Six Signs You May Be Ready For an Orlando Vacation Rental Home Investment

1. Taking Frequent Vacations to Orlando
Do you find you and your family are taking frequent vacations to Orlando? Maybe it’s Disney World or Universal. Whatever the attraction, consider how much money you spend on lodging, dining and activities.  Generally the cost of all that combined annually could be a down payment on a vacation home.  When you’re not using it you can rent the property out which helps offset the cost of owning it.

Search Properties For Sale in Kissimmee’s Top Notch Vacation Rental Neighborhoods

2. Already Own a Timeshare
Timeshares are great for some people but with the real estate market at rock bottom prices on vacation homes have never been lower. Unlike a timeshare, if you own a vacation home you can visit the property as much or as little as you like and there are no penalties and unlike a timeshare you can rent your property out when you’re not using it.  Often times, the carrying costs of owning a vacation home that is being rented out ends up being almost the same as an upscale timeshare.

Everything You Wish You Knew BEFORE Buying a Florida Vacation Rental Home

3. Planning Your Retirement
Many people who plan their retirement already have a set place in mind that they would like to retire to.  If you are one of those people consider the financial benefits to investing in a vacation home for your retirement.  The ability to offset the cost of owning the property until retirement and still use the home for vacations is a huge perk as well as the equity that you will be building towards your retirement nest egg.

4. 1031 Exchange
Many investors who are selling off their investment properties are looking to take advantage of the 1031 exchange for tax purposes.  What a great opportunity to invest your gain into a vacation rental property.  You not only save on taxes but now you gain a vacation home that you can retreat to as well as offset the carrying costs of owning.

5. House Exchange
Ever wish you could be part of a house exchange and travel across the world all while living like a local? The only downside to house exchanges are if you don’t own a vacation home, you would have to rent out your own personal residence to strangers.  I don’t know many people who would be okay with that.  Owning a vacation home now gives you the flexibility to trade up your house with someone else’s and not have to worry about personal belongings.

Windsor Hills Resort Homes For Sale in Kissimmee

6. You Just Want a Good Florida Real Estate Investment
If only for the reason that you’re looking for a property that will appreciate in value than buying a vacation home could be the best investment you ever make. Vacation rental properties are in a specialized category of real estate and due to their zoning flexibility for short term renting, there is always a demand for this type of property from international investors.  Vacation rental homes, in my opinion, could be one of the safest real estate investments you can buy.

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How To Ditch Your Bad Florida Realtor

If You Don’t Like Your Florida Realtor

So your Realtor was great over the phone, did their job, always got back to you and helped you get everything prepared but after you met and started working together he/she just didn’t seem to hold up to their first impression they gave you. This would be an unfortunate situation to find yourself in after you’ve spent all the time and money on your trip down here to purchase a property. If it’s just an issue of your personalities not meshing well than my advice would be- If they know what they’re doing and are experienced you may want to try to work through the personality issues.  At this point you run the risk of choosing someone new out of desperation and could end up with someone worse.

If your Realtor just doesn’t know what they are doing and can’t seem to give you any relevant information about the properties or even worse, doesn’t even show up than I have a couple of suggestions for you that shouldn’t waste too much of your inspection trip time:

• Contact their broker and let the broker know about your concerns and your experience with this Realtor so far and see if they have someone else in that office they can refer you to.
• Pull out that original list you made when you were interviewing Realtors and try contacting one of the other two Realtors.  They just might have some availability and can squeeze you in.
• If you are staying in a vacation home neighborhood, go to the nearest shopping center and see if there is a real estate company within that plaza, trying walking in and explaining your situation.  Explain to them what you are looking for in a Realtor and see if they have someone who is willing to take you out on last minutes notice.

I certainly don’t advise finding another Realtor at the last minute as that usually ends up in disaster however, sometimes these things just happen and Realtors just don’t workout.  Try and prepare for this situation ahead       of time and maybe have a Realtor in the back of your mind as a back up plan. Make sure you hold on to that itinerary, your next Realtor will need this so they know which properties you want to see before you leave.  If          you do switch Realtors, as a professional courtesy, let your current Realtor know that you are no longer going to be working with them so they don’t wonder what happened to you.

Remember, when it comes to buying vacation property in Orlando, if you fail to plan than you plan to fail. For a complete road map and guideline to getting from point A to Z and avoiding all the pitfalls in between when buying your vacation rental home in Florida be sure to check out our up and coming e-course “Everything You Wish You Knew Before Buying a Florida Vacation Rental Home”

Legacy Dunes Condos- Expect To Pay More in Kissimmee’s Best Value Vacation Condo Resort

I’ve been getting a lot of inquiries on Legacy Dunes this past week from investors that are just looking for a solid, inexpensive investment in the Disney area.  Many of the investors who are buying property in here don’t have any intention of using it for short term.  Some plan on renting it for a year and then trying to flip it, some just want to rent it full time and live in it for retirement and some are just buying it because it’s cheap and they will figure out the details later.  Whatever the case may be there is one thing that is certain. . .

