Buying property and renting out

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  #1  
Old 01-10-2020, 03:53 PM
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starflyte1 starflyte1 is offline
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Default Buying property and renting out

I am thinking about buying a property that has been a rental and will come furnished with everything.

Are there any reasons that it would not be financial smart to rent the property? I could charge 2-3000 a month. Probably 2500. Only would do it for a short time, til I am ready to move. I would have to get internet and cable. A little income would be nice, but if it is not wise to rent out, I won't.


TIA
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  #2  
Old 01-10-2020, 05:33 PM
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asianthree asianthree is offline
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It depends on when you are buying, and when you plan to rent. Summer, and early fall is harder to rent than winter
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  #3  
Old 01-10-2020, 06:01 PM
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Depends on how soon you want to make it your resident. If it soon i would for go the rent. It is just not worth the damage a renter will do.
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  #4  
Old 01-10-2020, 06:15 PM
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valuemkt valuemkt is offline
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Just a word of caution .. There's a world of difference in getting 3000+ / month for the 3 or 4 high season months and expecting to get it from a long term renter on a 12 month contract. Do some homework and find out occupancy rates from May through September for a monthly business plan .. and do the same homework regarding long term rental rates..
  #5  
Old 01-10-2020, 08:28 PM
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retiredguy123 retiredguy123 is offline
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I wouldn't do it. It's too risky for a short period. Most successful rentals are owned by experienced landlords with repeat tenants.
  #6  
Old 01-10-2020, 08:59 PM
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ckcapaul ckcapaul is offline
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We did it for 5 years until we were ready to move in. Do your homework, no damages to our place. Good renters
  #7  
Old 01-11-2020, 06:49 AM
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ankeny ankeny is offline
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Default My research

There are costs associated with renting.

Extra utilities
Cable and Internet
Property manager 20% (If you are not available)
Florida tourism tax 10%
Normal wear and tear
Addition insurance costs due to extra liability.

I looked at doing it but I wanted to use my property Feb and March which you must rent in order to get top dollar or even be able to rent at all. I couldn’t justify the addition cost and work so decided not to rent. In the end it was a good choice for me and I came down to Florida much more often then I originally planned.

Good luck on your research.
  #8  
Old 01-11-2020, 06:58 AM
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MollyJo MollyJo is offline
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I am a future Village resident and plan to rent for a year to decide where in the Villages I wish to buy. I always look for unfurnished homes, so that I can move my furniture & not pay storage. I also have 2 dogs, so I look for fenced property, no close bodies of water(snakes/alligators), 2 car garage, etc. It all depends on the clientele you are targeting on a long term rental.
  #9  
Old 01-11-2020, 07:22 AM
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Colby Colby is offline
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We bought a rental property when we moved here as something for me to work on. The rent covers overhead of house with profit as well. Damage non existent, no issues of any kind. If you’ve found a house you love I believe it’s a good financial decision.
  #10  
Old 01-11-2020, 07:52 AM
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Instead of renting to strangers look for people you know where you live. Several friends my club back home rent their friends home in TV. Or you could just visit yourself and enjoy.
  #11  
Old 01-11-2020, 08:37 AM
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Patriceunger Patriceunger is offline
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We put our house on Villagers4Rent, and never had an issue with renting out Jan-April. Not much in the off season though. We never had any issues or problems in the two years that we did that with a patio villa and a designer home. Good luck.
  #12  
Old 01-11-2020, 09:33 AM
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starflyte1 starflyte1 is offline
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Default Thank you.

Thanks! I would only want to rent it for a few months, while I get my house ready to sell. Just a thought.

So, this morning, I am leaning toward passing right now, and only buy when I am ready to move.

Thanks again. I appreciate your thoughtful answers.
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  #13  
Old 01-11-2020, 10:49 AM
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Sunflower33 Sunflower33 is offline
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Default I bought one of those

Quote:
Originally Posted by starflyte1 View Post
I am thinking about buying a property that has been a rental and will come furnished with everything.

Are there any reasons that it would not be financial smart to rent the property? I could charge 2-3000 a month. Probably 2500. Only would do it for a short time, til I am ready to move. I would have to get internet and cable. A little income would be nice, but if it is not wise to rent out, I won't.


TIA
I did that charged 3500.00. Only did Jan thru April and it was great but you need someone here to help in time of need
  #14  
Old 01-11-2020, 01:05 PM
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Cranford61 Cranford61 is offline
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Your neighbors won’t appreciate the flipping of tenants . May cause resentment later on. My neighbor rented out as often as possible. One monthly renter had a different friend every week. Some renters tend to import their up north friends rather then reach out to established neighbors.
I was not unhappy when he sold out and moved back to Illinois to nurse his failing heart.
  #15  
Old 01-11-2020, 02:35 PM
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jackknoedl jackknoedl is offline
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What do you mean by a short time?? Also it would typicality be the renters responsibility to obtain cable and utility services etc.,
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