occupants can take care of the home. What a great idea! Someone PAYS US and does the job. Win, win!
4. Someone near retirement purchases a home to safeguard themselves from soaring home prices. They now own two homes and see no problem with renting until they are comfortable. They could care less if this makes their future neighbors uncomfortable. It's all about me!
There are more scenarios, but you get the picture.
We did have one man who owned several investment properties. He was the worst! With him, everything was about money.
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My response is general -
All other than the "buying another home as an investment property" can be totally fine with my previous suggestion, because they can ALL happen with an imposed 10-day minimum stay with leases, and property managers to take care of the property when the owners aren't occupying it.
Hometown Property Management does a bang-up job of helping homeowners find tenants for their properties, and taking care of the properties when the homeowners are away. They offer weekly and monthly rentals and the rates vary between $600/week to $7000/month depending on time of year and type of home being rented.
They're not the only property management company but they are the most known, the most respected, and the ones who have the most investment in the community to ensure that the property is properly maintained - Tom Conklin, the principal of the company, is a project manager for the developer.
As for multiple investments - the developer doesn't care how many properties you buy. But the zoning officer of a municipality might care. It'd be up to the city/county zoning department to declare that anyone who buys a single-family house but doesn't occupy that house at least 2 months out of the year (or has a designated family member occupy it at least 2 months out of the year), must pay a penalty. Of course they also don't get homestead tax benefits, but this could become a deterrent to investment ownership rather than occupant-ownership. Another option would be to allow only one pair of IDs per owner, rather than per property. If you own 6 houses, you still only get 2 IDs, and only 2 gate passes (which only matters if you're going to Walmart on 441 but it's the principal of the thing).
So yes- you COULD buy a second property here. But unless you're playing musical living rooms with your own family, it'll cost you extra, and will be made intentionally less convenient.