Renting a TV home

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  #1  
Old 03-02-2015, 10:17 AM
ADR0317 ADR0317 is offline
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Default Renting a TV home

Hi All,

Recently retired and a lifetime New Englander, I am looking to settle in Central Florida, which I have visited frequently and enjoy a great deal.
I am planning a 3 month visit, starting in April to research my ideal retirement community.

Although I plan on doing my due diligence in my search of various developments and communities, my research, including your wonderful Forum, and a recent 2 day visit, have made TV a solid favorite. I am currently in the process of securing a May (and perhaps June-July) rental in TV to experience the lifestyle and search for a permanent home.

I have a number of questions, which I will post separately, and my first concerns renting your TV home. My current plan is to live in TV 8-10 months of the year, with travel and home visits for 2-4 months. Obviously, it would be desirable to rent out my TV home for these 2-4 months, to help supplement my travel.

Can someone weigh in on rental expectations in TV, i.e.

- Expected net income (I am looking to purchase a home in the $220-250K range and notice current rentals in the $3K and above range Jan-March, and half that or less in the summer months)?

- What fees are typical of management companies handling rentals (provided I defer handling this on my own)?

- How probable is finding renter, provided fairly flexible with date availability, 2-3 months out?

- What are some caveats to consider in renting your home?

Thanks,
Alan
  #2  
Old 03-02-2015, 11:07 AM
OBXNana OBXNana is offline
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One thing to consider when buying is what a guest would be looking for in terms of location. Go through as many Villages rental sites to see where houses seem to have the best rentals. Is it a specific square, golf front or water front, proximity to pools, and stores. There is quite a bit you can find out with researching the rental websites. This will also help you set a potential rate. Then, figure out your approximate expenses. Will the income match the expenses and if not, are you willing to take a loss to spend time in The Villages with a property that, in the past, has appreciated in value?

There are a few management company's in the area. We've had rental property in the Outer Banks, NC for 15 years and wouldn't consider managing it ourselves. In The Villages, we've found our Home Watch and our keeping excellent records, makes it better for us not to have a management company. This is our experience and the additional income is worth a little more involvement on our part. When we were doing our research a year ago, Corky from Remax was the most helpful and their management contract was easier to accept than some of the others we read.

If this is your first time renting a furnished house, you will need to ask yourself, do you mind if someone puts their feet on your table, eats crackers in your bed, or breaks a plate or dish? You have to separate business from personal. It isn't for everyone.

No matter how complete your ad may be to rent your property, you will have people email or call without reading the write up. Are you prepared to field these inquiries? There may be 20 in a day. If the guest forgets the pass code to the door, the guest can't figure out how to use the remote, or they shut the slider on the curtain and it tore, are you prepared to handle the situation? If not, you need to make sure you have a local contact in the area to handle the things you can't when you are miles away.

We settled 2/14, set up the house 3/14, and for the most part, has been rented steadily. We have no regrets. The guests have been wonderful, taken good care of the property, and we have a home watch that allows us to have peace of mind. We've learned if we keep the property in pristine condition, provide everything a person would need to live in the house to be comfortable, and communicate with the guests, the guests will in turn respect the villa.

This is an exciting time for you. Have fun exploring all your options. This is a wonderful forum that has helped us immensely. There are very knowledgeable people here and the search tool at the top became our go to spot.
  #3  
Old 03-02-2015, 12:17 PM
raynitsche raynitsche is offline
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I Always argue ( for lack of a better word ) with my wife over the fact of " who would rent here in June thru October "?
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Old 03-02-2015, 01:37 PM
justanormalgirl justanormalgirl is offline
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Quote:
Originally Posted by raynitsche View Post
I Always argue ( for lack of a better word ) with my wife over the fact of " who would rent here in June thru October "?
Actually, we would we enjoy Florida no matter what time of year it is.
  #5  
Old 03-02-2015, 01:57 PM
Abby10 Abby10 is offline
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Quote:
Originally Posted by raynitsche View Post
I Always argue ( for lack of a better word ) with my wife over the fact of " who would rent here in June thru October "?
We have too since we also enjoy, not so much Florida, but TV anytime of the year. But having said that, I would say to the OP that counting on a sure bet to rent outside of the high season months (Jan-Mar) is a real gamble.

As far as management fees goes, I have seen them as low as 10%. But another point to keep in mind, if you are not doing a long term rental (more than 6 months), then you must also pay a minimum 9% tax on your rental income, depending on the county you reside in, I believe. It's good that you are asking these questions beforehand. There is a lot to consider before leaping forward and being informed helped us to be better prepared when we did make the leap. This forum provides most of the answers to any questions you may have regarding renting in TV. If you can't find it by searching, just keep asking! All the best to you!
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