What To Do If Your Orlando Landlord Is Foreclosing

With thousands of homes foreclosing in todays market there are so many families being faced with having to pack up and move out with little or no notice.  This situation is never an easy one but their are steps you can take to make this inconvenient and somewhat frustrating situation go a little smoother.  Remember to always consult an attorney for any legal advice you may have because I am not one nor will I ever be. 

First and foremost you cannot stop paying your rent.  So many people are facing this issue today and the first question they always ask is “Do I have to keep paying my landlord rent?”.  The answer is yes as long as you have a current lease.  These lease is between you and the landlord not the landlord and the bank.  What he does with the money once you turn it over to him is his problem.  The argument remains that yes, you probably won’t see your security deposit again and that is why many people feel so scammed when this happens to them.  Just know that you stop paying your rent during your lease the landlord does have the right to start the eviction process which in some situations can leave you with as little as three days notice to get out.  

You most likely found out or will find out your home is foreclosing by a process server who delivers papers to your door looking for the landlord.  Let him know that you are the tenants and you need to be notified of everything that is going on with the process.  As the tenants you have legal rights and you want to make sure the attorney handling the foreclosure has your information on file and that they know the home is occupied by tenants.  This will allow them to keep you informed of the process.  If you have suspicions but haven’t been visited by the process server yet you can always go to your county courthouse and investigate what’s going on with the home.  A liz pendis is public information and you have the right to obtain that info.

The next and most obvious thing you can do is start packing up your house and looking for a new one.  You know it’s only going to be a matter of time until the home is repossessed by the bank so waiting until the last minute is a bad idea and could result in your sleeping in a hotel for a week or so.  When you look for a new home in the area make sure to check the tax records and see if the home is owned by the same owner you currently were leasing form.  It’s not uncommon for some landlords to own multiple houses within a one or two mile radius and be foreclosing on them all.  Do your homework and make sure to put some type of clause in your next lease stating that if the landlord goes into default on his mortgage and does not notify you within 30 days you have the right to remain in the house until the end of the lease and not pay him/her any rent.  That will pretty much guarantee that the landlord will at least keep you informed from the get go. You could also put a release clause allowing you to break the lease without penalty is this happens. Protect yourself and your family from this roller coaster of a market.

What To Look For In an Orlando Realtor For Your Florida Vacation Home Purchase

If you’re in the market for a vacation home in Florida than chances are you’re not a first time home buyer.  You’ve most likely worked with a Realtor in the past and you hopefully understand the value that using one brings to the table.  In choosing an agent for your vacation home purchase there are several factors you must consider.  Just as you wouldn’t consult with a dentist for your heart surgery nor should you consult with a Realtor who is not a vacation home specialist for your vacation home purchase as it is a completely different ball game than buying a home for your residence.  Here is a list of qualifications to look for in your Realtor: 

Experience: This sounds obvious but you’d be surprised how many Realtors are running around blending in like modern day Clark Kents.  Many agents are willing to take whatever they can get and that often means that they are spread too thin.  A vacation home is like an art, you have to study it, appreciate it and most importantly understand it to sell it.  There are unique issues that come up when buying a vacation home, for example short term rental return, choosing the right management company, knowing which neighborhood will give you the best booking rates etc.  A qualified vacation home Realtor knows about these things and will be able to guide you better because of it.  

Availability: Much like any home purchase it’s a good sign if the agent actually picks up the phone or calls you back.  If you call Realtor and he/she doesn’t get back to you or at least text you within a few hours than I would seriously reconsider working with this Realtor.  The last thing you need is to spend money flying into town to see homes and your agent flaking out on you.  Think about how much time it will take out of your trip to have to search out another one that you may not even like.   Most vacation Realtors understand that you are here for the purpose of buying a home and are willing to dedicate that block of time to you so you can accomplish your goal before you go back home. 

