Talk of The Villages Florida - Rentals, Entertainment & More
Talk of The Villages Florida - Rentals, Entertainment & More
#31
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To determine the value of a rental property, you use the after tax discounted cash flow over the next 10-15 years, which is the proper way to determine valuation and ROI. . which comes down to a price per sq foot. . . . as the net present value of a commercial rental property not all real estate investments have a higher disposal value / sale value . . . you may have, but that doesn't mean all. . . . finance guy |
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#32
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Rental prices
Have you considered purchase of a stucco cement pored walls courtyard villa?
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#33
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Here's what Florida says on the subject of transient rentals of less than 6 months: Florida Dept. of Revenue - Florida Sales and Use Tax "Transient Rental Taxes In addition to state sales and use tax and discretionary sales surtax, Florida law allows counties to impose local option transient rental taxes on rentals or leases of accommodations in hotels, motels, apartments, rooming houses, mobile home parks, RV parks, condominiums, or timeshare resorts for a term of six months or less. For a list of local option transient rental taxes, visit the Department's Local Option Taxes webpage. In many counties, the local transient rental taxes are reported and remitted directly to the local government; however, sales tax and discretionary sales surtax on transient rentals are always reported and remitted to the Department. View a list of the Local Option Transient Rental Tax Rates (Tourist Development Tax Rates) " |
#34
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Rental prices through TV Hometown Properties are determined by type of home,
such a patio villa, courtyard or designer. |
#35
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It’s a fact and just because you aren’t aware of the law doesn’t mean I am wrong
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#36
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#37
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But the part that would bother me as a renter is that I would wonder if I was renting from a tax cheat. If the guy cheats on his taxes, is he going to cheat me, too? |
#38
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We use Vacation Rental By Owner (.com) and they add in the taxes when displaying the price of the rental and pay the Florida taxes. A quick scan of what is left for this January shows the villas run about 5K a month including taxes. Owner’s take home on that is obviously much less.
We are lucky to have a great manager that is able to do shorter (3 day) rental periods in the summer allowing our homes to rent most of the off season as well as the winter. After paying him and taxes and taking off maintenance and supplies we pretty much break even. All profit is in the increase in real estate value. |
#39
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Besides it being what type of property it is, and if it is lake /golf course view, or close to town centers, it also has to do with the property being rented long term or not. Long term is much less than if you were renting for just the high season. If its long term, is it furnished or not. Does it come with a golf cart.
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#40
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I don't know how they could lose money with a patio villa. Last year a unfurnished PV would have brought in about $17,000 rented for the year. The cost of taxes, bond, insurance, fees, water, and lawn maintenance is between $7,000 and $8,000 per year leaving about $10,000 profit if you don't have a mortgage. Two years ago Patio Villas were selling for under $200,000.00 if you would have a return of 3% on some type of investment you would have only made $6,000.00, at 5% you would break even but would not have had the huge appreciation over the last year or two.
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#41
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You seem to be an unlucky person here
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#42
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You seem to be an unlucky person here
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#43
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We discovered that people who say call for price many people refuse to call. No I do not rent. I would expect with COVID evictions for not payment has become more difficult. |
#44
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From April 2018 thru April 2020 we rented out a 3br bath home on golf course. Were told that market was not good. Rented home on yearly lease for $1500 a month. After paying fees and utiliites netted $850 a month(without a mortgage). Not much demand for yearly rental(too hot in the summer). Could have rented seasonal but was told that it would be difficult to get a long(4-6 month) lease and there was demand for 1-2 months lease. It is a crap shoot on making money and you need to look into long term appreciation.
Does have tax advantages. Realtors appear to have great lobbyists. |
#45
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I was think about doing the same thing…. However with the current price of the homes right now when you do the math and add up all your costs the return on investment is just too low for the amount of work you will be doing. If you can’t get a net of 8 to 10% you would be better off getting a good fixed investment paying 6 to 7%. There are lots of annuities that give good returns with no risk,
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Closed Thread |
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