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Rental question

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Rental question
  #1  
Old 09-04-2019, 06:15 PM
Lewisje Lewisje is offline
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Default Rental question

Coming to TV in the Spring. Thinking of buying a house to offer as a rental for a couple of years until my wife retires. What have been experiences (good and bad) of those who have done the same thing?
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  #2  
Old 09-04-2019, 08:48 PM
Arubagirl33 Arubagirl33 is offline
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It’s better and less expensive to handle the rental process on your own. Rentals are typically good for the tax benefits, but not a cash cow. High time is a given & after April maybe a renter here or there over the fall/winter. If you pay cash, it’ll definitely pay for itself. We had one South of 466A & One North of 466A.
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Old 09-05-2019, 05:20 AM
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I have had 2 rentals since 2008. I rent an average of 9 months a year. Usually September through April and than pick up one additional month. Two years ago I converted one to year around rental as I got a two plus year lease.

Most tenants are excellent. I have only had a couple I don't want back again. I do work at doing it. If you just place an ad and hope for the best you will get prime months only and maybe one more. By working at it I do things like keep my ads fresh, offer specials to good tenants, stay price competitive, keep the property updated, fix any issues quickly, make tenants feel welcome, send news letters about whats happening in the villages, offer gift cards for referrals, maintain an inquiry e-mail list so I can offer a last minute discount when I have an open month, treat tenants like you would like to be treated, make sure they enjoy the Villages. I treat it like a job and do what ever it takes to be the very best at it. Exactly as I did during my working career.

So for me it has been a positive experience. My properties have paid for themselves with some positive cash flow, provided some tax benefit and a significant build of equity. I have met many wonderful people who are still good friends. I believe it's an excellent way to make money as your tenant base is the best you will find anywhere. However you do need to work at it to be successful. At this point I could easily buy several more properties from my current equity and keep them rented for enough months to make them profitable. And if I was 20 years younger I would own 15 or 20 rentals by now and make lots of money.
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  #4  
Old 09-05-2019, 08:17 AM
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Here's a link to a website that has 1600 Villages rentals. You can get some ideas such as rents, what you need to provide, competition, possible advertising, etc.

Villages4Rent.com
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  #5  
Old 09-05-2019, 08:36 AM
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Quote:
Originally Posted by Arubagirl33 View Post
It’s better and less expensive to handle the rental process on your own. Rentals are typically good for the tax benefits, but not a cash cow. High time is a given & after April maybe a renter here or there over the fall/winter. If you pay cash, it’ll definitely pay for itself. We had one South of 466A & One North of 466A.
Don't forget taxes
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Last edited by karostay; 09-05-2019 at 12:55 PM.
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  #6  
Old 09-05-2019, 10:25 AM
Arubagirl33 Arubagirl33 is offline
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Florida department of revenue explains how to apply for an ID number and how to pay your Sales/Use tax for rentals. The rate is 6% of your monthly rental income. You’ll go online each month and enter your information. If you didn’t collect rent for the month you have to enter zero. This fee doesn’t apply to a long term/consecutive tenant of 6 months.
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Hard work
  #7  
Old 09-05-2019, 11:21 AM
justjim justjim is offline
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Quote:
Originally Posted by l2ridehd View Post
I have had 2 rentals since 2008. I rent an average of 9 months a year. Usually September through April and than pick up one additional month. Two years ago I converted one to year around rental as I got a two plus year lease.

Most tenants are excellent. I have only had a couple I don't want back again. I do work at doing it. If you just place an ad and hope for the best you will get prime months only and maybe one more. By working at it I do things like keep my ads fresh, offer specials to good tenants, stay price competitive, keep the property updated, fix any issues quickly, make tenants feel welcome, send news letters about whats happening in the villages, offer gift cards for referrals, maintain an inquiry e-mail list so I can offer a last minute discount when I have an open month, treat tenants like you would like to be treated, make sure they enjoy the Villages. I treat it like a job and do what ever it takes to be the very best at it. Exactly as I did during my working career.

So for me it has been a positive experience. My properties have paid for themselves with some positive cash flow, provided some tax benefit and a significant build of equity. I have met many wonderful people who are still good friends. I believe it's an excellent way to make money as your tenant base is the best you will find anywhere. However you do need to work at it to be successful. At this point I could easily buy several more properties from my current equity and keep them rented for enough months to make them profitable. And if I was 20 years younger I would own 15 or 20 rentals by now and make lots of money.
The old saying is true - “The harder you work the luckier you get”. We have purchased a total of five houses in TV and “twenty five others” prior to retirement. As we age it’s nice to be down to just three properties. I have one acquaintance in TV that owned 26 homes and 25 were rentals. It is a very profitable business for him and his wife but they worked hard at running it, from what I observed, the correct way. If I was younger, I would have purchased several more in The Villages.

OP, I know several residents who did exactly as you are thinking and they have no regrets. Good luck!
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  #8  
Old 09-05-2019, 12:51 PM
mulligan mulligan is offline
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I don't think any rentals should be allowed.
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  #9  
Old 09-05-2019, 12:52 PM
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Quote:
Originally Posted by Arubagirl33 View Post
Florida department of revenue explains how to apply for an ID number and how to pay your Sales/Use tax for rentals. The rate is 6% of your monthly rental income. You’ll go online each month and enter your information. If you didn’t collect rent for the month you have to enter zero. This fee doesn’t apply to a long term/consecutive tenant of 6 months.
Florida rental tax is 7% depending on your county
Sumter is 2 % development for a tax total of 9%
To be tax exempt the term has to be greater than 6 months
6 months or less doesn't qualify for tax exempt status
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  #10  
Old 09-05-2019, 02:56 PM
Arubagirl33 Arubagirl33 is offline
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Quote:
Originally Posted by karostay View Post
Florida rental tax is 7% depending on your county
Sumter is 2 % development for a tax total of 9%
To be tax exempt the term has to be greater than 6 months
6 months or less doesn't qualify for tax exempt status
Yes, Correct! Greater than 6 Months. I didn’t word it properly. Our Rental was Sold 3 years ago. The percentage I quoted was what we paid. Sorry and Thanks for the update.
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