If you plan on investing in a Legacy Dunes condo in Kissimmee you can plan to pay above asking price!

The comps don’t lie.  I’ve comped out every sold condo recorded in the MLS for the past six months and 70% of them sold for over asking price.  Some were a mere thousand over asking and some were as much as $16,000 OVER ASKING PRICE! What this tells me is that if people are willing to continuously pay over asking price for these condos that our market has absolutely hit a rock bottom and the comps are reflecting that.  

Legacy Dunes Bank Owned Condos For Sale

Legacy Dunes used to be a place where the average investor who just wanted a cheap vacation rental condo in Orlando could get a great deal.  Now it’s turned into a feeding frenzy for investors looking to cash in on the rock bottom short term rental investment that is still in decent condition.

If you’re up for the challenge of trying to buy a condo in Legacy Dunes, here are the new rules of the game:

Rule #1: Don’t underbid or you won’t get the condo!

Rule #2: Submit your highest and best offer.  In most cases, you only get one shot of submitting your bid so make sure it’s the highest you’re willing to pay.

Request the Full Legacy Dunes Sold List For 2009

Rule #3: Be ready to jump on the listing right away! Time is of the essence when you have 20 other hungry investors trying to buy the same condo.

Rule #4: Have your rental strategy mapped out ahead of time.  If you plan on renting it, make sure it’s rental ready asap so you don’t get stuck with it too long! Those condo fees are high and will start to eat a hole into your bottom line.

View All Condos For Sale in Legacy Dunes Kissimmee

Are Orlando Vacation Homeowner’s That Self Manage A Threat To Management Companies?

The vacation home industry is growing by leaps and bounds and was one of the most popular choice of accommodations for families traveling to Disney World and other Florida areas in 2009.  With the popularity of vacation homes and consumer awareness growing it’s starting to become a bit more competitive to market vacation rentals online than it used to be.  VRBO, a popular vacation rental by owner site,  is currently dominating the world of direct owner bookings and though there are management companies advertising on the site most of what’s available is listed directly by the owners.

Windsor Hills Resort Bank Owned Vacation Rental Homes For Sale

One of the trends I’m noticing with owners is that many think that if they cut the middle man out (management company) they can market their home at a discounted rate and still receive a larger portion of that money.  This works for many owners who utilize their vacation home rental as a full time business but what about the other owners who don’t want to make marketing and renting their vacation home a full time job and are dependent upon a property management company renting out their property?  These steeply discounted rates that owners are offering on VRBO are in direct competition with what your management company is trying to rent your vacation home for.  Any prospective renter who understands the internet is able to log on and check to see what rentals are going for in your neighborhood and will see these discounted rates being offered by owners.  If your management company is any good at securing retail bookings than they will be aware of this fact up front and know how to up-sell the renter on the benefits of working with a management company over booking directly with the owner (as will owners do the same).  I personally, do not have a preference as to which one is better but there are specific facts about both that should be brought to the renters attention before they make a decision.

Everything You Wish You Knew Before Buying a Florida Vacation Rental Home

Pros of Booking Directly With The Vacation Homeowner

• Homeowner will give a better rate.  Since the middle man is being cut out the homeowner can afford to offer a steeply discounted rate to the renter.
• Homeowner can be more accommodating. Since you are dealing directly with the owner you can ask specific questions about the property that a reservationist at a management company may not be able to answer in as much detail for you such the closest local Italian restaurant or the best view of the Disney fireworks in town.

Cons of Booking Directly With The Vacation Homeowner

• Time difference and emergencies. If the homeowner lives in another country and there is an emergency that requires immediate assistance than it is possible that you could be waiting for a response back for several hours as many homeowners do not have a full time on call maintenance staff to deal with these issues.
• No quality assurance. Some homeowners that manage their own vacation rental properties rely solely on a cleaning crew to maintain their home between guests which means there is more risk of the home not being cleaned to your standards when you arrive.  If you complain to the owner they cannot move you to a new property as most of the time they only own one.

Hidden Expenses Your Short Term Rental Management Company Doesn’t Want You To Know About

The Best of Both Worlds?
There are renters out there who will just always feel more comfortable renting a property that they know is being professionally managed.  With that being said, owners can still cash in on their own bookings while utilizing the assistance of a rental manager.  Many owners will list their properties for rent by owner and secure the booking themselves but have the management company handle the rental aspect of it and pay them a small owner booking fee.  This is a win-win for both the owner and the renter as the renter gets a peace of mind knowing that if something goes wrong with the property they will be accommodated immediately and the owner get their chunk on the booking revenue while doing a quarter of the work that a self managing owner would do.

What is your take on self-managing vacation homeowners offering competitive rates to undercut rental manager bookings?

