renting of houses

[dave harris]

I've seen many comments on renters in The Villages. What are your observations about your rental to outsiders?

[redwitch]

I think the vast majority of renters are thrilled to be able to visit here. Most maintain the home better than the homeowners. I've had renters make repairs, weed and trim the yard, leave the home in a deep clean state. Most do not speed in golf carts, they rarely litter, they are extremely respectful of TV. They do make mistakes in the circles and get easily lost. If you can't tell, I like renters.

[justjim]

Rentals are a big business in TV. Two years ago I talk with a couple who had 26 homes they owned and rented. OP, I think you are spot on with your analysis regarding Renters in TV. Most are at or near retirement age and very very good neighbors and tenants. Many end up buying property in TV.

[Laurie2]

I have to wonder if there will come a point where TV will lose some of its cachet due to implosion from crowding. Maybe not this year or next, but projecting 5 years out???

If that happens, will investment properties be neglected? Maybe not overtly, but if the cash-flow slows, we might notice more and more properties sliding into that getting-a-bit-long-in-the-tooth look. Or selling as bargains.

Could owning a high multiple of rental properties create the potential for collapse under high leverage should the rental market hit the wall for whatever reasons?

The perceived urgency to buy years ahead of retirement and turning those homes into rentals persists. I have wondered what the percentage is of rental houses on those lovely streets in the brand new sections.

Yes. We own a home. We purposely chose an established neighborhood. No regrets. But I admit that I do not understand the, "Oh Yay! More houses! Goodie! Goodie Gumdrops!" routine. More is not necessarily better. Will TV lose its cachet and skew the rental market?

Any science-types out there want to explain critical mass?

[wudda1955]

I thought there was a limit to the number of homes one could own in TV or is that wrong?

[JoMar]

Don't think there is a limit, don't think limiting would even be legal. As I recall, even when the tank occurred in '08 the impact on TV was less than the rest of the the country as people saw it as a good place to invest, visit and live. Unless something better comes along (which is always possible) I thing TV is unique and will remain an attractive destination.

[ahayward65]

We rented for about 8 years before we bought and I can truthfully say I was a better tenant than many of the owners deserved. We rented in various villages every year as we wanted to get a feel for the various neighborhoods. Because of that we were never able to view our homes in person, just from photos. Before we committed I always talked via phone to the owners and asked many questions. We were told many times that the kitchen was well equipped, that there was WiFi, a fully functional golf cart, adequate linens, the list goes on. Well, often there wasn't what was promised. Very exasperating. This even occured with a Village rental, they must have relaxed their requirements by this time. We even once had the privilege of renting from a certain couple who operated a rental group in TV. They have since been arrested, sentenced and now serving time in prison, I believe. That house was the worst and he was the nastiest!
Over the years I kept a supply of things I knew I needed for comfortable living and stored them at my sister's house here in TV. That got us thru until we bought our own house.
So in the end both renter and owner should be cautious!

[Bogie Shooter]

26 homes? Assume $200,000 per that's a lot of dough!

[kstew43]

you can only buy 2 new homes from the builder......i have been told that many times...i don't think morse can do that....but who knows anymore....i mean they make you pay for any profit you make on your sale if you sell within a year.....

resales, you can buy as many as your can afford.....morse can't control resales..

[njbchbum]

Some banks will place a limit on the number of mortgages a person can have at any given time. We bought our house after the original buyer was turned down for a mortgage because he already had reached that limit as far as his lending institution was concerned.

[VT2TV]

I have to wonder if there will come a point where TV will lose some of its cachet due to implosion from crowding. Maybe not this year or next, but projecting 5 years out???

If that happens, will investment properties be neglected? Maybe not overtly, but if the cash-flow slows, we might notice more and more properties sliding into that getting-a-bit-long-in-the-tooth look. Or selling as bargains.

Could owning a high multiple of rental properties create the potential for collapse under high leverage should the rental market hit the wall for whatever reasons?

The perceived urgency to buy years ahead of retirement and turning those homes into rentals persists. I have wondered what the percentage is of rental houses on those lovely streets in the brand new sections.

Yes. We own a home. We purposely chose an established neighborhood. No regrets. But I admit that I do not understand the, "Oh Yay! More houses! Goodie! Goodie Gumdrops!" routine. More is not necessarily better. Will TV lose its cachet and skew the rental market?

