[mgm4444]

I really haven't seen this discussed much on TOTV much - unless I'm missing it.

I've never been a landlord...and just curious. How does one go about renting out a home in The Villages? Is there an agency you go to that represents you? (if you live far away) If you rent on your own, are there advantages to doing it yourself? I think I read somewhere Florida taxes you on renting, correct? Do you take out additional homeowners insurance because of the renters? Do you make a good amount of $$$ renting, break even or is it a pain in the neck? How much to clean the house after the renters are gone? Pros and cons, please. Thanks!

[Bill-n-Brillo]

Here are a couple of recent related/similar threads on the topic. Might be of some help:

TV Absentee Landlords

Easy to rent out? My dilemma...

Florida sales & use tax for renters

Bill

[Cathy H]

Suggest you start by contacting one of the larger real estate offices in the area (not properties of the Villages).

[mgm4444]

Bill - the links you provided - this is the kind of information I was lookin' for...... thanks !!

[Bill-n-Brillo]

Originally Posted by mgm4444

Bill - the links you provided - this is the kind of information I was lookin' for...... thanks !!

There are probably more threads out there on the topic. Maybe try a couple of different combinations of things on the "Search" option.

Glad it helped!

Bill

[ducati1974]

I highly recommend thevillages4rent.com in order to market your property. We have been successful beyond our hopes with that site. Also for inexpensive help with the monitoring of your property I recommend Villagers Homewatch. (see there ad at the other site)
Yes, we have found that the rentals cover our expenses and allow us free time at our home when not rented. We always save January for ourselves even though we're giving up a high rent month.

[downeaster]

Originally Posted by Cathy H

Suggest you start by contacting one of the larger real estate offices in the area (not properties of the Villages).

I am interested to know why not consider Properties of the Villages.

[Ohiogirl]

My sister rents her house thru Properties of the Villages. They are not allowed to use it January thru March, and when they do use it, they have to pay $25 (I think - this could be a little off) per night to use their own house! I think they also charge a 20% commission, and I think they first rent out the Villages owned properties (Creekside Landing and the unsold ones in the Lakeshore Cottages.

Usually, The Villages has a minimum of 28 days that they allow for a rental (they want people to buy, not rent, is my take), and thus you have to pay a cleaning fee for each tenant. And many of the rentals are 7-14 days. That adds up.

On the plus side, the homeowners don't have to do anything and are sent a monthly statement.

[borjo]

MGM,
Another recent thread:
Rental Property

[mrfixit]

Originally Posted by Ohiogirl

Usually, The Villages has a minimum of 28 days that they allow for a rental (they want people to buy, not rent, is my take), and thus you have to pay a cleaning fee for each tenant. And many of the rentals are 7-14 days. That adds up.

IMHO, I believe that the minimum 28 day rental may be due to Florida Law. If rentals of less than xx days are allowed by a rental company ( on behalf of an "unrelated" owner ) --more than 3 times during a twelve month period--- one would fall under the "transient" hotel occupancy laws....which would require meeting Florida Hotel fire code for interior of the unit. Including...ceiling installed "fire sprinklers".....One hour rated fire doors to all rooms and entrances.....min 5/8 fire code drywall between adjacent sleeping rooms.........Wider( wider than 32" ) exit doors..... taller ( 7'0 instead of 6'8 ) doors. If The Villages rental division ( for that matter any rental company ) allowed less than minimum rental time periods.....would be considered a "transient" rental agency. Now you are talking a "whole new kettle of fish" regarding taxes..depreciaton..insurance ...State, Local and IRS reporting requirements..etc..etc..etc. I may be way,way off but I also believe individual owners must notify the insurance carrier that they are renting for less than minimum periods.....and get the "appropriate" insurance coverage. I would not want to find out after the fact ( when the Insurance Co. refuses to pay a liability claim..or a casulty loss). The Villages can rent their designated units for short term Life Style Visits because they are also the Owner of the units, and are appropriately insured,as such.