Quote:
Originally Posted by Mark1130
I have been looking very hard at purchasing a CYV for the past 4 months. My wife and I visited TV earlier this month and have a very good "feel" about what and where we want to live.
Our questions always come down to finances. Our plan would be to buy now and rent out for at least 2 years then move once we get everything else up here in order. What I want to ask is about renting out our CYV
We met with Bob King at The Villages Rentals. He gave us 2 options.
We can rent out on the short term, mainly for the winter months. We would have to furnish the home and such.
Secondly, we could rent it out long term 6 months to a year at a time. In this case, we would not have to have it furnished since these renters usually want to move in with their own furnishings.
I would appreciate any advise or opinions on these two options. I have found two different CYV's that would suit either purpose and feel the time is right for us now to buy.
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If your financial situation will be really stretched unless you can rent successfully, then my suggestion is DON'T BUY YET. Lots of people can tell you you will realize X amount of income from rents, but it often doesn't materialize that way.
I've rented my place part time for six years with four different agents managing things. Our rental income has fluctuated significantly and two of the managers (The Villages Property Management and JD Management) did a lousy job of securing rentals and keeping our costs down. I've done monthly and weekly rentals only and while long term rentals sound more attractive, especially if you don't have to furnish the home, but I'm told they are very difficult to get. Send me a PM if you want to discuss this further, but my advice is don't buy until rental income is a nice plus, NOT a requirement for protecting your investment. Good luck!