Any science-types out there want to explain critical mass?



I agree with you 100%, I have some concerns that as the current owners die off, a lot of the children or heirs will let the properties "slide" The kids might be young and be unable or unwilling to live here, so the number of rentals will dramatically increase, potentially turning this place into a "timeshare-like resort." Just my opinion

[Schaumburger]

We rented for about 8 years before we bought and I can truthfully say I was a better tenant than many of the owners deserved. We rented in various villages every year as we wanted to get a feel for the various neighborhoods. Because of that we were never able to view our homes in person, just from photos. Before we committed I always talked via phone to the owners and asked many questions. We were told many times that the kitchen was well equipped, that there was WiFi, a fully functional golf cart, adequate linens, the list goes on. Well, often there wasn't what was promised. Very exasperating. This even occured with a Village rental, they must have relaxed their requirements by this time. We even once had the privilege of renting from a certain couple who operated a rental group in TV. They have since been arrested, sentenced and now serving time in prison, I believe. That house was the worst and he was the nastiest!
Over the years I kept a supply of things I knew I needed for comfortable living and stored them at my sister's house here in TV. That got us thru until we bought our own house.
So in the end both renter and owner should be cautious!

I must have been lucky so far with the homes I have rented in TV. I am also never able to visit the homes in person, I have just viewed the homes' photos from the rental web site and spoke to the owners on the phone before the rentals started. I have only had a couple of minor problems with the homes I have rented, and both problems were fixed promptly by the owners. The homes I have rented were very well furnished, beautifully decorated and well stocked. One home did not have a very good golf cart, but since I was only in the home for a week it was not a huge issue. The first time I rented in TV, I had never driven a golf cart before, and the owner had a friend of his give me a one hour golf cart driving lesson which was very helpful for me.

[Schaumburger]

I agree with you 100%, I have some concerns that as the current owners die off, a lot of the children or heirs will let the properties "slide" The kids might be young and be unable or unwilling to live here, so the number of rentals will dramatically increase, potentially turning this place into a "timeshare-like resort." Just my opinion

If a child inherited a home in TV from his/her parents, and the child did not want to live in TV or be a long distance, long term landlord, wouldn't most children (or other heirs) just sell the home? I have been to quite a few open houses during my visits to TV, and probably 30% of the homes I visited were being sold by children who inherited the home from their parents.

[lynxville]

I would not want to live next to rental property. I am a seasoned landlord and not fond of renters. TV people may be different especially being 55 or older. I know some developments do not allow full time renters and limit how often you can rent your unit out. This makes sense to me and I am surprised TV doesn't regulate this better. Florida eviction laws favor renters, not to mention squatters.

[tuctba1958]

Owning and renting our home in TV for the last ten years has worked out great. We bought when we were in our mid forties. We were too young to leave it empty until retirement. (part of the 20% under 55) We knew during our first trip this is the place where we wanted to retire.

As a landlord and homeowner I'm very respectful of my neighbors. I'm the only home that rents on our block. I've often heard I have the best lawn and you're not even here full time. I only rent during the high season. We like to visit when we can during the non peak times.

The best news is that this rental income will allow us to be debt free on this home when we retire and use part of the income to buy all new furniture replace the carpets and with any luck buy a new golf cart[emoji1]

[redwitch]

I would not want to live next to rental property. I am a seasoned landlord and not fond of renters. TV people may be different especially being 55 or older. I know some developments do not allow full time renters and limit how often you can rent your unit out. This makes sense to me and I am surprised TV doesn't regulate this better. Florida eviction laws favor renters, not to mention squatters.

Most renters here are different from your typical renters. They pay too much in rent and deposits to not be mindful of the home, neighbors and property. That, plus the fact most renters are older does seem to make a difference. I've had more than one neighbor tell me they wished various renters would become permanent residents (and many of them have in fact purchased here).

[nitehawk]

Most renters do the minimum improvements and minimum maintenance-- yes there are exceptions -- no pride in their property -- just a source of income

[asianthree]

I enjoy meeting new people that come for the first time that are renting a home. They are so excited and have found them to be very good with rental properties. They love to join in in the neighborhood when there's parties and potlucks. They are hoping soon to be a homeowner and are just coming to try out. The cost of them being here is not attracting The typical renter. Most come here and fit in just like a resident. I have never had any issues of a rental home next-door to me.