Anybody own a rental condo/home near Disney?

[fractal]

The prices of some of these condos and townhomes around Disney have dropped materially in the last 4-5 years. I was wondering if anybody owned a rental property as an investment and what their experience has been.

thanks

 

[eranwolf]

My parents own a place in Davenport which is about 10 minutes away from WDW. They live there from Jan-May of each year and rent it out the rest of the year except maybe a week in December when they go down to see the Osbourne lights. They have loved it so far and the only complaint they have is that rentals have declined slightly this year so far. However, as far as upkeep goes they use a third party management company which maintains all utilities, upkeep, grounds keeping, pool maintenance etc. year round at a very fair rate. The management company also is responsible for managing and maintaining the rentals for them as well. So essentially the way it works is the management company deducts all fees from the rental income and mails a check to my parents for the remainder. My parents are only responsible for the mortgage and any additional decorating above and beyond. The only downside is that you are at the whim of vacation trends. If you don't rent the place then you don't get any income for it and the maintenance fees come out of your pocket.

The prices of homes in the Orlando area are ridiculously priced and my wife and I have actually considered moving there. That was the deciding factor for my parents. They vacationed there every year using RCI time share and after looking at the housing prices it was a no brainer for them. The only thing keeping them from moving there full time is the grandkids.

 

[fractal]

My parents own a place in Davenport which is about 10 minutes away from WDW. They live there from Jan-May of each year and rent it out the rest of the year except maybe a week in December when they go down to see the Osbourne lights. They have loved it so far and the only complaint they have is that rentals have declined slightly this year so far. However, as far as upkeep goes they use a third party management company which maintains all utilities, upkeep, grounds keeping, pool maintenance etc. year round at a very fair rate. The management company also is responsible for managing and maintaining the rentals for them as well. So essentially the way it works is the management company deducts all fees from the rental income and mails a check to my parents for the remainder. My parents are only responsible for the mortgage and any additional decorating above and beyond. The only downside is that you are at the whim of vacation trends. If you don't rent the place then you don't get any income for it and the maintenance fees come out of your pocket.

The prices of homes in the Orlando area are ridiculously priced and my wife and I have actually considered moving there. That was the deciding factor for my parents. They vacationed there every year using RCI time share and after looking at the housing prices it was a no brainer for them. The only thing keeping them from moving there full time is the grandkids.

Thanks for the feedback! - I agree that the home prices are cheap. I'm considering a place as an investment property with the ability to use it from time to time.

I'm starting to look into management companies.

 

[disneypets]

my husband and I are trying to do the same. Not having anyone who lives in the area for advice is tough. We would like to buy a condo/townhouse and rent it out short term when we are not using it but honestly I dont know where to begin. Have you found an area you like or prop management company to work with yet?:shrug:

 

[fractal]

my husband and I are trying to do the same. Not having anyone who lives in the area for advice is tough. We would like to buy a condo/townhouse and rent it out short term when we are not using it but honestly I dont know where to begin. Have you found an area you like or prop management company to work with yet?:shrug:

I have contact with a realtor in the Orlando area. He has been sending me listings with pictures and prices - I've been looking at condos/townhomes in Windsor Hills/Windsor Palms and Emerald Island resorts - plus some others. Mostly within a few miles of WDW.

He said he could refer a management company, but I haven't gotten that far yet.

My next step is taking a quick trip down there and actually look at some of the properties.

 

[mom2of2]

If your interested in management companies try Villa Direct. They have a terrific reputation in the local area

 

[fractal]

If your interested in management companies try Villa Direct. They have a terrific reputation in the local area

Thanks for the tip! I'll look into them.

 

[dave1234]

I would suggest your choices are to buy in Orlando area close to WDW you'll have to pay more but you'll attain far higher rental returns. Most populare resorts are Windsor Hills and Emerald Island. Some sites where you can advertise your property:

www.windsorhillsprivaterentals.com
www.emeraldislandprivaterentals.com

Or alternatively buy in Davenport in a resort such as Regal Palms or Highland Reserve Golf Resort. Cheaper purchase costs but rental returns lower due to being further away from WDW.

In any case, a good time to buy.

Dave

 

[anabella]

I would also suggerst Windsor Hills, www.WindsorHillsRent.com is a good place to advertice

 

[stevehousse]

If your interested in management companies try Villa Direct. They have a terrific reputation in the local area

Villa Direct has some great homes to stay in, lots that are right near the main gates of Disney! We have used them every time we've rented a vacation home down there.