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Thread: renting
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Old 07-23-2007, 09:39 AM
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JohnZ JohnZ is offline
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Default Re: renting

My wife and I bought two villa's to rent-out about four years ago. We've since sold one and now live in the other. You're profit or loss (both are possible) depends on the price you pay, the rent that you charge, cost of furnishings, insurance, taxes and property management fees and other costs. Also, if you plan to finance, it could push you into negative profit numbers. Your home will rent very quickly during the high season, Jan, Feb, Mar, and (perhaps April). It is difficult to find renters for the remainder of the year. Based on current costs and market conditions, you probably will experience a negative cash flow if you finance 80% at prevailing interest rates. That said, you will most likely be negative only few hundred bucks with the rent covering most of your costs including mortgage until you're ready to move in. Another very important consideration nowadays is insurance......many home insurance companies will not insure your home in FL unless it's your primary residence.....if they do could be expensive. The best advice I can tell you is to get an accurate idea of what your costs will be (all costs including taxes and maintenance) and compare this to projected income based on prevailing rental rates in TV. Hope this helps.
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