3 Quick and Easy Ways To Improve Your Vacation Rental Ad in 2010

As I was browsing HomeAway tonight looking for a vacation rental I noticed one ad in particular that caught my eye over all of the other ads.  This ad was nothing special but it had three things going for it that most of the others did not. If your vacation rental ad on HomeAway or VRBO doesn’t already consist of these three things than I would advise you to consider implementing these tips into your ad and you will most likely notice a higher click-thru rate in 2010.

1. Accept Online Payments
The very first thing I noticed about this ad over the others was that it accepts online payments.  I don’t know about you but I’m a creature of convenience and love to keep things as simple as possible.  If a customer can quickly and easily pay online for their vacation rental and does not have to deal with calling a management company  or owner to arrange payment than they will be much more likely to book your property over one that makes them jump through the hoops to make payment.  Many owners don’t implement this concept for many reasons.  Some of the most common reasons are they either don’t know how to set it up or they don’t want to pay the fees that are assessed when accepting credit card payments.  It takes about 2 minutes to set up a Pay-Pal account and start accepting credit card payments.  If you decide to start accepting online payments be sure to list it on your ad!

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2. Reviews
The second reason I clicked on this ad was because it had more reviews than the other vacation condos listed on that page.  No matter how happy your customers may be after they leave your vacation home, getting a testimonial from them is sometimes one of the hardest things to do.  It’s not because they didn’t think your place was great but in most cases it’s just plain inconvenient for people to go to your website and leave feedback or send you an email with feedback.  There are many methods you can implement for getting more feedback from your guests and I will go into that in another post but it’s important that you get as many of your guests as possible to leave you a review about your property.

Don’t forget to join the waiting list for The Pink Flamingo’s up and coming e-book “Everything You Wish You Knew BEFORE Buying a Florida Vacation Rental Home“

3. Great Cover Photo
The subject of what makes a great vacation rental ad photo is debatable by many but what I loved most about this particular ad was that it didn’t have the same picture of either the kitchen or living room as all of the other vacation rentals did.  This photo showcased exactly what I was looking for and that was an amazing view and a great location.  The photo that you put on the front of your ad is going to be the first and in some cases the only picture that prospective renters are going to see, so make it count!  If your home is in a tropical location like Florida it’s great to show a picture of the ocean view or the pool and spa area.  Take into consideration what you are trying to sell and that’s a vacation not a house. People make purchases based on emotional reasons so learn to push those emotional buttons in your ad and watch the click-thru rate and bookings sky rocket!

Here’s to 2010 and all of the bookings you will be getting for your vacation rental!

Four Free Ways To View Local Orlando Real Estate From Afar

Trying to find the perfect vacation rental investment from thousands of miles away can often become a very frustrating task. Homes might look great in the pictures online but what does the surrounding area look like?  If you’re not utilizing at least one of these five free mapping tools listed here than you you may be in for a huge surprise when you arrive here in Orlando for your property inspection trip.

1. Bing Birds Eye View: Birds Eye View from Bing is one of my favorite free mapping tools on the market. It’s so easy to use and gives an very clear picture of not only the home but also the surrounding area. It also offers an ariel/satellite view which is similar to what google has.

2. Google Street View: Some pretty funny stuff has been caught on Google street view but we’ll save that for the What the Flock section. Google street view is great for just about anything but above all it’s amazing for researching real estate.  It’s the second best thing to actually being able to walk or drive the streets your self.  Google street view offers you a 360* view of the street.  This is great if you want to see what your future neighbor’s houses look like or what your walk to the clubhouse will be like.

3. Map Quest:

Compared to Bing and Google, Mapquest seems to be the awkward kid at school but even the awkward kids are good at something and mapquest is still my number one choice for driving directions and route planning.  Mapquest even has the 360* and ariel view options. What’s great about Mapquest is you can map the route with an ariel view and also add tons of cool options to your route like gas stations, traffic reports and much more. Mapquest is a very useful program for checking the distance and route from your potential vacation home to Disney or other popular destinations.

4. Google Earth:

Google Earth deserves it’s very own post but I’m throwing the short version in because it’s THAT important to know about and utilize in your property searches.  Google earth integrates street view, ariel view and so much more.  You can view the sun exposure at any hour of the day, see what your neighborhood looked like 3 years ago and if you’re an astronomy nerd like me you’ll love that you can even view the night sky from the house that your researching.  How cool is that? Google earth is  free to download and will become your best friend when trying to purchase and research a home from thousands of miles away.

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Important Information Regarding the Launch of The Pink Flamingo’s New Ebook

I would like to say a huge thanks to everyone who signed up on the waiting list for the up and coming ebook “Everything You Wish You Knew Before Buying a Florida Vacation Rental Home”.  It’s quite a mouthful to say but I wanted the title to reflect the extensive detail of the ebook.  This is a project I have been working on for quite some time now and I’m excited to release it to you.

