Originally Posted by cj23andout
I've been browsing the web looking for info on owning a lot and renting it out. The problem with most sites is you can't tell who is occupying the site when you check availability. I have been looking and many are booked for December - May.
BUT, is the owner blocking it out for their own personal use?
We are 10 years away from retirement and plan to spend our winters in the Florida Keys. We don't mind the heat and actually love going down in the summer.
Our thoughts are to buy now and rent as much as possible. Let today's snow birders help pay for our site. We could use it whenever we can and have it there for our eventual retirement winter place.
We know the rental will never pay off the site in our lifetimes.
Or are we wrong? Could it?
It doesn't look like a great investment opportunity. Maintenance fees, commissions and property taxes will probably eat up most rental income.
Anybody doing For Rent By Owner?
Somebody buys these. My first thoughts are don't buy unless you are going to live there. Looking for input from anybody that has the low-down.
Like all real estate, LOCATION, LOCATION, LOCATION.
In South Florida, you have 3 months of "for sure" rental. You have another 3 months of "shoulder season when you may get a renter or not. That leaves 6 months of almost for sure vacancy.
The Keys may beat that schedule but at a much higher price for the real estate purchase.
This means that for most of South Florida, you can cover your annual costs with some relatively small amount in profit. When you start using the lot during the 3 prime months after retirement your rental income will not cover costs.
Bottom line, if there is a place/lot where you really, really want to spend your winters and you have some funds available which is earning less than 2-4 % then I say go for it.
Full time since '07