If you were going to buy an investment property....

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  #1  
Old 05-30-2021, 11:14 AM
LMBNY LMBNY is offline
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Default If you were going to buy an investment property....

... where would you buy and why?

Say, you're already in your forever home, but are looking for a rental property opportunity. Based on what you know about The Villages -- Where would you buy?
  #2  
Old 05-30-2021, 11:24 AM
retiredguy123 retiredguy123 is offline
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I would look for well maintained, furnished houses in the older sections near Spanish Springs.

I have owned several rental houses over the years, and always made more money on the inexpensive ones. But, if you are speculating for resale value and you have a crystal ball, you can make money on any house by timing the market.

Last edited by retiredguy123; 05-30-2021 at 11:46 AM.
  #3  
Old 05-30-2021, 02:09 PM
CoachKandSportsguy CoachKandSportsguy is online now
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Great investment question. I would probably try to find a few of the down on their luck homes from snowbirds who have older homes very near the squares. The question you should be wrestling with, is: do you think you will be marketing / renting to snowbird seasonal renters or for long term retiree renters? The current environment is temporary, though the duration is uncertain. And most retiree renters are temporary and are looking to buy. . . . Its your view of whether TV is a retirement village of seniors or a snowbird destination where the winter rents are high. . .

TV slumlord in Marsh Bend. . .
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Old 05-31-2021, 10:35 PM
HandyGrandpap HandyGrandpap is offline
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Are you seeking cash flow? Appreciation? Are you looking to cash purchase or do a % down and finance the rest? Right now I believe appreciation is the best. Minimal down to leverage your cash. Rent, seek to break even or even negative with write offs snd depreciation playing to your advantage. 20% down on $250k is $50k. With 8% appreciation, you do the math. Your thoughts???
  #5  
Old 06-01-2021, 06:38 AM
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l2ridehd l2ridehd is offline
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I have owned several rental properties here with great success. I only bought in down markets so now is probably not a good time to buy. Over the past few years I have been selling them at 1 each year. Close on the last one in a couple weeks. It has been very financially rewarding. Broke even usually during ownership, but made a lot when selling. When I sold the first one I paid off mortgage on the last one with lots of cash left over. So paid down the next to last one. So I owned the last few outright and because of no mortgage payments they made money during the last rental years.

I treated this as a job and it was work. Did all my own maintenance, management, advertising and everything else. It all worked very well and made me lots of money. Be happy to help/advise anyone considering it. Lots of lessons learned. This is a great place to do this as your tenants are all really good folks. In my 14 years doing this I only had one bad tenant and they were not awful.
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Old 07-23-2021, 06:28 PM
jmaccallum jmaccallum is offline
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Quote:
Originally Posted by LMBNY View Post
... where would you buy and why?

Say, you're already in your forever home, but are looking for a rental property opportunity. Based on what you know about The Villages -- Where would you buy?
Right now, I wouldn’t buy anything for an investment property, anywhere. Escalated prices and buyer fever make it an easy No. This real estate bubble will burst, soft or hard, who knows. But these prices leave little room for appreciation, and cash flow will probably be a significant negative no matter the snowbird or long term renter scenario.
  #7  
Old 07-23-2021, 07:00 PM
valuemkt valuemkt is offline
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I'm not buying right now, so would advise the same. One of the responders indicated his success at buying and mentioned systematic selling of his properties. Also mentioned the hard work he put into it to reap his just rewards. I belong to a number of Facebook groups where people who have never owned rental properties are asking for advice on wording of leases, how to get out of tricky situations, what rent to charge after they have already bought a property etc.. ALL signs of reckless buying, IMO. It is not an easy game - you can make it an easy game - if you study, do your homework and make logical assumptions. You;re asking a smart question, indicating that you are not (I think) a desperate buyer. Have you thought about what kind of tenants you want ? eg, AIR BNB types, turning your house into a hotel; snowbirds - monthly or weekly rentals requiring Full furnishing and some upscale items to differentiate your property from the myriad of others going for the winter months bonanza ? Long Term - getting less every month but a predictable income.. have you done a cash flow analysis of how much a negative youre willing to accept ? Or are you paying cash and planning on an appreciation windfall in 5 or more years? Do you have cash reserves that you;re willing to part with when the HVAC gives out ? Believe it or not, the more units you have, the easier it gets (again, with the right preparation).. One unit and one HVAC blows your budget out of the water.. One blown HVAC and 5 or more units is just a cost of doing business. I could be wrong, but my guess is that in 2-3 years some of the rookie landlords will become disillusioned and decide to sell. Time will tell. If I were to buy today in the Villages, it would be a toss-up between new in the Southern Oaks and existing. Since contractors are incredibly tied up, unless you have hands on skills for swapping out cabinets and updating bathrooms, I would avoid the older houses above 466. What looks like a bargain could turn into a money pit with time delays, contractor issues and rapidly increasing material prices. Before you make a move into the Villages, take a look at non Village property less than 45 minutes from wherever you live.. You might be surprised at what you find. Best of luck.. Owning real estate has been great for me.. Trying to teach the kids about it while I can.
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Old 07-23-2021, 07:54 PM
Stu from NYC Stu from NYC is offline
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If I was 20 or so years younger would probably buy a few rental properties.

Given our age ultimately goes to our kids who might or might not want to get saddled with real estate.
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