Buying a foreclosure as a vacation rental can serve to generate a passive income stream and also be a destination location for your family and friends. We've looked at some helpful foreclosure cleanout tips for going the DIY route, now, we'll take a step back and look at the bigger picture. Finding the right property will present more of a challenge than most first-time investors believe. The Orlando real estate market is hot and new construction is everywhere. While this does help to lower the price of distressed properties, it also means finding one will be more difficult.
Buying a Foreclosure as a Vacation Rental in Orlando
An Orlando vacation rental is an ideal investment because the area is so well-traveled. What's more, you as the owner don't have the hassle of hotel comparison shopping and won't expose your pocket to those ridiculous timeshare fees. Sure, you'll have to deal with a few things when you buy a foreclosure as a vacation rental, like what to do with old exercise equipment, old appliances, or just a bunch of junk. Hire our company for junk removal in Orlando, FL.
Some investors are eager to purchase single-family homes in foreclosure, hoping to take advantage of low prices and then turn a profit by renting the properties to tenants. But many of these buyers are not experienced landlords, and even experienced landlords often fail to consider crucial factors that will make the purchase of a foreclosed home a success or failure as a rental property. --Nolo.com
But this is all part of the experience which will make you all the more wise when you are ready to purchase another investment property. The good thing is, you've already chosen one of the best aspects of a vacation rental -- location. Orlando is a highly desirable location destination. What's more, you can also rent it to college students (if you dare) or vacationing families. But you must make the purchase first. After buying a foreclosure as a vacation rental in Orlando, do the following to get it ready to show:
- Know your purchase budget. This is not the amount of your mortgage qualification but the amount you can afford. A home loan is a long-term commitment and although home values in Orlando enjoy a steady increase because of location, you do not need to incur unnecessarily high expenses.
- Calculate your renovation costs. Get at least three quotes from experienced, licensed contractors about renovation costs. Unless you are a contractor yourself, it's best to leave the work to a professional. This way, everything must be done to code and you'll receive a guarantee and/or warranty.
- Hire a foreclosure cleanout service. To start the rehabilitation process, you'll need to hire a local foreclosure cleanout service. This will be beneficial in a number of ways. First, you won't have to do the work. Second, it will be done quickly and efficiently. Third, you won't have to deal with disposal and recycling.
- Repair and replace items as necessary. With the house empty, it's time to repair and replace whatever is necessary. Work with your contractor to keep expenses in-line with your budget and reuse and repurpose whatever you can. Keep it simple and consistent for the best results.
- Market your new Orlando vacation rental. The best way to market an Orlando vacation rental is to hire a property management service. This will save you a whole lot of time, effort, money, and frustration. When you hire a service, it will be in their best interest to keep it rented.
When you are ready to buy a foreclosure as a vacation rental and need a property cleanout, just phone 321-406-2069 or visit AAA Rousse Services and we'll do the property cleanup and clean out for you. We serve the entire Orlando area and know it well; so, give us a call right now!