Talk of The Villages Florida - Rentals, Entertainment & More
Talk of The Villages Florida - Rentals, Entertainment & More
#16
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That is why you never take advice on TOTV
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Hotel tax is collected if you provide hotel services which is in and above just renting the property. It includes, food services and laundry services, as an example. However, do your market research to figure out who will be your customers, and how do the financials look at 100% occupancy in Jan->Apr and then 50% in the remaining months. From your original question, you aren't serious, as its very easy to search for rentals with google as if you were searching for a rental, to easily do a financial statement. All the competitive information is available on the internet, including bond costs, real estate taxes, insurance costs, location. etc. Rentals always come down to occupancy rates to figure out break even and return on investment. We were not profitable in 2020 with 40% occupancy, and this year we are not profitable with 60-70% occupancy, without a mortgage, including depreciation, for ROI finance guy |
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#17
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#18
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But did you have appreciation of true value???
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#19
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This market seems to be hot and prices are probably elevated. I was a landlord for decades, albeit in a different environment. Do not believe the formulas people give you. Rentals are work and all kind of expenses. Ultimately, the biggest gain was appreciation of the property after owning it long term. Glad to be free of it all and would not do so again EVER.
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#20
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[QUOTE=CoachKandSportsguy;2004713]This is why you don't take advice from random posters on TOTV. This statement is without context and therefore can be interpreted incorrectly.
Hotel tax is collected if you provide hotel services which is in and above just renting the property. It includes, food services and laundry services, as an example. [/QUOTE Florida Department of Revenue, Sales and Use Tax on Rental of Living or Sleeping Accommodations, Page 1 What is Taxable? Florida’s 6% state sales tax, plus any applicable discretionary sales surtax, applies to rental charges or room rates paid for the right to use or occupy living quarters or sleeping or housekeeping accommodations for rental periods six months or less, often called “transient rental accommodations” or “transient rentals.” Some examples are hotel and motel rooms, condominium units, timeshare resort units, single-family homes, apartments or units in multiple unit structures, mobile homes, beach or vacation houses, campground sites, and trailer or RV parks. Individual Florida counties may impose a local option tax on transient rental accommodations, such as the tourist development tax, convention development tax, tourist impact tax, or municipal resort tax. These taxes are often called local option transient rental taxes and are in addition to the 6% state sales tax and any applicable discretionary sales surtax. In many counties, the local option transient rental taxes are reported and remitted directly to the county; however, sales tax and discretionary sales surtax on transient rentals are always reported and remitted to the Department of Revenue. Have paid that tax to our landlord for a good few years. No services provided. |
#21
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I have a friend looking for a long-term rental between approx. 466A and 466 for around $1300/mo. She works days full time, no pets, very reliable.
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#22
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Patio Villas
As a 20+yr. Retired Property Manager/ licensing Instructor and a 13 yr Village Resident offering services in The Villages for 8 years, here is a little info for you.
Location will determine the most. Updated light bright comfortable beds are second. Winter: Ranges from 3,900 mo to 3,200 mo. Summer 2,800 mo to 2,500 mo. Profit depends on who manages your property. Be very careful if you won’t be living here to look after your property. Feel free to contact me if you like more information. There are ways to save thousands in fees. |
#23
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__________________
It's all downhill from here! |
#24
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I also got the same info from the state of FL. The only reason for non payment is dishonesty.
Guess it depends on how lucky you feel/are. |
#25
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Sorry but you are wrong. In the business and that is TRUE !
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#26
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If you buy a rental, please maintain it.
For all landlords out there, please maintain your rental houses! And, as mentioned by another poster, please factor in maintenance on a house you intend to rent out.
I live in a patio villa full time and it angers me greatly to see how negligent these landlords are. I have talked with distraught renters who can NOT get their landlord to maintain the property. Mowing grass once a month in the summer and never having the yard weeded is just unacceptable. For the biggest part, they provide no pest control. And all of this is to be performed per the contract. And then the landlord cries and complains if the renter moves out early. I’m so angry to see my patio villa neighborhood be treated as though it’s a ghetto. So, if you purchase a home to rent out, please maintain it! |
#27
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NO,,, HE IS 100% RIGHT,
LESS THEN 6 MONTHS YOU MUST >>>> collect hotel sales tax !!!! And send it to Florida tax.. |
#28
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I heard from my realtor that The Villages said "No" to investors on new builds. I guess too many people wanted to rent and this would create a lack of community feeling. You can buy an existing home however. Good luck.
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#29
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This is what the Villages told me about occupancy rates when using them to manage a rental:
"January through March we are usually fully booked. Second season includes October, November, December and April and we usually see activity on 60%-70% of our homes during this time. Summer months, May through September we usually see activity on approximately 30% if our homes." I calculated that using the Villages service just wasn't worth it. I did not try and calculate renting it on a year lease on my own. |
#30
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Sumter county had suspended their 2% tourist tax last year, due to the virus, but I have not followed up whether that is also re-instated. These taxes are like VISA transaction "tax" of 4% which is charged to the renter to cover the expense for the return on investment calculation. Again, you are correct, and my memory was incorrect. sportsguy |
Closed Thread |
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