Credentials: The National Association of Realtors offers education to Realtors above and beyond just getting a real estate license.  It’s very similar to how a doctor chooses a specialty and hyper focuses on that so do most Realtors.  A qualified vacation home Realtor will posses at least one, if not more than one of the NAR designations.  There are a few in particular to keep your eyes peeled for:  RSPS (Resort and Second Property Specialist) CIPS (Certified International Property Specialist) and SRES (Seniors Real Estate Specialist).  If your Realtor possesses any of these designations you can know they have been trained for the niche of vacation homes.  

I hope these tips help you make your decision in choosing your next agent and remember, don’t be a serial prospect.   What is a serial prospect?  It’s a buyer (or seller) who works with a different agent every day and holds no loyalty to his/her Realtor.  This could end up costing you money in the end and there is no need for it.  All Realtors have access to the same information through the MLS and you can cover much more ground by just sticking with one that you trust.  Now that you know what to look for in an agent you can focus on what to look for in your vacation home.

The Real Secret To Not Paying Any Closing Costs On Your Orlando, Florida Vacation Home

Have you ever seen those cheesy signs on the side of the road that say “Buy a Home, No Money Down” or “Zero Closing Costs” and they just look like a scam?  They usually are and are just a marketing ploy to try and get your contact information so they can later spam you with their services.  What I’m about to share with you is real information that you can actually apply to your home purchase and if you follow this technique you can and actually will leave the closing table paying little or nothing out of your pocket.

1. This only works on a purchase not a sale.  Sorry sellers but we have other tips for you on saving money when selling your Florida vacation home.

2. This will not work on every home.  This works best on either new construction or non-short sale properties. (Davenport is mostly all short sales so unless you plan on new construction good luck)

3. This will not work if you are not using a Realtor

That being said, here is a very simple plan for you to follow:

Step 1:

New construction.  Ask your Realtor to provide you with a list of communities paying more than a 3% broker commission.  Some pay as much as 10% of the purchase price in commission to your Realtor. Developers are desperate to unload their inventory right now so take advantage of it.

Resale. Repeat the same as above but make sure the properties are not short sales and they will be taken from the MLS.

Step 2:

New Construction.  Choose a community that is offering the best incentives to you to help cover your closing costs.  Most developers will pay up to half your closing costs and also pay your Realtor a hefty commission.

Resale:  There are many homes listed within the MLS that are offering seller contributions.  Have your Realtor compile a list of these particular homes that offer both a contribution as well as a commission to your agent in excess of 3%.

Step 3:

New Construction. Now that you’ve chosen the community with the best incentive for you both you and your Realtor it’s time to talk to your Realtor about covering the other half of your closing costs with a portion of their large commission.  (please note that I am not suggesting you ask your agent to work for free as this is insulting to most Realtors. This is just a simple contribution that is in excess of what they would normally get paid) Ask for a contribution of 1.5% from your Realtor.  Between the Realtor and the developer this should amount to 3% contributions to cover all of your closing costs.

Resale: The same as above however, commissions on resales are much lower so your agent may not be able to contribute as much without working for free.  Most agents love to help their clients with closing costs when a fair opportunity arises for both parties.  Every agent is different when it comes to what they consider a “fair” commission.

One thing I would like to point out is that in some states it is illegal for Realtors to contribute towards a buyer or sellers closing costs.  This is not the case in Florida however it is up to the discretion of the Realtor as to what they are willing to contribute if any at all.

Vital Steps You Must Take To Prepare Your Orlando Vacation Home For Bookings

Believe it or not there is alot of work that goes into preparing your vacation home to rent before you can actually start renting it out.  If it was a short term rental before you purchased it a lot of this may have already been done otherwise, here is a short and brief reference for the not so fortunate: 

Compliance: Your vacation home must comply with STR laws for the County and your HOA  (Homeowners Association) as well. Your home must be in a community zoned for short term rentals it is against the law to use it as a short term rental. You must comply with all health code regulations for your county. Here is Lake Wales (Polk County) Short Term Rental requirements.