We’re Beefing Up
During the process of writing this book I have come across so many fantastic people that have inspired me, educated me, helped me and guided me. Like everything else in my life, if I can’t devote my absolute best to something I will not take it on, because of this I have chosen to add both video and interactive spreadsheets to the ebook. This ebook will no longer be just another ebook but the only Florida vacation home buying resource you will ever need and will be more of a workbook.  The process of adding these bells and whistles to this has caused me to have to delay the launch of the book.  I don’t feel it would be fair to deliver you the product in it’s current state, I want to give you the most valuable resource available on the market today and to do that I will need to push this launch back.  To show my gratitude to those of you who have been anxiously waiting for this ebook and registered on the launch list before December 7, 2009; I will be giving you this workbook absolutely free, details on that have been emailed out to you.

Again I want to thank everyone for their help and support with this project and please stay posted for the release date.  I don’t anticipate this going to far past January and I am pushing for before the New Year.  If you haven’t subscribed yet you can do so here to stay updated this project.   Happy holidays to all of you around the world and thank you for being part of the flock!

Are You Buying an Orlando Vacation Rental Home For All The Wrong Reasons

Don’t be that guy who thinks he’s going to get rich quick or cash in on an Orlando vacation home cash cow.  You should avoid buying a vacation rental home in Orlando if your reasons are any of these three.  A vacation rental home if doe the person who just wants to own a piece of Florida and understands they may or may not break even but they don’t care because this is their dream.

1. To Generate an Income
Stop right there and do not pass go.  If you’re one of those people that think you’re going to buy a vacation rental home and generate a cash flow on your property all while enjoying the fruits of your investment three months per year you are dead wrong and should reconsider your decision.  Yes- There are people in Orlando generating a small income off their vacation rental homes but it’s a very small percentage and there are several factors that have to line up for this to happen.  Most of the time, epecially for those taking a mortgage, you should expect to pull 20%-30% out of your pocket every month to own the property.  You do have a decent shot at breaking even but it’s going to take some work on your part.

View Properties With Transferable Bookings

2. For a Quick Flip
So you’ve been bit by the get rich quick bug and have decided you’re going to cash in on some of Florida’s foreclosure properties. . . Orlando vacation homes rarely make a good quick flip and its extremely difficult to net anything from the little money you may make flipping it.  The only vacation rental neighborhood in the Disney areas that I have seen investors successfully flipping houses for a profit in is Legacy Dunes and even that’s not what it used to be anymore.  Legacy Dunes used to be a nice little gold nugget buried away within Kissimmee that investors were cashing in on but word quickly spread and the inventory has dried up. You’re competing against dozens of other investors trying to do the same thing and as the higher you have to bid to get the property the lower your profit margin falls.  The best quick flip properties are bulk packages that are generally purchased by investor groups.

Read Also: Legacy Dunes Being Flipped For a Profit On Ebay

3. For a Beach Getaway
I know this sounds obvious but you would be surprised how many people contact me because they want a beach retreat and think the prices in Orlando are great.  Nine times out of ten those people leave very dissapointed when they realize that a one hour and fifteen minute drive is not exactly around the corner. It doesn’t sound like a long drive but if you plan on hitting the beach every day on your vacation than you may really want to consider the west coast of Florida as a better choice.  Orlando is not known to be a place to visit for the beach, it’s known for Disney and all of the other attractions.  The beach just happens to be an option for many, then again for those of you that don’t even live a days drive to the beach an hour and fifteen minutes may be the best thing since sliced bread.

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Important Things You Need To Look For Before Renting an Orlando Vacation House-Part 2

Guest Post by: Dave Pollock

Also Read: Important Things You Need To Look For Before Renting an Orlando Vacation House-Part 1

All About Deposits

After you select an Orlando vacation home, and confirm the dates, you will have to put a deposit on the home. This is normally around $200.00 per week. If you are renting directly from a home owner, they usually accept a certified check, PayPal, or even a credit card. I’m okay with any of these forms of payments. If you use a credit card, you will most likely have to give your credit card number, name, and security code.  Not all people are comfortable giving this out, it’s up to you.  A security/breakage deposit is often also required. It will be around $200.00 and is returned after the house is verified it’s in the same condition as before you arrived. If you cancel your rental, it will cost you the deposit or the full rental amount if it is within a certain number of days before arrival. If you are not a risk taker, consider travel insurance or be prepared to give your neighbor an early Christmas gift. The balance owing is usually due around 35 days before your arrival date. Always read the terms and conditions before you decide to proceed with the rental.

Amenities
I wouldn’t rent a Florida vacation house unless it has the following amenities:  A South facing pool. Trust me, you will want this. I made the mistake once, and never again. If you get a cold snap, the sun can help make up for the colder temperatures. If you find the sun too hot, remember that 99% of the pools are covered by a screen that helps block the sun’s intensity. A covered lanai is also a must. A lanai is basically a part of the patio covered by a roof. This is great for eating lunch shaded from the sun or taking a break watching the kids swim. A games room is also valuable. Games rooms are great for those rainy days or a break from the theme parks. They are usually converted garages, that have such games as air hockey (good for the Canadians eh!), pool, electronic darts, and foosball.  Look for stools or chairs in the home pictures, to chill out and watch the pool game. Bring your laptop with you, because you’ll want the house to have Internet access, preferably wireless. This is great for researching day trips, restaurants, or other activities.  Calling home for free is very convenient. Homes should provide, free long distance calling to the U.S. and Canada.  Not to be forgotten, the basic amenities should be a fully equipped kitchen, cable TV and DVD players in each room, a large screen TV in the great room, stereo, games console, chairs and loungers on the patio, and house alarm.

