Thursday, January 14, 2016

Buying holiday home in Florida for investment?!


I am looking at buying a holiday home in Florida, Been 7 times, its great. I am looking at say, a 3/4 bedroom villa, £140,000. (Kissismee,Davenport,Orlando)

I would rent out to holiday comers throughout the year.
Average rental rates are about £80 a night x 7 days=£560

If I be realistic and just go for half a year rented (26 weeks) that would be £14,560 per year.

As I am aware mortgage rates will set the property price higher… I am also aware I would have to get a management company to look after the villa and keep it nice.

With the estimated £14,560 income from rental, what would be the outgoings from that roughly due to the management company? I was hoping to pay £10,000 per year on the mortgage. Whilst buying I would give a £40,000 down payment.

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