Insurance: An additional insurance policy above and beyond your homeowners insurance is required to cover liability. It’s usually at least a $200,000 policy and can run anywhere from $200 annually on up. 

Permit Requirements: Each county has its own short term rental permit requirements and a rental permit must be obtained before you can legally start renting your place out.  Thankfully this was put in place to help prevent some of the foul conditions that some owners try and rent their house in.  Under most circumstances your property management company takes care of this for you however if you are not using one this will be your responsibility. 

Tax Preparations: If you do not have a management company handling this for you then I suggest you get a good accountant. You are responsible for sending the government a percentage of your nightly income. In Florida it is currently around 13.5% off the top of every booking before you even touch the money.  

These are just a few of the important details that go into prepping the home to rent.  If you hire a management company you can save yourself most of the trouble because they will do it all for you.  If you plan on taking on this task without a management company than you may want to consider some form of meditation or relaxation, you’re going to need it!

Little Known Ways To Get Your Orlando Vacation Home Sold Faster

The rules that apply to vacation home selling are almost contrary to the rules we follow when selling our primary homes.  The vacation home market is a completely different animal and must be treated as such.  Here are some tip to help you prepare your vacation home for sale and  get it sold faster.  

1. Know Your Booking Statistics

So many people overlook this factor when selling their vacation home.  If you’re property is being used a a short term rental and marketed heavily as one then those booking statistics are going to help sell your home.  Compile a list of your booking statistics for the past year and create a graph style chart profiling your bookings over the past 365 days.  If your home books an average of 25 weeks per year or more, this is a great marketing piece to add in with your home flyer. You can  obtain records of all your bookings from your property management company or your Realtor can do this for you.  

2. Appealing To The Buyers Emotions

Emotions are what sell a home so you want to evoke as many feel good emotions in your potential buyers as you can. What better way to do this than by photos? What attracted you to the home when you purchased it for your vacation?  Was is the close proximity to Disney world or the local beaches?  Whatever the reason, recapture those emotions and try to dig up some family photos of when you were out enjoying the local attractions while at your vacation home.  Place a few of those photos in the listing and it watch the emotional effect it has on other vacation home buyers.   

3.  Showcase That Guestbook! 

Hopefully you’ve been using one. . .for those of you that are you have a heaping pile of testimonials sitting on your kitchen table right now? Go through your vacation home guestbook and pick out three or four of the best reviews you received.  Use those testimonials when marketing your home online.  You could even pick a stellar one and give it to your Realtor to put it the MLS along with your property description.  Don’t let that guestbook go to waste, it’s one of your best marketing pieces you have.  

4. Connect With The Right Buyers

Buyers of Florida vacation homes don’t just come from within the United States.  Florida attracts buyers from all over the world that want to own a piece of the paradise pie.  You have to reach these specific buyers the same way you would be reached if you were looking to buy a vacation home in another country.  This could be an entire new post but to give you a tip on this, when creating the property flyer for your listings (or online) make sure you add the price in at least the five most popular currencies from where your buyers are coming from.  It’s much easier to see something in your own currency and realize what a great deal it is than to take the time to convert it.  Buyers want instant gratification so give it to them. 

These tips probably seem so obvious you’re wondering why everyone isn’t doing it. Most people aren’t implementing these steps because they either a. aren’t using a Realtor and don’t know this information or b. Their Realtor isn’t experienced in selling vacation homes.  Whatever the reason you know have an edge over your competition and in this buyers market sellers need all the help and advice they can get.

How To Get Your Own Bookings On Your Davenport Short Term Rental Vacation Home

So you purchased, or are thinking or purchasing an STR (short term rental) vacation home in Davenport or possibly Kissimmee.  By now you’ve probably done the math and figured that a huge chunk of your expenses are coming from the property management company you are hiring to book it out and maintain it.  You tossed about the idea of how you could cut them out of the equation and save yourself money but you just don’t  know how you would get enough bookings to make it worth cost effective. I’m here to tell you that it’s possible.  You can get your own bookings BUT it’s going to take work, dedication and creativity on your part.   In order for this to benefit you be sure that you are either self managing the property or you have negotiated with your management company to not pay them anything out of your owner bookings (a cleaning fee is unavoidable).   

