Talk of The Villages Florida - Rentals, Entertainment & More
Talk of The Villages Florida - Rentals, Entertainment & More
#31
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Since this hasn't been mentioned, let's have a reality check about living next door to a SHORT term rental. By definition, this makes your property a mini-motel which is not an approved use in any area zoned for single family residences. Lot's of people do it and get away with it. The Villages was never intended to be a property investment community governed mostly by greed. Not just here, but AirBnB's everywhere are ruining neighborhoods.
That nice couple you THINK you rented to will very likely call every party animal they know and say "come on down!" There's no way to control that. The result will be accelerated wear and tear on your property and your neighbors may end up hating you. If you engage a management company, they will take most of the money and rent to anyone who comes up with the cash. The homes in the villages carry a premium price. If you can afford one, there should be no need to rent it out. I would never rent my house because I actually CARE about my neighbors......something my mother taught me a long time ago. Unfortunately, it's a ME FIRST world now. |
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#32
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If you know of a rental in TV for around $1500 I will also be interested. Last edited by VILLAGERBB; 12-17-2023 at 09:35 AM. Reason: typo |
#33
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OP,
A free newsletter that is fairly informative on investing ideas is Kiplinger, in case your not familiar. I posted, as a couteous jesture, if you so desire to sign up, as this provides, at least some perspective, on various investment options. Kiplinger E-Newsletter Sign-Up Page |
#34
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Over the last 100 years, the safest and fastest way to accumulate wealth in the US has been real estate. Up until 20-30 years ago, most large fortunes were made from real estate investing. 10 years ago, Warren Buffett said: "I'd buy a couple of hundred thousand single family homes if I could" (Access Denied). Here's a step by step method that worked well for my friend Shane Sigsbee, a former Notre Dame golfer and now an Elite Amateur, with a dozen or so USGA events under his belt: Using the BRRRR Method to Scale to 35 Short-Term Rental Units with Shane & Rachel Sigsbee - The Road to Family Freedom I have 3 rental condos in MA, that I manage from Florida. I've only stepped foot in the building once, in the last 3 years. They return about 6% per year + a 5 year appreciation of 40%. They are investments you can see, feel and touch ... they're not some nebulous piece of paper or #'s on a computer. When the real estate market is weakened by things such as higher interest rates, rents increase and rental units become more valuable ... folks aways need a place to live and many people are forced to move by circumstances, regardless of their inability to buy or sell a home in a given market. Over the last 50 years, inflation averages out to about 4%/year. Housing appreciation averages out to about 5%/year. That's somewhat deceptive, in that the housing appreciation average, takes into account the vast area of the USA, where real estate appreciation is minimal (generally areas not in a coastal region). Over the last 5 years, real estate appreciation in desirable areas has approached 10%/year. As is the case with any business (& owning investment real estate is a business), supply & demand is the driving factor. Personally, I think the supply in TV is saturated. What's worse, is it's saturated by amateur real estate owners, who think buying property in TV is an easy "get rich quick scheme". In the real estate business, your true profit is made when you purchase, not when you sell. If you buy right, in the right location, your profit is made. You might not realize those profits immediately, but the profit is there and tangible, in equity and/or cash flow. One other benefit to the real estate approach that many seem to forget, are the tax benefits. "Depreciation" on rental property is free money. Not only is it free, your heirs never have to pay it back, as heirs (in most circumstances) take property at market value. If you depreciate a $1,000,000 worth of property over 27.5 years, at a nominal tax rate of 22%, that's $220,000 or $8000/year of "free money". Don't let the naysayers get you down. There are plenty of opportunities in real estate investing, although TV may not always be the best place to concentrate. |
#35
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#36
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I live in TV in the south (across the turnpike) and would urge restraint in buying an investment property. I can't speak to the (current) middle and top of TV for rentals, but here in the south we are past the point of saturation and many are going unrented. My extended family celebrate Christmas a few days after the 25th and wanted to rent a place within walking distance of my home. They were four homes that were wide open and we were able to rent a designer home for $2000 for a week. The home is available the week before our rental on the 28th and for the two weeks after our rental ended. Thats one week guaranteed rental in a month....during the high season. There is no way they are covering all their costs. If finances are as tight as you indicate, you need guaranteed income with minimal downside risk. A rental property does the exact opposite. |
#37
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Prices haven’t bottomed out yet
Prices haven’t bottomed out yet, why pay more than you need to? Mid summer 24 looks like the best time so far according to many.
__________________
Everywhere “ There are those who believe something, and therefore will tolerate nothing; and on the other hand, those who tolerate everything, because they believe nothing.” - Robert Browning |
#38
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Probably when mortgage rates are around 5%. |
#39
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Perhaps
Maybe, there really isn’t a crystal ball for what the Fed might do or what treasuries might be. Basic economics is still founded on supply and demand but we also know interest rates are important from an investment standpoint. The OP sounds like they are paying cash though?
__________________
Everywhere “ There are those who believe something, and therefore will tolerate nothing; and on the other hand, those who tolerate everything, because they believe nothing.” - Robert Browning |
#40
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You are about 50% correct. Not bad. 1 year homeowners? Do you mean insurance, if so, that's only if there is a mortgage. If there is no mortgage, homeowners insurance is not a settlement cost and it's not even a cost if the new homeowner self insures. Seller pays documentary stamps. Seller pays title search and insurance. Both parties will usually split the other title fees such as administrative or closing fee.
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#41
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This is for pre-owned. I'm not knowledgable in buying new from The Villages. I wouldn't doubt it if they pass all cost to the buyer, which is ridiculous. |
#42
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#43
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Skip the Realtor
If you decide to buy in this poor market, look at for sale by owner listings first on Zillow etc. At least you won’t be paying the leech in the middle realtor.
__________________
Everywhere “ There are those who believe something, and therefore will tolerate nothing; and on the other hand, those who tolerate everything, because they believe nothing.” - Robert Browning |
#44
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See Post No. 42. On a new house, the buyer doesn't pay any closing costs, unless they want an owner's title insurance policy. Even on a pre-owned house, the owner's title insurance policy is optional and is paid for by the buyer, not the seller.
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#45
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There are over 150 available on rent from a villager. Likely more to come
That’s a lot of competition |
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