Plan Ahead!

Before you leave for your trip, make sure you have been provided the required information. This includes the electronic door lock and/or lock box codes, house alarm code and instructions, property management phone number, and driving directions with full house address (great for a GPS). Bring change with you in case you hit a toll on the highway. It happened to me, it was around midnight and I hit a toll with no attendant.  Whoops no change! I kept going and hoped they would see I had a rental car and not fine me. For the record, I never received a ticket. Take note of where the closest grocery store and pharmacy are. The home owner’s house web site should have this. If not, when you get the address of the house, use Google maps to find them.

When you arrive at the home, take a few minutes and do the following: Take a walk around the house and if there is any damage, take a picture and then call the property management company. You don’t want to pay for someone else’s mistake. Take a stroll over to the pool, and if you paid for heat, make sure it feels warm. Take a drive over to the grocery store, which you research earlier right? Pick up food and a few cold ones. While you are at it, hit the pharmacy if you forgot to bring pain killers. Don’t want to make a run to the pharmacy if you have a headache.

After your vacation is over, and you are sporting the sunburn, there are a few things you have to take care of before you leave the home. Normally this involves removing the sheets from the bed, putting the used towels in the bathtub, start the dishwasher, put all trash in garbage can etc. After a few weeks you should also get the security/breakage deposit back, if you didn’t leave that spaghetti sauce on the carpet.

Renting a vacation home is a great way to spend a vacation with family and friends. If you do your homework upfront, you will most likely have a fantastic vacation with wonderful memories and dreams about next year’s trip.

About The Author: Dave Pollock and his wife Lois own a beautiful Davenport vacation home in Sandy Ridge. It’s the perfect retreat for anyone looking for an affordable vacation home with a private pool. The home is located  within a short 15 minute drive to Disney and other Orlando attractions. Consider renting the Pollock’s “Sun Retreat” next time you come to Orlando.  www.OrlandoHouse.me

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Important Things You Need To Look For Before Renting an Orlando Vacation House-Part 1

Guest Post by: Dave Pollock

Many people are turning to renting vacation homes in Orlando instead of the more traditional hotel rentals. Over the last five or six years my family has rented houses in the Orlando and Tampa, Florida area. This past spring we purchased a house in Davenport, Florida. Davenport is just outside of Orlando, 15 minutes from the theme parks.  We are currently renting this house as well as using it for our own personal vacation retreat.

Because I have been on both sides of the fence, renting a home and renting one out, I can give you several tips on renting a vacation home.

Start Your Orlando Vacation Rental Search Early

Six months or more in advance is best. This will take the stress out of renting a  home, especially if it is during the vacation season. The good homes go early, so the sooner you start the better.  The Internet is a powerful tool. Use Google to help your research. You can also search popular web sites such as VRBO
where Orlando vacation homeowners rent directly to customers or use a travel agent to help out.  If you inquire about a vacation rental home, directly to an owner, you should get a timely response, if not move on.
Do not rent an Orlando vacation home that does not have at least 8 pictures showing the exterior and interior of the home. This helps eliminate any surprises you might encounter when you arrive. Who wants to sit on a pink plaid couch or wake up to purple walls! Second to pictures, is a virtual tour which provides video of the home.  If there is no virtual tour provided, consider another home, it’s that important. Also, many home owners have a personal web site of their home which provides additional details of the home and surrounding area.  Not only is the additional information handy, it shows commitment on the owner’s part.

What You Need To Ask

How do you gain access to the home? If you arrive at midnight, do you have to go to a property management office to pick up the key? I’ve read a couple of horror stories where families have had to wait outside all night or rent a cheap motel until the next morning. At a minimum, the home should have a lock box with the key inside. You will be given the lock box code a few weeks in advance. Even better, a door lock with an electronic keypad. This allows you to punch in the code on the keypad, and presto you’re in the house. There should also be a lock box, in case the electronic keypad malfunctions.

Are you provided with a local property management phone number? Who are you going to call if the AC unit fails, the pool heater is not on, or toilet is plugged?  You should be provided with a phone number you can call 24/7. Do not call the phone number outside of normal business hours unless it is a real emergency. If you call after hours, and it’s not an emergency, it will cost you money. The pool heater can wait until the next day!