1. Create detailed descriptions of the property and location with tons of photos.  You can never have too many photos.  You NEED photos!!! Describe every bedroom, bathroom, kitchen, pool, patio, furniture etc.  Make sure you give as much detail and information as possible.  People love details, include room dimensions and how many it sleeps as well as the quality of linens and furniture.  This is important to people. I cant say this enough. . . INCLUDE PICTURES!!!!!!!!!!!!!!!!                                                            
2. Upload your photos with detailed descriptions to your favorite online photo hosting site.  For those of you not familiar with hosting photos online there are a number of site you can use to upload them.  Picasa, Flickr and Photobucket are just a few. This will create a place you can refer people to view the photos and you can also link to them.                                      
3. For the love of all things vacation home, please please please order a virtual tour.  This the web 2.0 era and consumers have much higher expectations these days than they did 20 or even 10 years ago.  You need to be able to compete with your competition.  If you’re not sure how to get a virtual tour for your Florida vacation home here is a site you may want to check out Obeo.                                                                                                                               
4. Set up a property website. Godaddy has some very cost effective options as well as Hostgator. Be sure you include your contact information on your website and a valid e-mail address because most of your inquiries will come through e-mail.                                                                                                                  
5. Once your website is up you can then start submitting your listing to vacation rental sites.  One of the biggest and most popular sites is  HomeAway Vacation Rentals. From here you can upload your listing (for a fee) and create a booking calendar to show availability.  You may want to make sure you keep it in sync with what ever bookings the management company has for you so you don’t make the mistake of double booking.           
6. Be sure you place ads on Craigslist.org classifieds at least once a week.  Some other great free classifieds sites are: Pink Flamingo Classifieds,  Ablewise and US Free Ads.                                                                                            
7. Network with real estate companies that fly buyers in from out of the state and country.  Tell them they can rent your villa for their buyers and offer them a great deal.  If you get in with the right office you may have a small gold mine on your hands. 

The most important thing to remember when getting your own bookings is that it’s quality not quantity.  For management companies it’s the opposite because they deal in volume but only get a very small portion of the revenue because of overhead expenses.  You will be collecting 100% (after taxes) of your nightly revenue so what you may earn on 10 booking could easily add up to what would be 20 bookings through your management company. That means less wear and tear on your home for the same type of income.  A great book to check out is: How to Rent Vacation Properties by Owner Second Edition by Christine Karpinski.

Black Lake Park, The Best Value in Winter Garden

Nestled within the heart of Winter Garden only a short walk to the new Winter Garden Village and a two minute drive to the HWY 429 ramp is a KB community called Black Lake Park.  The community is fully completed and is located right off 535 just North of Hwy 429.  When the community was originally being built back in 2005 and 2006 the prices were reaching as high as the 500′s for a 4,000 sq ft house.  Fast forward to the foreclosure era and you can now pick up a beautiful 3,000 sq ft house in the low to mid 200′s.  

It’s not just the prices of this community that will impress you but also the cozy feel it has as you drive around the community.  The community is gated and as you drive through the tree lined entrance you come to a gazebo and a clubhouse at the first intersection.  The gazebo and clubhouse sit on a huge open common area with golf course style grass and there’s even a soccer field and play ground.  

The homes have a cookie cutter feel to them however it’s not hard to look past that when once you take a walk on the community dock that overlooks black lake.  Many of the homes along Reflections Ln have lake frontage and also lake views from within them.  The community is certainly no Isleworth but definitely offers a great value for the price.  When compared to Summerport in Windermere it offers a better built home and more square footage for the same price if not better.

