Florida Vacation Guide

Does anyone own and rent a holiday home in Florida?

This is something I'm thinking of doing, but I live / work in the UK and would to obtain a mortgage. I am a U.S. citizen and my family lives in Florida but I am not a resident of myself (and I have a FL driver's license, so do not I totally alien, but the point is I do not live there!) Will I still be able to get financing? In addition, rental income is likely to cover the mortgage? Any advice would be appreciated, as you can see I'm totally clueless! And I do not want to call real estate agents and making a fool!

There some lender to fund programs, but must be in the United States. I suggest a local bank to the area you are considering. As for rental income, will to decide on a place in Florida first – and if you want to rent seasonally or annually. Seasonal car floor shall be turnkey, even the sheets on the bed and spoons in the drawer. Annual rent may be empty. Then you need to research the local rental amounts to see what their income may be seasonal or annually. There are also issues of local taxes, insurance, condo fees, etc., and possibly a management service to find tenants, maintain the unity and clean up after tenants move out, if you will not do it yourself. Once you have an idea of its possible entry and exit, can reach a budget of what need to buy. I suggest that you contact some realtors in the areas you are considering and that is the best resource for local incomes, employment data vacancies, and other costs and what kind of properties might be of interest to you. I live and work in Venice, Florida, Gulf of Mexico, 1 hour north of Naples, 1 hour south of Tampa, 15 minutes south of Sarasota. As an example, I have an ad for a 2 bedroom, 2 bath condo, turnkey furnished, in a pleasant, with lake view and shared pool of $ 169,000. Seasonal rental in this complex will be $ 2700 per month from January to April. Off season is half. Annual is a little less – $ 1000 per month. So, depending on how much you have to borrow to purchase this unit and how long it will keep, and how much to expect that appreciate in value, you need to crunch the numbers to see if this works for you. Let's say if you can rent this 4 months during the season, ie $ 10,800 in respect rent. Would be the annual rental income of $ 12,000. There are also real estate taxes and insurance and condo fees, if I send them you are interested. FYI, taxable income, but will get tax cuts and deductions from the rental property that should help, depending on your income level and how often you rent the property out. Everything must make sense and everything has to be very specific about the location – Florida is a very diverse state in terms investment options. Many people who are interested in retiring to Florida, or have a vacation home in Florida, renting a part of the year to help cover their expenses and enjoy the rest of the time. Once again, I would suggest working with a real estate agent and an accountant to prepare a business plan that works for you. Good luck and best wishes.

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