About The Author: Dave Pollock and his wife Lois own a beautiful Davenport vacation home in Sandy Ridge. It’s the perfect retreat for anyone looking for an affordable vacation home with a private pool. The home is located  within a short 15 minute drive to Disney and other Orlando attractions. Consider renting the Pollock’s “Sun Retreat” next time you come to Orlando.  www.OrlandoHouse.me

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If You Don’t Research Your Florida Vacation Home Neighborhood Now, You’ll Hate Yourself Later

There is so much that goes into buying the perfect Florida vacation rental home. Many people think that it’s as simple as just jumping online and browsing for Florida homes.  Though that’s not a horrible place to start it absolutely shouldn’t be the first place.  Florida vacation rental homes are a very specialized niche and understanding that fact will help guide you down the right path that will save you the most time and money.  One of the major factors that play a huge role in choosing the right vacation rental home in Florida would be neighborhood research.  In my ebook “Everything You Wish You Knew Before Buying a Florida Vacation Rental Home” I go into all the steps in great detail but for the sake of keeping this short and sweet I’m going to touch on this very important subject.

Is The Potential Florida Neighborhood a Vacation Rental Hot Spot?

Much like hotels the Florida short term rental vacation home industry has a reputation. Anyone who has been to Florida and stayed in a vacation rental home understands the importance of staying in a neighborhood that caters to vacation home renters. If you are looking to purchase a home that will actually rent out to guests than the first thing to want to do is check out which neighborhoods rent the best.  There are many different ways to do this but one of the easiest ways is to hop on Trip Advisor and start researching what people are saying about some of the local vacation rentals. You can get a good idea of what some of the more popular vacation rental neighborhoods are just by reading the reviews.  You’ll start to see some of the same neighborhood names pop up over and over.

Top 20 Most Critical and Frequently Asked Questions About Buying and Owning an Orlando Vacation Rental Home

What Type of Rental Rates Can I Expect In This Particular Neighborhood?

Another important factor to consider is the potential booking revenue you can expect from the neighborhood you are considering buying your Florida vacation rental home in. You might love the community and absolutely adore the house but if the rental revenue is much lower in that neighborhood than the surrounding ones wouldn’t it make more sense to fall in love with another home that’s similar in price and going to bring you in a better return? Don’t make the mistake of thinking that because another community close by gets great rental rates that your neighborhood will too.  Know the facts.  You can check rental rates several places but one of my favorite and probably the easiest way to do this is to go on VRBO.com and look it up.  VRBO is an owner site so the rates advertised are by vacation rental home owners.

It Pays To Do Your Homework-Literally
I hope you put these tips to good use on when buying your Florida vacation rental property. As you can see buying in the right neighborhood makes all the difference in the world when it comes to rental revenue. If you would like even more great tips about buying a Florida vacation rental home or perhaps you’re looking for some type of reference to guide you through the process, check out my ebook “Everything You Wish You Knew Before Buying a Florida Vacation Rental Home” which is launching Dec 7, 2009 to everyone on the waiting list.

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Why Orlando is a Great Choice for Canadians to Own a Vacation Home

Guest Post by Dave Pollock, Davenport Vacation Homeowner

As a Canadian, living in Ottawa, Ontario, I can relate to many people wanting to escape to the warm climate of the southern United States. Having a young family, we were drawn to Florida because of its unique qualities: It is very easy to get there by a relatively short plane ride, or for the adventurer you can drive, and of course there is so much to see and do for all ages. We had been renting houses in the Orlando area for several years; and after a couple of years I said “Honey, we should look into buying a house in Orlando” – “Sure, dream on” my wife says with a smile.

We love Orlando; it has so much more to offer then just the well known theme parks, shopping, and restaurants. You could be in the countryside in less than 20 minutes, and on the beach in approximately 1.5 hours. It also has great neighborhoods with highway access nearby. Oh, and let’s not forget NHL hockey in Tampa, less than 1 hour away! We discussed buying a home more seriously, about a year ago, and while there on another 2 week vacation we hooked up with a Realtor from the Pink Flamingo Group, and went and looked at around 10 houses. Not only did we want to own “a piece of paradise”, in our own minds, this would also be a great location to rent out to people from all over. We had certain criteria in-mind, which the house had to meet. It had to be in a neighborhood that was under 5 years old, within 15 minutes to the theme parks, 4 bedrooms, south facing heated pool, reasonable HOA fees, and need little or no repairs. We thought it was crucial to have these qualities to help rent the house out as well as meet our own needs. We had experience with renting, so we knew what renters would want.

We finally found the perfect house in a great neighborhood named Sandy Ridge, which is in the city of Davenport. Davenport is a very attractive location for renters because of its close proximity to all that Orlando has to offer. It feels like a country retreat because of the undeveloped area and it’s just far enough away from all the hustle and bustle. Looking back…would we do it all again? Absolutely! Orlando has turned out to be a great location to own a rental home. Not only do we get to take our vacations with friends and family to our very own “Sun Retreat”, we help supplement the expenses of the home by renting it when we are not there.

