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, ã140,000. (Kissismee,Davenport,Orlando)
I would rent out to holiday comers throughout the year.
Average rental rates are about ã80 a night x 7 days=ã560
If I be realistic and just go for half a year rented (26 weeks) that would be ã14,560 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 ã14,560 income from rental, what would be the outgoings from that roughly due to the management company? I was hoping to pay ã10,000 per year on the mortgage. Whilst buying I would give a ã40,000 down payment.
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