10 Reasons Why Davenport Is The Best City in Florida To Own a Short Term Rental Vacation Home

For somebody considering a second home in the Orlando area they have so many options to choose from. South Orlando, North Orlando, Orlando’s suburbs, Kissimmee and the list goes on.  There’s one place in particular that you may or may not have heard of but I’m going to give you 10 reasons why Davenport, FL is the best city to own a Central Florida Vacation Home.

1. Davenport’s close proximity to Disney World makes it the ultimate vacation home spot.  All of the communities along Hwy 27 between I-4 and 192 are only a 10 minutes drive to Cinderella’s castle (For those of you not Disneyfied yet that would be The Magic Kingdom).

2. Davenport is zoned for short term rentals.  This means that you can rent your home out when your not using it.  The term “short term” refers to any rental terms under six months and one day.

3. Davenport’s quiet and peaceful environment makes you feel like your away from all the hustle and bustle yet you’re only within a 10 minute drive of Orlando’s attractions.

4. Almost all of the Davenport, FL homes have private pools. The reason being is because they rent better with pools so 90% of the homeowners have one.  You can almost always find a pool home in Davenport for the same price as a non-pool home in another nearby city.

5. Davenport is famous for being the Orlando vacation hot spot so all your neighbors are most likely going to be second homeowners also. What’s great about that is that it automatically creates a common bond and makes it easier to connect with your neighbors.  Who knows, maybe you all could even hit up some of the local parks together!

6. Davenport is well known overseas and highly desired by tourist looking to rent a villa for their holiday.  This means that you should get more bookings on your home than if you were to buy elsewhere in Orlando.  Many holiday-makers will even book your house again for next year if they enjoy their stay.

7. Davenport is home to some of Central Florida’s finest resort communities.  If you are looking for a top of the line, 5 star resort style community your likely going to love what Davenport has to offer.  Communities with not just pools but their own private water parks, championship golf courses, concierge and that’s not even scratching the surface.

8. If you prefer new construction at a price as hot as the Florida weather than Davenport has that to offer as well. There are plenty of new construction communities within Davenport that are sure to tickle your fancy any day of the week.  Tile roofs, tile floors and the occasional dead cockroach you find laying in the shower at your final walk through.  What’s not to love about new Florida homes?

9. Less traffic = less stress. Who wants to come on vacation and fight off lanes of traffic and angry locals using obscene hand gestures out their window? Davenport’s main hwy 27, where most of the communities are located,  is very rarely congested even during rush hour.  If only all of Orlando could be that way.

10.  Davenport’s main Hwy 27 is located right off 1-4 and a quick and easy route to the airport and Wal-Mart. There’s nothing worse than flying in to a city, that you don’t know very well, in the middle of the night; getting lost and/or having to drive an hour or more to your destination, getting there and then realizing you have no food in the house.  Luckily Davenport’s Super Wal-Mart is open 24 hours a day if you get the midnight munchies.

While I’m on a roll I thought I’d throw in this bonus. . .

11. Davenport’s home prices are significantly lower than many of the other surrounding cities, so you’re going to get yourself a pretty shweet deal!

10 Things To Do With Your Kids In Orlando BESIDES Theme Parks

There is so much more to living in Orlando than just Disney World and Universal Studios.  Orlando has so many fun things to do it could take you months just to explore everything.  I’m going to share with you 10 of my favorite things to do with my daughter as a local here in Central Florida.

1. Monkey Joes: This place is like your local birthday party on steroids! It’s a 15,000 square foot open room of nothing but gigantic bounce houses and a game area.  The kids go absolutely wild and it’s only $8 per kid to get in, adults are free.  They have several throughout Central Florida but the one in the Festival bay Mall is my favorite and you’re almost guaranteed they’ll take a pretty long nap afterwards.