About The Author: Dave Pollock and his wife Lois own a beautiful Davenport vacation home in Sandy Ridge. It’s the perfect retreat for anyone looking for an afforable vacation home with a private pool. The home is located  within a short 15 minute drive to Disney and other Orlando attractions. Consider renting the Pollock’s “Sun Retreat” next time you come to Orlando.  www.OrlandoHouse.me

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Where Are All The Tech Savvy Orlando Vacation Home Management Companies?

When I first set out to write this post I intended on it being about tech savvy Orlando vacation home management companies that “get it”.  As I started my research online to see which companies are embracing the technology revolution and which are still stuck in what looks like the industrial revolution I was very disappointed with the results I found.  So the focus of this post has now shifted and I’m sad about that.

Being a tech geek myself I prefer to work with other businesses who are tech savvy as well. I like to follow them on Twitter and become a Fan of their Facebook page (hint hint-feel free to fan our Facebook page for awesome updates) to stay updated with what they are doing.  Unfortunately, it seems to be hard to find any Orlando short term rental management companies that are embracing the technology revolution they way they should. Do they understand the power of the internet and social media?

I personally, would be concerned about enrolling my Orlando vacation home with a property management company who does not have a tech savvy enough marketing department to even put their own company on the internet map.  It would make me wonder, “If they can’t market their own company properly, what are they possibly going to do for my home?”  I can tell you what they will do for you home; They will book your home out with tour operator bookings that pay half of what you should be getting and this is where 90% of your bookings will come from. The other 10% will come from your owner bookings if you choose to go that route.

I hope local Disney area short term rental companies start embracing this change and start making more of an effort to get their own direct bookings.  That will translate to more money in both of your pockets.  I don’t know when this change will take place but what I will ask you is this; How tech savvy is your Orlando short term rental property management company? Can you find them on Twitter? Facebook? Flickr? If so, are they active? Do they have a presence on some of the large travel social networking sites like Viscape? If you can’t answer yes to even one of those questions perhaps it’s time to tell them how you feel about their level of exposure and dependency on tour operators. Maybe they will listen and together we can get the Orlando vacation home market up to speed.

For you techies- Don’t forget to follow the Flamingo on Twitter: @RealEstateFL

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Celebration Homeowners Go All Out For Halloween!

As I was driving through the town of Celebration today I saw two houses that made me hit the brakes, pull out my phone and start snapping some photos.  These two homes, directly next door to each other on Celebration Blvd, were so incredibly decked out that they could give Disney’s Haunted Mansion a run for their money. It at first appeared that the neighbors were one upping each other but as I got closer it appeared they actually teamed up on this project!  Take a look at these photos (they were taken on my iphone so not the best quality) and remember, don’t be greedy with your thoughts, comment below! My favorite. . . the aliens disguised as Halloween decorations!

Top 20 Most Critical and Frequently Asked Questions About Buying and Owning an Orlando Vacation Home

View Celebration Home For Sale That Would Be Great To Decorate For The Holidays

The Chuck Norris Guide To Closing On Your Orlando Vacation Home in 30 Days Or Less

What do Chuck Norris and Orlando vacation homes have in common? Everything of course.  For example, If you have five dollars and Chuck Norris has five dollars than Chuck Norris has more money than you and will most likely outbid you on a property. The first lesson to learn here is that Chuck Norris gets things done and he gets them done fast. No title company, mortgage company or lazy Realtor can stand up to his roundhouse kick in the face so that being said lets get right into this and see what Chuck can teach us about closing on an Orlando vacation home in under 30 days. 

Chuck Norris Does Not Get Frostbite. Chuck Norris Bites Frost
If you don’t want to be stuck spending your winter in what feels like the trenches of Antarctica than make sure you have all your financing in place before you start making offers on any Orlando vacation properties (unless you bite frost).  If you’re paying cash, make sure it is liquid and ready to be wired into the title company’s escrow account on the day of closing.  I have had situations with clients who said they were paying cash however, still had to have the money cashed out of their home.  This usually happens when a person is using either a home equity line of credit or is in the process of doing a cash out refinance on their primary home.  This is not a bad thing but if you are shooting for a 30 day or less closing it can definitely hold it up. If you’re taking a mortgage than the whole pre-approval process needs to be done, even get as far as requesting a loan commitment with contingencies.  Then you know exactly what the lender needs to move forward.

Top 20 Most Critical and Frequently Asked Questions About Buying and Owning an Orlando Vacation Home

When Chuck Norris falls in water, Chuck Norris doesn’t get wet. Water gets Chuck Norris.
Since you’re not Chuck Norris you and your home could be subject to flooding.  Checking to see if your home is located in a flood zone is a very simple thing your Realtor can do for you.  Generally it’s just a matter of pulling the tax records on the home. If you’re concerned about living in a flood zone have your Realtor check this information out for you BEFORE you write a contract not after.  You will have enough to do once the contract is accepted you don’t need to be worrying about a flood zone.  Most lenders will require a new survey be ordered on the property this will also tell if your home is located in a flood zone.  You won’t get this document before the contract though, it’s generally ordered around the same time as the appraisal. If you’re paying cash for your Orlando vacation property than you will need to have one of these ordered as it’s not standard procedure.

