Patio villa rentals?

Patio villa rentals?

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Patio villa rentals?
  #1  
Old 03-10-2019, 06:58 PM
angel222 angel222 is offline
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Smile Patio villa rentals?

I am thinking of purchasing A patio villa as an investment. Have never done anything like this before and I am looking for information regarding how to rent it - annually or seasonally; pitfalls of managing it on your own; insurance;v villages RE as managing agent; any other personal experiences, etc.

Would really appreciate any info you could offer...thanks!
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  #2  
Old 03-10-2019, 07:44 PM
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Toymeister Toymeister is offline
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I actually have a rental. I run in the high 70s low 80s percentile occupancy rate. In TV this is very good. In my opinion the best rent to purchase rate are the CYVs and smaller designers with an inferior lot (not a corner). No one will pay more rent for granite countertops, golf cart garage, enclosed lanai and so on.

While it does help you rent it does not help you recover your additional purchase price the extras can easily exceed 100k.

Conversely, no one want a too inexpensive place. No offense to any patio villa owners but some do appear inexpensive in the rental listing pictures when compared to a CYV which may rent for 200.00 more a month, that is relatively a small increase

You can easily rent these your self using a good home watch firm.
Another thing that factors in is if you will be ultimately occupying this home.
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  #3  
Old 03-10-2019, 08:48 PM
Fraugoofy Fraugoofy is offline
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Quote:
Originally Posted by angel222 View Post
I am thinking of purchasing A patio villa as an investment. Have never done anything like this before and I am looking for information regarding how to rent it - annually or seasonally; pitfalls of managing it on your own; insurance;v villages RE as managing agent; any other personal experiences, etc.



Would really appreciate any info you could offer...thanks!
A patio villa is a great investment if you want to spend the time managing it yourself. It takes time and effort to do it well.

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  #4  
Old 03-11-2019, 12:32 PM
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Packer Fan Packer Fan is offline
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Quote:
Originally Posted by Toymeister View Post
I actually have a rental. I run in the high 70s low 80s percentile occupancy rate. In TV this is very good. In my opinion the best rent to purchase rate are the CYVs and smaller designers with an inferior lot (not a corner). No one will pay more rent for granite countertops, golf cart garage, enclosed lanai and so on.

While it does help you rent it does not help you recover your additional purchase price the extras can easily exceed 100k.

Conversely, no one want a too inexpensive place. No offense to any patio villa owners but some do appear inexpensive in the rental listing pictures when compared to a CYV which may rent for 200.00 more a month, that is relatively a small increase

You can easily rent these your self using a good home watch firm.
Another thing that factors in is if you will be ultimately occupying this home.
I have rental units also- could not agree more. He stated the facts beautifully. Totally agree about a low end designer home in a great neighborhood..... it has worked for me.
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  #5  
Old 03-11-2019, 02:17 PM
Daddymac Daddymac is offline
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I have a Rental, If you don’t mind doing all the work it a Good Choice .
If you like to seat back, You will lose your shirt.
It’s a competitive market.
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  #6  
Old 03-11-2019, 04:14 PM
Md girl Md girl is offline
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Getting rid of our rental. For us we felt it was not worth having. Having to pay 9% taxes on any rental under 6 months can really eat into your income. It’s wise to check out all the pros and cons thoroughly. I know a lot of people don’t pay the taxes but u will eventually get caught and it’s not worth the penalty to try to avoid paying.
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  #7  
Old 03-11-2019, 09:51 PM
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Toymeister Toymeister is offline
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Originally Posted by Md girl View Post
Getting rid of our rental. For us we felt it was not worth having. Having to pay 9% taxes on any rental under 6 months can really eat into your income. It’s wise to check out all the pros and cons thoroughly. I know a lot of people don’t pay the taxes but u will eventually get caught and it’s not worth the penalty to try to avoid paying.
When I was doing my due diligence I noticed most owners rolled occupancy tax into the rent. I charge tax In addition to rent, just like any other business. In the past few years I have noticed more owners are doing the same.
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  #8  
Old 03-12-2019, 07:53 AM
angel222 angel222 is offline
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Thanks everyone for your info. It’s an
Idea I obviously need to research further..,I am a widow and repairs would have fallen upon my husband who was very handy but now I would have to pay someone - adding to overall upkeep expenses... thanks again!!
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  #9  
Old 03-12-2019, 10:35 AM
New Englander New Englander is online now
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Quote:
Originally Posted by Toymeister View Post
When I was doing my due diligence I noticed most owners rolled occupancy tax into the rent. I charge tax In addition to rent, just like any other business. In the past few years I have noticed more owners are doing the same.
Smart move.
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