All Forum Posts by: Catherine Underwood

With the Coronavirus causing Florida's theme parks to contemplate closing, there is a risk of Florida heading for a downturn. Even if the impact of the Coronavirus ends up being short-lived (as most are predicting) a downturn is always a risk.

How has the Florida rental market fared in past downturns? Did the rental market collapse with renters taking advantage of falling interest rates to become property owners? Or did the market remain steady?

I especially would love to hear from anyone who was renting out in the Poinciana areas in the last downturn, especially in the Duplex market.

 Do you know which are the good charter schools in the area? Thanks. 

I am an out of state investor, looking to expand my portfolio into the Palmetto St area of Poinciana, FL. I've found the perfect property that's close to a school and hospital (although the school only has a 3/10 rating). It is a duplex that would attract family renters. After talking to several rental management agents, the expected rents is exactly what I am looking for.

However, after looking at existing rentals available in the same area on Zillow, I see that there are 6 properties available for rent close to the one I am thinking of buying (and a further 3 that are about 20 minutes away). The rents they are asking for match-up with what the rental management agents are saying. However, according to Zillow, they have been listed between 30 to 55 days ago.

Does this mean that the area is oversaturated with rentals and should be avoided? Or are there other reasons to explain what I am seeing on Zillow. Thanks!

Thanks! Did those two rentals stay for the majority of 2011 or did you have long periods where the property was empty? Also was it near Palmetto St, which I believe is more towards the Osceola side?

I live outside of Flordia, and am thinking of investing in a Duplex in the Poinciana area, especially around Palmetto St. (I am no stranger to being a landlord, so I know what I am getting myself in for).

I spent a few days in the area speaking to neighbors as well as property management companies and they all have positive things to say. Working with a realtor, I managed to find a relatively new duplex that is reasonably priced and close to schools and hospitals near Palmetto St.

However, when I go online and ask people what it's like to live there, the opinions given are discouraging. No one seems to say it explicitly, but there is a strong sense that all of Poinciana is a bad place, which is stopping me from making an offer on the property. I got that same sense when talking to management agents who don’t deal with Poinciana as well.

Does anyone have any rentals in Poinciana? What was your experience like. Thanks!

I am using a realtor to find me a property that I can rent out. I live out of state and so will need a management company to handle it.

Is it a good idea to ask the realtor for management company recommendations or would it be a conflict of interest?

Also I have seen realtors who also double as management agents. They find a property to buy and then manage it to rent it out. Are using such people a good idea, or does it create a conflict of interest?

Anyone got any recommendations for management companies that deal with long term tenants in the Orlando area?

I would especially like to hear from anyone that has first hand experience of using such companies.  

What sort of things should I be looking out for when hiring such a company?

I am looking at properties in Orlando and notice that they are quiet low especially compared to comparable properties in other cities? Why is this? Even properties near the home parks are low compared to what you would find in SoCal or the UK. 

Why is this? I would have thought that given all that Orlando has to offer they would be priced higher. 

Is there any chance that there would be a correction in the future and Orlando prices would rise?

I have been looking at investing in Florida. For my research, the following seems to be the case:

Orlando initially seems to be a great place to invest. Short stay rentals can generate crazy high gross revenue. However, the fees involved with management companies are so high, that it’s impossible to make a good profit.A $50K gross revenue can easily end up as $2K net, which is pointless. 

Long term rentals seem to do better.

However, if doing long term rentals, it's probably better to consider Tampa, as the rents are higher.  This is especially the case if one purchases a multi-family home. However, as it is a developing city, one has to be vary of issues such as crime, which seem to be higher than Orlando. It might also be harder to get a good tenant. 

Is this correct? I’d love to hear opinions from people who have properties in Orlando and Tampa. What’s your experience been like.

Thanks!

@Diogo Candido

thanks