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Millie3
LIF Adult
Member since 7/13 1280 total posts
Name:
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Anyone have a second home or condo South/ Florida?
How often do you use it? Do you rent out when you are not using it?
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Posted 6/20/16 8:41 PM  |
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Lauren82
LIF Adult
Member since 10/06 4580 total posts
Name:
L
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Re: Anyone have a second home or condo South/ Florida?
My parents do in Clearwater Beach. They go down about 4 times a year for 2-3 weeks at a time (my dad still works so he can't be gone any longer). They rent it out for the months of January-March. They have a wonderful agent that pre screens the renters and knows my mom's standards (she is obsessively clean). They have had great experiences so far.
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| Posted 6/20/16 9:09 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Anyone have a second home or condo South/ Florida?
Yes I have a house in Palm Beach. I go down for two 1 week trips and a bunch of long weekends for the year. I rent it out when I am not using it.
I've been getting great rental income on it, so much so I am actually profitable this year as I lucked out getting a summer tenant. So for the times I went down this year, I am going down to a house that's paid for itself for the year. 
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| Posted 6/20/16 10:03 PM |
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cds58019
The loves of my life :)
Member since 6/08 4276 total posts
Name:
Candice
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Anyone have a second home or condo South/ Florida?
We have a townhouse in Jensen Beach, FL. We don't have any plans of using it ourselves for a long time so we are renting it. We are lucky to have a renter in there now for a full year.
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| Posted 6/21/16 10:27 AM |
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JDubs
different, not less
Member since 7/09 13160 total posts
Name:
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Re: Anyone have a second home or condo South/ Florida?
My aunt does, she has a place in Sarasota. She rented it out in the winter and made a good amount of money from that.
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| Posted 6/21/16 11:39 AM |
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Kate
*****
Member since 5/05 7557 total posts
Name:
Kate
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Anyone have a second home or condo South/ Florida?
We have a townhouse in Palm Beach Gardens. We go down for all of the school breaks and some other long weekends. We do not rent it out when we are not there.
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| Posted 6/21/16 11:15 PM |
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shadows
LIF Adult
Member since 1/10 4694 total posts
Name:
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Re: Anyone have a second home or condo South/ Florida?
Posted by ave1024
Yes I have a house in Palm Beach. I go down for two 1 week trips and a bunch of long weekends for the year. I rent it out when I am not using it.
I've been getting great rental income on it, so much so I am actually profitable this year as I lucked out getting a summer tenant. So for the times I went down this year, I am going down to a house that's paid for itself for the year.
Do you go down in the summer, too, or rent it out?
We have considered buying a place down there, but I always wondered how the timing of renting it out would work. We'd primarily want to go down for weekends and random vacations during the cold months. But I imagine that's the most profitable time to rent it? Do people even rent places down there in the summer months?
Do you rent it out in week-long increments?
(Sorry for a thousand questions and for hijacking the thread!)
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| Posted 6/26/16 9:03 PM |
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skew
LIF Adult
Member since 5/05 6794 total posts
Name:
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Re: Anyone have a second home or condo South/ Florida?
My parents own a condo in FL. It used to be on the rental market but no longer. I am looking to buy a condo as well (purely as a rental via a property management company). I have looked at a few properties and the rental income per year range from 50k-70k. The property management company charges a 20% fee.
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| Posted 6/27/16 10:04 AM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Anyone have a second home or condo South/ Florida?
Posted by shadows
Posted by ave1024
Yes I have a house in Palm Beach. I go down for two 1 week trips and a bunch of long weekends for the year. I rent it out when I am not using it.
I've been getting great rental income on it, so much so I am actually profitable this year as I lucked out getting a summer tenant. So for the times I went down this year, I am going down to a house that's paid for itself for the year.
Do you go down in the summer, too, or rent it out?
We have considered buying a place down there, but I always wondered how the timing of renting it out would work. We'd primarily want to go down for weekends and random vacations during the cold months. But I imagine that's the most profitable time to rent it? Do people even rent places down there in the summer months?
Do you rent it out in week-long increments?
(Sorry for a thousand questions and for hijacking the thread!)
You get a lot more in rent in the winter since that is "prime time". When I first bought it I had no intention on renting it, but I have a 1 year old and we weren't able to get down there as much as we would have liked due to the baby.
I decided to try renting it since we weren't going to be down there much and it worked out really well so far. Normally you don't get summer tenants however I lucked out and got somebody who is doing a major renovation in their house nearby and had to get out for a few months. I do go down in the summer. I play golf and the golf courses in Florida are empty in the summer so it's much more enjoyable to play down there vs. up here. My house in FL also has a pool so we go down in the summer when it's not rented to use the pool and just relax.
Lately I have been planning my trips down to FL around my tenant's schedule. Right now I have the house rented through the end of August and I already have a tenant from Dec1 thru Mar30 of next year. Normally I probably wouldn't rent it that long in the prime months but I am trying to buy a larger home down in FL so it's good to show I have this house rented out in the event I want to carry mortgages on both FL houses.
I am getting $6800 per month (or about $27,000 for the four months) for my house in FL in the winter, so worst case scenario if I don't have a house to go to in the winter because it's rented, I can use some of that 27k and either take a vacation somewhere or maybe rent out a beach house or something in another state to try something new and still have money left over.
Message edited 6/29/2016 11:50:29 AM.
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| Posted 6/29/16 11:47 AM |
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shadows
LIF Adult
Member since 1/10 4694 total posts
Name:
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Re: Anyone have a second home or condo South/ Florida?
Posted by ave1024
Posted by shadows
Posted by ave1024
Yes I have a house in Palm Beach. I go down for two 1 week trips and a bunch of long weekends for the year. I rent it out when I am not using it.