Chuck Norris can slam a revolving door. Interview Disney area vacation home management companies as soon as you submit the offer. Don’t waste any time on this because you may be slamming a lot of doors yourself on your way out! Searching for the perfect vacation home management company in the Kissimmee and Davenport areas can be very frustrating and many people often have to go through at least five or six before they find a company they are happy with.  I am in no way advising you to go with the first Orlando holiday villa management company that you speak to.  Ask your Realtor to provide you with at least 3-5 names and start your hunt  A good Orlando vacation home Realtor should be able to provide you with a list of questions to ask the management companies.

Read Also: 10 Questions You Must Ask Before You Hire Any Orlando Property Management Company

Chuck Norris’ house has no doors, only walls that he walks through. Chuck Norris is unfortunately unavailable for home inspections however Orlando is filled with tons of great licensed home inspectors. Your Realtor should be able to provide you with at least two or three names so you can make a choice.  In order to close under 30 days you want to get this inspection done immediately after the contract is executed (signed by all parties).  What’s critical about this is that if there are any issues with the home you can address those immediately.  Sometimes you can find out the air conditioning system isn’t cooling properly or that a sink or toilet is leaking. You will want to have an a/c specialist and a plumber come out and look at it immediately so you can find out what these things will cost to fix.  You could find out it’s not a big deal and everything is great or you could find out you need a whole new a/c and plumbing.  These are all things you want to know upfront and as soon as possible.

Chuck Norris doesn’t read books. He stares them down until he gets the information he wants.
You on the other hand will have to actually read and what you need to be reading are what’s called the Homeowners Association (or condo association) bylaws for any Kissimmee, Davenport or Clermont vacation home.  This is the document that talks all about what you can and can’t do with your home while living in the neighborhood.  Restrictions like these are actually good things as they prevent your neighbor from painting their house hot pink or puke green however, there may be issues such a whether or not you are allowed to put a fence up in your backyard.  These are the kind of details you want to find out within the first three or four days of your contract being accepted.  Remember, we’re shooting for a 30 day closing so I would even go as far as having your Realtor dig up this information before the contract gets accepted.  Chances are, if your Realtor has sold houses in that specific community before and an electronic copy is available than he/she should be able to email that over to you.

Chuck Norris is the only person in the world that can actually email a roundhouse kick.
If a mortgage is involved make sure the appraisal is ordered within the first five days of the contract being executed.  What does this have to do with a roundhouse kick? Nothing, but I will not be opening any of Chuck’s emails. If you’re paying cash for the property this isn’t something that is absolutely necessary and getting an appraisal is a choice you can make on your own.  If you’re taking a mortgage you no longer have a choice in the matter and it’s a mandatory thing.  Appraisers do not work on your schedule they work on theirs and unless you can get Chuck Norris can send them a roundhouse kick email chances are this task is going to take the longest to accomplish so push your mortgage specialist to get this ordered asap and make sure your Realtor stays on top of this as well.

Chuck Norris can set ants on fire with a magnifying glass. At night.
And if Chuck Norris was your neighbor it’s a possibility that your house could catch on fire too. You want to make sure you have all your angles covered and securing your homeowner’s insurance is also something you want out of the way.  Have your Realtor provide you with some names for you to contact, he/she might even have someone in house that can give you a good price.  Whatever the case just get it done.  Don’t forget to get a short term rental liability policy either or property management companies will not be renting your house out.  This is something than can be done after closing but most Kissimmee, Clermont and Davenport homeowners insurance companies will offer this policy as well since short term rental homes are a huge part of our market.

Chuck Norris can divide by zero.
That’s amazing. . .What’s not amazing is if you get to the closing table and you find that you’re short on funds.  That’s a really big inconvenience to you and the seller so I highly suggest that you request a preliminary HUD-1 from the title company at least 10 days before closing to ensure everything adds up and you are prepared to close. At least this way you will have plenty of time to penny pinch and analyze the fees on your closing statement.  You may even be able to get some unnecessary “junk” fees removed.  The closing table or the day before is not the time to be doing this so keep that in perspective and urge your Realtor to get you a copy as soon as the title company has it available.

When the Boogey man goes to sleep every night, he checks his closet for Chuck Norris.
I highly suggest you do the same.  The last thing you want to do is wait until an hour before closing to do your final walk-thru inspection and have Chuck Norris jump out of the closet. I recommend doing this no sooner than 24 hours in advance if you can, this way if anything is missing or out of place you have time to sort it out.  If you wait until it’s too close to closing you risk holding up the closing and if it’s on a Friday you now have to wait until Monday if it doesn’t close.  Not good for anyone involved, especially Chuck Norris.

Random Chuck Fact: Google cannot even find Chuck Norris. True Story, see for yourself.

Awesome Chuck Facts Provided By: Chuck Norris Facts
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