All Forum Posts by: Tom Fontaine

Anyone have feedback on purchasing condo hotels in Florida and upsides and downsides to them?  I am looking around Daytona Beach Atlantic side or the Gulf Side.  I am a first time investor and familiar with these areas and want a place that I can rent out when not needed and use when my family vacations, hence why I chose these areas.  I want to rent them on airbnb or VRBO but being told several things:

1.  Its apparent that most of these rent them themselves through the building management company and take 50-54% of the rents.

2.  I'm told most mortgage companies won't lend for these types of buildings.

Any feedback on this or other considerations?  Due to price, I'm thinking I will need to look at condos instead of single family.

Thanks!

I am looking for my first purchase.  I live in Georgia and always wanted a place in Florida that we can use when visiting the area and rent it when we are not in the area.  I've come in contact with a real estate agent that is selling 2 condos in West Palm Beach.  They own it themselves but selling both properties for $130k each.  Both are currently rented and have been for 2 and 3 years respectively for 1250.00 and 1200.00 monthly.  I've asked if they are good tenants and been told yes although one pays a few days late but always has paid with a late charge.  What other questions should I ask to make sure of what I am getting into?  They have told me they are selling and moving closer to where the bulk of their rentals are and trying to get rid of these.  What can I ask for prior to the sale?  Rental records?  I don't want to visit and tour if things don't seem right.

Has anyone used this site and can provide any feedback on it?

Thanks to all of you for your great feedback.  I'm checking out everything that has been mentioned so far.  If you hear about anything else, please let me know.  Thanks again!

I think this is a great idea.  I don't have any experience but have always been interested in getting involved and investing in vacation rentals.  A forum in BP on this would be great and I'm sure others would have some great information to share and plenty others would learn from it.  There's obviously a lot of interest for this.

Thanks Dana! Thats very helpful.

Thank you so much for the details and it all makes a lot of sense. Do you have HOA fees that you just won't go above or do you just run the numbers as a whole after doing your research? Does VRBO allow you to search for particular addresses or did you have to search a different way?

Dana,

You are doing what I have wanted to do for some time. How did you choose your location in Hawaii? I visited the Big Island last year and stayed in a place from VRBO and really saw the opportunity there. I am new to investing so not sure if I should start there but also looking a little closer in Ft Lauderdale FL to buy and rent a property there through VRBO. Do you invest in condos? Do you find the HOA fees are worth it instead of buying a SFH and doing maintenance yourself or using the fee towards the monthly mortgage in a sfh? HOA fees can be pretty high and I want to make sure it will be worth it in the long run.

Great to have you hear with some working info on Vacation rentals.

Thanks Elizabeth. That helps alot. I can't imagine how they can limit you renting the home out if thats what you choose to do. Sounds like a big difference in rate.