I've been getting great rental income on it, so much so I am actually profitable this year as I lucked out getting a summer tenant. So for the times I went down this year, I am going down to a house that's paid for itself for the year.
Do you go down in the summer, too, or rent it out?
We have considered buying a place down there, but I always wondered how the timing of renting it out would work. We'd primarily want to go down for weekends and random vacations during the cold months. But I imagine that's the most profitable time to rent it? Do people even rent places down there in the summer months?
Do you rent it out in week-long increments?
(Sorry for a thousand questions and for hijacking the thread!)
You get a lot more in rent in the winter since that is "prime time". When I first bought it I had no intention on renting it, but I have a 1 year old and we weren't able to get down there as much as we would have liked due to the baby.
I decided to try renting it since we weren't going to be down there much and it worked out really well so far. Normally you don't get summer tenants however I lucked out and got somebody who is doing a major renovation in their house nearby and had to get out for a few months. I do go down in the summer. I play golf and the golf courses in Florida are empty in the summer so it's much more enjoyable to play down there vs. up here. My house in FL also has a pool so we go down in the summer when it's not rented to use the pool and just relax.
Lately I have been planning my trips down to FL around my tenant's schedule. Right now I have the house rented through the end of August and I already have a tenant from Dec1 thru Mar30 of next year. Normally I probably wouldn't rent it that long in the prime months but I am trying to buy a larger home down in FL so it's good to show I have this house rented out in the event I want to carry mortgages on both FL houses.
I am getting $6800 per month (or about $27,000 for the four months) for my house in FL in the winter, so worst case scenario if I don't have a house to go to in the winter because it's rented, I can use some of that 27k and either take a vacation somewhere or maybe rent out a beach house or something in another state to try something new and still have money left over.
Thank you for responding (I just saw this 11 days later). That's awesome. We are also golfers and would love to have a place down there. And to make good money too certainly wouldn't suck.
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| Posted 7/11/16 10:35 AM |
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Millie3
LIF Adult
Member since 7/13 1280 total posts
Name:
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Re: Anyone have a second home or condo South/ Florida?
Posted by ave1024
Posted by shadows
Posted by ave1024
Yes I have a house in Palm Beach. I go down for two 1 week trips and a bunch of long weekends for the year. I rent it out when I am not using it.
I've been getting great rental income on it, so much so I am actually profitable this year as I lucked out getting a summer tenant. So for the times I went down this year, I am going down to a house that's paid for itself for the year.
Do you go down in the summer, too, or rent it out?
We have considered buying a place down there, but I always wondered how the timing of renting it out would work. We'd primarily want to go down for weekends and random vacations during the cold months. But I imagine that's the most profitable time to rent it? Do people even rent places down there in the summer months?
Do you rent it out in week-long increments?
(Sorry for a thousand questions and for hijacking the thread!)
You get a lot more in rent in the winter since that is "prime time". When I first bought it I had no intention on renting it, but I have a 1 year old and we weren't able to get down there as much as we would have liked due to the baby.
I decided to try renting it since we weren't going to be down there much and it worked out really well so far. Normally you don't get summer tenants however I lucked out and got somebody who is doing a major renovation in their house nearby and had to get out for a few months. I do go down in the summer. I play golf and the golf courses in Florida are empty in the summer so it's much more enjoyable to play down there vs. up here. My house in FL also has a pool so we go down in the summer when it's not rented to use the pool and just relax.
Lately I have been planning my trips down to FL around my tenant's schedule. Right now I have the house rented through the end of August and I already have a tenant from Dec1 thru Mar30 of next year. Normally I probably wouldn't rent it that long in the prime months but I am trying to buy a larger home down in FL so it's good to show I have this house rented out in the event I want to carry mortgages on both FL houses.
I am getting $6800 per month (or about $27,000 for the four months) for my house in FL in the winter, so worst case scenario if I don't have a house to go to in the winter because it's rented, I can use some of that 27k and either take a vacation somewhere or maybe rent out a beach house or something in another state to try something new and still have money left over.
Awesome! Thank you for posting. My feeling is we would rent out for a few years during winter (if we can) because we have to go by the school schedule and flights are very pricey during breaks. Eventually we would want to spend more time there as we (and the kids ) get older. I'm going to PM bc I have a few more specific questions 
Message edited 7/11/2016 11:13:19 AM.
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| Posted 7/11/16 11:12 AM |
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Millie3
LIF Adult
Member since 7/13 1280 total posts
Name:
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Re: Anyone have a second home or condo South/ Florida?
Posted by shadows
Posted by ave1024
Yes I have a house in Palm Beach. I go down for two 1 week trips and a bunch of long weekends for the year. I rent it out when I am not using it.
I've been getting great rental income on it, so much so I am actually profitable this year as I lucked out getting a summer tenant. So for the times I went down this year, I am going down to a house that's paid for itself for the year.
Do you go down in the summer, too, or rent it out?
We have considered buying a place down there, but I always wondered how the timing of renting it out would work. We'd primarily want to go down for weekends and random vacations during the cold months. But I imagine that's the most profitable time to rent it? Do people even rent places down there in the summer months?
Do you rent it out in week-long increments?
(Sorry for a thousand questions and for hijacking the thread!)
Feel free to hijack  I mentioned in a note to ave instead of purchasing a bigger home in Nassau, we think it would be a better investment to purchase a second home where we hope to retire. Most of my friends are moving and upgrading to 4-5 bedroom homes, I don't think that is the best thing for us at this time.
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| Posted 7/11/16 11:21 AM |
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