All Forum Posts by: John Henry

Ok, I'm "in"! Bank accepted my offer, and closing is scheduled.

Can anyone give me a quick summary of homeowners insurance in FL? It seems like the major underwriters (State Farm, Liberty Mutual, etc.) are not writing HO policies in FL (or at least not quoting online). Is there a list of FL insurers anywhere? Anything particular about insurance on a rented SF home? I assume I would not be paying for "contents" coverage like I do my primary residence.

Any insight appreciated...

JH

Thanks, I found that after I posted, have all the HOA docs and am reviewing them now....

I'm looking at a SF home in an HOA community and reading over the CRs now. Pretty standard stuff, no livestock, antennas, signs, tractor trailers, etc. I personally would never live in an HOA community but am buying a property as a long term rental.

The fee is about $350/yr, capped at a 10% increase per year max. Development is about 17 years old, and indications are it is pretty well run. 300+ units, community park and pool, and some common landscaped areas. It would seem to generally be a plus to families looking to rent.

But I wonder about my potential problems increasing if the tenants fail to keep the HOA happy. Looks like the CR says if the yard is not kept up, they can contract for it an bill me.

Thoughts? Experiences? Is it a quagmire or a benefit for rental properties? I plan on paying a management company to manage the property as I will be living some 1300 miles away. I plan on talking to the PM company about this, as well as trying to contact the HOA. There are other rentals in the community (so rentals are not disallowed) and it seems to be pretty well kept. Questions to ask the HOA?

Any insights appreciated....

JH

I'm looking at a property in Canoe Creek Estates in St. Cloud. It has a $322/yr HOA and a community pool. Google street view shows a pretty well maintained neighborhood. Didn't find much Googling for this HOA.

Does anyone know how to get in touch with the HOA and see just what the deeded restrictions are? I am wary of HOAs. I do see homes listed for rent in this neighborhood, so I assume long term rentals are allowed.

?????

JH

Thanks for the insights, much of this I have learned already. Condos/townhouses are enticing, but I know the HOA/fees situation is never good and can inflate on you also. I will expand my range a bit, look at St Cloud, Devenport, Clermont.

Can any one recommend a good full service property manager in the area? Prep, market, screen, rent, maintain??\

Thanks

Hello group.

My faith in the internet proves there is no topic that there isn't a forum for!!

I have been considering investing in a rental property in central FL because houses down there are so cheap. I have been looking at single family homes (3/2, 4/2) in the Kissimmee area in the $50-$80k range (there are dozens and dozens) and looking at bank owned. I will pay cash for the property.

I did go down there and look at a couple 2 weeks ago, and drove through a lot of neighborhoods, most of what I saw, while blue collar looking, was pretty well kept up and neat. Taxes are all over the place, from $70-$250/mo. Originally I was not really considering renting it long term, I was think of maybe just sitting on it, eating the ownership costs and maybe using it occasionally for getaways, or letting friends use it.

The realtor I was working with told me there is high demand for rental property and I could probably do well if my ownership/mgmt costs were low. So I am think now about a long term rental property that I will likely never spend a night in myself.

I live in MA, and would have to pay a management co to take care of everything. I spoke with one on the phone yesterday who gave me some details, and warned me of the "blue collar" housing market in this price range, damage, etc. But also elaborated on his screen process etc. He quoted me $150/mo with a $1000 initial fee to screen and secure a tenant. I have no idea where that fits in the general range of these types of services.

The figures in my head are rents in the $550-$900/mo range, and ownership costs (mgmt, insurance, taxes) in the $300-$500/mo range. Startup costs are the wild card.

Anyway, I'll stop there, lest I lose you. I guess my first question is if you had $50k-$70k to invest in RE for rental income where would you look? SF house or condo? (aware that some HOA/Condo fees are insane and may go out of control). $300- $400/mo clear with at least a property value that holds if not increases a bit is appealing and seems possible.

I am not dead set on FL, or even central FL, but there seems to be an abundance of homes there and a good rental market.

Comments? Suggestions of other sites/threads to go read? I realize that is a WIDE OPEN question, but was hoping to gain some insight from some other landlords here.

Thanks in advance for any help....