Buying a vacation rental condo

[Freakazoid]

Any tips/advice/etc?

Looking at buying a condo in Florida to rent out to vacationers. Open for ANY suggestions people may have. Other than owning a house, I have absolutely no real exposure to this.

(not looking for buying suggestions, or loans, more in terms of how to handle rentals, etc etc)

[kyleb350]

After seeing the local economies take a hit from the BP oil spill, I'd make sure it's insured against disasters (natural and man-made).

Not sure how you would handle doing landlord type things such as maintenence. Would you have to go down there quite a bit?

[Freakazoid]

Originally Posted by kyleb350

After seeing the local economies take a hit from the BP oil spill, I'd make sure it's insured against disasters (natural and man-made).

Not sure how you would handle doing landlord type things such as maintenence. Would you have to go down there quite a bit?

I would assume my own personal insurance would cover that right? (i.e. homeowners).

And doing some research seems there's all sorts of 'property managers' and the such that I can hire.
It's worth mentioning the condo is a part of a larger set of condos which is almost entirely dedicated towards vacation rentals as well.

[Red Bread]

I suppose you know about HomeAway/VRBO? I use them a few times a year for finding rentals and they seem to have a good model for property owners.

[Freakazoid]

Originally Posted by Red Bread

I suppose you know about HomeAway/VRBO? I use them a few times a year for finding rentals and they seem to have a good model for property owners.

I do not, thanks for the tip! exactly the kinda stuff I'm looking for

[JayKay335i]

Can I rent it for cheap and full it with floozies and wenches for a week?

[CollinsE90]

South Florida? Id recommend Destin FL

[NYC6]

Originally Posted by CollinsE90

South Florida? Id recommend Destin FL

south fla? Destin is in the panhandle not south. It really doesnt get much further north.

[CollinsE90]

Originally Posted by NYC6

south fla? Destin is in the panhandle not south. It really doesnt get much further north.

I asked if South Fl and recommended Destin, 2 different things. I grew up 45 minutes from Destin so I should know where it is

[NYC6]

Originally Posted by CollinsE90

I asked if South Fl and recommended Destin, 2 different things. I grew up 45 minutes from Destin so I should know where it is

misunderstood ya.

[CollinsE90]

Majority of the US when thinking of FL thinks of Miami, but Destin is a beautiful beach and very high class, not kids like me fucking shit up like Panama City. Destin is where all the older crowds go to get away from partying and just enjoy the atmosphere

[Feyd]

I hate FL.. *bleh*

[NYCGP]

On a plane right now headed for ft lauderdale. Gotta love delta wi-fi. My friend who survived the real estate crash as a realtor has told me the rental market is intense. Getting crazy numbers all while property values are very low.

[Freakazoid]

Originally Posted by CollinsE90

Majority of the US when thinking of FL thinks of Miami, but Destin is a beautiful beach and very high class, not kids like me fucking shit up like Panama City. Destin is where all the older crowds go to get away from partying and just enjoy the atmosphere

hey collins, actually I appreciate that insight as that's exactly the area I'm looking at.

so you'd recommend destin? I know shit about the panhandle. Any general recommendations/thoughts for that area?

[CollinsE90]

Yea I'd recommend Destin every day of the week, it has an outlet mall that attracts a lot of people, beautiful beaches and not a loud party city to make people not want to rent, its more of a vacation area than a Spring Break city, you are 50 miles straight shot from Panama City if you want that. To be honest I don't know any names or condo's or anything, rarely go except to shop. I go to PC for the night life. But Destin is the place to look at as far as a business opportunity, a lot less hassle than PC and people could possibly rent for the whole winter in Destin. Lots of high class rich people stay in Destin, they don't like being around the Spring Breakers etc...

[Freakazoid]

Originally Posted by CollinsE90

Yea I'd recommend Destin every day of the week, it has an outlet mall that attracts a lot of people, beautiful beaches and not a loud party city to make people not want to rent, its more of a vacation area than a Spring Break city, you are 50 miles straight shot from Panama City if you want that. To be honest I don't know any names or condo's or anything, rarely go except to shop. I go to PC for the night life. But Destin is the place to look at as far as a business opportunity, a lot less hassle than PC and people could possibly rent for the whole winter in Destin. Lots of high class rich people stay in Destin, they don't like being around the Spring Breakers etc...

sweet thanks man, I actually have the place already lined up it's a short sale condo. That info does help a lot. I had no idea what the crowd was like down there.

[FDfranklin]

Florida Sucks, but for renting I would think something fairly close to Disney would be good.

[chungdae]

I lived in South Florida my entire life, if you have any questions don't hesitate to ask.