What is Success Rate of Buying then renting out?

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  #1  
Old 09-02-2007, 11:31 AM
rdkent rdkent is offline
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Default What is Success Rate of Buying then renting out?

My wife and I are very interested in moving to TV when I retire, but that is 3-4 yrs away unfortunately. Given the current buyers market we considered buying now and then renting out during most of the year. What success (or failure) have others found in doing this? Any advice would be much appreciated.
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  #2  
Old 09-02-2007, 12:49 PM
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schotzyb schotzyb is offline
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Default Re: What is Success Rate of Buying then renting out?

We purchased our Ranch home(Austin) in Polo Ridge in November of 2003 and put it into a rental program with limited to moderate success. We have one repeat renter that rents every November and have a few weeks rental weeks in the summer months and then as all other homes are, it is rented every Jan- March and sometimes April. I guess the average is 4.5 months per year for our place.
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Old 09-04-2007, 02:35 PM
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SteveFromNY SteveFromNY is offline
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Default Re: What is Success Rate of Buying then renting out?

My home is in TV Property Management program since 2005. They do all the work, we just send them money (or rather they keep some of what they collect). I'm OK with what they've done, as it's helped with my taxes. We rented for 118 days in 2006 (first full year in the program) and had it rented Jan Feb Mar & part of April this year. They pretty much gaurantee that Jan Feb March will be rented for the full months. We've also gotten a few of the folks in there who do the lifestyle preview program for some 2-day to 7-day rentals. The rental income does not cover the mortgage payments entirely, but they do cover some the mortgage as well as all of the other expenses (remember cable and phone need to be factored too as the house must be ready to rent all the time). I have contracts with bug guys, landscapers, and a property management agent who takes care of the house and calls if anything needs attention.
Being somewhat naive as I went into this, I bought the house with the intent to rent and THEN realized it needed to be furnished to rent. Southern Lifestyle (naturally) has a rental package where they'll sell you the right set of furniture for your model at different quality levels (and prices), and a service where they will finish all the "accoutrements" as well. Everything from knives-forks to pictures on the walls, plants, etc. When we use the house, it's all furnished for us.
We've had no problems with the folks who've rented and nothing's been damaged.
I plan to get down there by next spring-summer for good, and I can't wait!
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Old 09-04-2007, 02:59 PM
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Default Re: What is Success Rate of Buying then renting out?

We rented our place out for one year before we came here full time. We had no problems and no damage. Our place was rented December through April. If you have a golf cart to rent with your place it will rent quicker than without one. Also figure how many weeks you will be able to come down and use. We would have come down here about 3 weeks a year and rented from someone else so we save there. Also after we purchased we came down several weekends a year for a 3 day trip. We found $120.00 round trip from Indianapolis to either Orlando or Tampa. Worked out that when it wasn't rented the flights were cheaper.

No it won't pay for its self but it will perhaps go up in value also. I believe they will be worth more a couple of years from now. At least the villa we purchased 3 years ago is worth more than I payed for it even if prices are down from a year ago.
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Old 09-04-2007, 03:01 PM
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Default Re: What is Success Rate of Buying then renting out?

Quote:
Originally Posted by rdkent
My wife and I are very interested in moving to TV when I retire, but that is 3-4 yrs away unfortunately. Given the current buyers market we considered buying now and then renting out during most of the year. What success (or failure) have others found in doing this? Any advice would be much appreciated.
Excellent question and I went thru the same scenario just a year ago. We had the opportunity to buy at the right price and we also knew it would become instant overhead for us due to the fact that we both still work. We bit the bullet and worked our butts off furnishing it in 90 days. We had it rented the month of January,2007 by word of mouth, part of February and March. This summer we became more aggressive with our advertising ( on this website, I might add) and in no time had it rented for Jan, Feb. and March 2008. On the net I purchased a very nice user friendly lease agreement valid for the state of Florida and away we went. We did it all on our own with no help except for the kindness of this website and the website of Mallory Square. I took a bunch of pictures and made a slide show that the potential renter can see the whole home for himself. Check "homes for rent" on this site and see if mines still listed along with the photo show. My advice is buy it now if you feel the price is right, this market slump will not last and rent it to take the sting out of the expenses. Buy the time you move in maybe the market will let you sell at a profit and you can trade up. ;D I'm a dreamer but so far so good :bigthumbsup:
Handie :joke:
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Old 09-04-2007, 04:07 PM
larrydube larrydube is offline
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Default Re: What is Success Rate of Buying then renting out?

Handie,

We did the same thing, except we bought ours on a Monday and left on Friday and had it completly furnished. We were running around like a chicken with our head cut off. We bought the place next door for my father in law and are going to try and do the same thing in October. Long days and longer nights......... Right now we have ours rented fro Feb thru Mar and his rented for the same time period. We cannot find anyone who wants to rent for January. That would make our day if we could do that.
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Old 09-04-2007, 04:10 PM
rdkent rdkent is offline
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Default Re: What is Success Rate of Buying then renting out?

Thanks guys - I really appreciate the feedback :#1: :#1: :#1: This site is tremendous for learning about TV. ;D ;D
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Old 09-08-2007, 07:09 PM
dars1040 dars1040 is offline
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Default Re: What is Success Rate of Buying then renting out?

Quote:
Originally Posted by larrydube
Handie,

We did the same thing, except we bought ours on a Monday and left on Friday and had it completly furnished. We were running around like a chicken with our head cut off. We bought the place next door for my father in law and are going to try and do the same thing in October. Long days and longer nights......... Right now we have ours rented fro Feb thru Mar and his rented for the same time period. We cannot find anyone who wants to rent for January. That would make our day if we could do that.
Hi Larrydube, If you still are having a problem renting it out close to Jan,and no luck keep me in mind for a weeks rental as I plan to check out TV at that time. My first time :bigthumbsup:Let me know the details ok? ???
Darlene,rsrcher@aol.com 262-789-0947
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Old 09-08-2007, 07:38 PM
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Default Re: What is Success Rate of Buying then renting out?

Larrydube!
I had to chuckle as I read your note about furnishing yours in 5 days :yikes: My wife and I can tell you how many tiles in every Walmart store within 5 miles ;D. Dawn to 10PM was our schedule, I can hang a picture in 15 seconds flat :#1: Great memories as we look back now.
Handie :joke:
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Old 09-09-2007, 12:26 AM
Kitria Kitria is offline
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Default Re: What is Success Rate of Buying then renting out?

Hmm...We agreed on the price of our house in the end of February to sign in May of 2001 went home with someone to rent the place Jan-Mar of 2002 (and had it rented every year until I retired). The next day we went to Kanes Furniture store and bought furniture for all the rooms and they stored it free until May.
Between March and April we scoured Target and Walmart at home up North for prices on everything.
Hubby came down to sign papers, I came 2 days later. He had gotten the tv's. For 3 days we went out to either Target or Walmart from 7 am to 2am the next morning. We got a carful, deployed, took out bags and boxes..then went out again. Found a wonderful second hand store in Leesburg for art work and dust collectors.

Renting worked out slick. Paid for all the upkeep, utilities, insurance, etc. We used the house 2-3 wkks out of the year until I retired in 2005. Was a wonderful investment and am truely glad we bought when we did. I don't think we could have afforded to do it in 2005. The prices had risen a lot in 4 years.

Prices are down now.....if you can, buy now....prices won't stay low forever. We all know there will be a reverse swing on housing....there always is.
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