advice needed on real estate investment in Florida

advice needed on real estate investment in Florida by Anonymous on July 21, 2012 @11:35

Hello,

I am a real estate investor and landlord (in addition to my day job) in Virginia. Recently I looked up Florida prices. There are 2BR ocean view condos in Ormond Beach for $130K, etc. I am thinking of buying a condo there, which I could rent to vacationers and where we occasionally can stay there ourselves. I have a few questions:

* what are typical charges by a management company for vacation rentals?
* I do not have experience with vacation rentals. Any unexpected problems I should be aware of?
* what are typical insurance premiums?

Thanks!
-Sasha

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Re: advice needed on real estate investment in Florida by Jake on July 21, 2012 @12:10	[ Reply ]

I am sorry to tell you this buy the venture you have in mind will lose money. If you visit Florida you should stay in a Hotel.

Re: advice needed on real estate investment in Florida by Ron (Tx) on July 21, 2012 @12:26	[ Reply ]

Stay away from ALL condos. Still to SF or MF properties.

Re: advice needed on real estate investment in Florida by nicey (fl) on July 21, 2012 @21:49	[ Reply ]

Hi Sasha I live in Daytona Beach, which has some great prices for houses gone to foreclosure. Condos can be a bad bet, besides the monthly condo fees you can get huge assessments ranging in the thousands. Especially on beach side with all the salt in the air everything is rusting and deteriorating quickly. Many of the condos are very old and so they have major repairs that you are always being hit up for. Unless you really want a vacation home and will actually use it, I would look to buy a house though then you have yard upkeep and stuff. I hope that has helped, come and see though and be cautious, but come and enjoy or beaches.