2.  Fun Spot: It is exactly what it sounds like.  A Fun Spot.  They have two locations, one in Kissimmee and one off I-drive.  The one off I-drive has a huge go-cart track and indoor two story arcade, massage chairs for the adults, Ferris Wheel (that you can’t miss from just about anywhere on Kirkman and I-Drive),an outdoor kiddie ride section and so much more.  Admission is free and  It’s $14.95 for an unlimited all day bracelet for the kids or you can pay per ride. This is a definite must do for those looking for something other than theme parks.

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3. Festival Bay Mall: This is a really cool mall to take kids under 5.  They have a giant open area in front of the food court where my daughter likes to play and on weekends there is usually some type of children’s event going on.  In the back of the mall is a very phycadellic train ride that costs $2 to ride and next to that is an interactive dance floor that blows bubbles and does other neat stuff.  Monkey Joes is also located in this mall as well as a movie theater, Ron John Surf Shop and a Bass Pro shop.  Admission to the mall is free.

4. Leu Gardens: This place is really neat if you like nature.  It has a butterfly garden and some history behind it as well.  It’s a great place to go and relax, escape the busy lines and crowded parks.  Children under six or seven may get bored because it’s just a nature trails and gardens but the older kids could definitely appreciate it.  Children under 5 are free, K-12 are $2 and adults are $7

5. Dinosaur World: The coolest place for young children with a fascination with dinosaurs.  The park has a fossil dig, caves, skeleton garden, bone yard and museum.  There is over 150 life size dinosaurs and it’s also educational.  It’s not exactly around the corner but it’s within a reasonable driving distance from south Orlando, about 45 minutes.  Kids 3 and under are free, 3-12 are $9.75, adults $12.75 and seniors 60+ are $10.75

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6. Gatorland: If you’re not a native to Florida and you want to see some serious gator action this is the place visit. The park was recently renovated and has a pretty sweet splash park for the kids, live gator shows, a train tour of the facility, an aviary an much more.  It’s a lot of fun and you can probably see the whole park in less than 6 hours but if you wanted to could spend the whole day without getting bored.  It’s cheaper than a theme park but offers the same kind of fun minus the cool rides.  Kids 3 and under are free, 3-12 $14.99, adults $22.99 they also have stroller and wheelchair rentals.

7. The Central Florida Zoo: I hesitated whether to mention this or not because it’s not the fanciest of zoos however, they recently built a new splash park and it’s pretty nice.  As far as the zoo goes it has all of your usually zoo animals.  Monkeys, elephants, bears etc and the little ones are sure to like it but I recommend this to you because it not has the splash park, the price is inexpensive and it justifies the trip. The splash park at Gatorland is way better. . . just thought I’d add that. Kids 2 and under are free, 3-12 are $6.95, Adults are$10.95 and seniors are $8.95

8. Dr. Phillips Park: This a very local place to go.  You really won’t find many tourists here because they don’t know about it.  This park is so centrally located to all the action but yet so hidden in the midst of a residential area right off Apopka Vineland Rd. The park is totally futuristic and is not your typical slide and merry go round type park.  They also have a splash park for the kids that only $1 to get in and they will play for hours.  This is by far one of the best, free places to check out in Orlando.  Bring a lunch because they do not have a snack bar.  Definitely bring the kids here and let them run wild.

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9. Old Town: It’s like walking into a time warp.  It has a very 50′s feel to it but with lots of cool rides and things to look at.  Every Wednesday night theyhave an Elvis impersonator and every Friday and Saturday night they have vintage car shows and pretty much something going on every other night of the week also.  It’s a lot of fun and admission is free you just have to pay to get on rides.

10: Magical Midway: Recently opened back up again for business this amusement style park, similar to The Fun Spot, is located off I-drive right near the Chilis.  It has go-carts, extreme style rides, games and bumper boats.  It’s a cool little spot to check out if you’re walking the I-drive strip.  The kids will like it and it also appeals the the kid is us as well.  Armbands start at 22.95 or you can buy individual tickets for what you want to do.