|
Florida Condos and Townhomes can generate rental income
when you're not using it. Some are called Condo Hotels. We are investment specialists.
THERE ARE HUNDREDS OF INCOME PRODUCING FLORIDA CONDOS.
For More Information
Email Us Here or Phone 727-399-1347
----------------------------------------------------------------------------------------------------------------------
SHOWN BELOW IS A SAMPLE OF INCOME PRODUCING FL BEACH and WATERFRONT CONDOS
$439,000
#507S - TREASURE ISLAND Investment Gulf Beach Condo Hotel
$63,073 2016 Rental Revenue thru November 2016
List Price: $439,000 -
Taxes: $4,879.00
HOA Fee Monthly: $567.00 Includes: Building Exterior, Cable, Community Pool, Escrow Reserves Fund, Flood Insurance, Ground Maintenance, Insurance Building, Pest Control, Roof, Security,
Trash Removal, Water/Sewer
ESTIMATES - With an Accepted All Cash Price of $420,000
Gross Annual Rental Revenue $63,000
Property Management
10% rental fee $6300
Appx cleanout fee $150 X 40=$6000 (charged to renter and included in Gross)
$50,700
-----------------------------------------
Tax 13% on $63,000 =$8190
$42,510
-----------------------------------------
Maintenance fee $567 x 12=$6804
$35,706
----------------------------------------
Interior Insurance for the unit - appx $1000
$34,706
-----------------------------------
Electric appx $150 x12=$1800
$32,906
-----------------------------------
Property Tax on $420,000 = appx $6,000
$26,906
---------------------------------------------
NET - $26,906 (with 10% management fee- that does some advertising)
Example Rental Site Marketing Sunset Vistas
https://www.homeaway.com/results/keywords:Sunset+Vistas,+Treasure+Island,+FL,+USA
https://www.homeaway.com/info/learn-more
==================================
ESTIMATES - With an Accepted All Cash Price of $420,000
Gross Annual Rental Revenue $63,000
Property Management 20% Full service and Advertising $12,400
Appx cleanout fee $150 X 40=$6000 (charged to renter and included in Gross)
$44,600
-----------------------------------------
Tax 13% on $63000 =$8060
$36,540
-----------------------------------------
Maintenance fee $567 x 12=$6804
$29,736
----------------------------------------
Interior Insurance for the unit - appx $1000
$28,736
---------------------------------------
Electric appx $150 x12=$1800
$26,936
--------------------------------------------
Property Tax on $420,000 = appx $6,000
$20,936
---------------------------------------------------
NET - $19,436 (with 20% full management)
==================================
Condo Interior Warranties for Appliances Etc.
Globe Home Warranty
Review Plans
American Home Shield Review Plans
Condo insurance
- The HOA usually has a master insurance policy which covers
the common areas and buildings from the outside. Part of the monthly
association fees go to the upkeep and insurance for the common areas. Buyer should review it.
Condo Owners insurance policies cover the inside
structure of the unit and personal contents.
$499,900
Gulf Beach Income Condo Redington Shores Florida
3Bedroom - minimum rental period is 1 to 7 days
$598000 - Waterfront Clearwater Beach FL Investment Condo
Unique Furnished Top Floor 3Bedroom Unit generates Rental Revenues $40,000 to $50,000 Annually
minimum rental period is 7 days
Prices vary by the views, partial or full beach views for example,
location in the complex and the floor the unit is on.
Condos which allow renting 1-14 Days typically produce more income due to the short term rentals.
Units with 30 Day Rentals are usually moderate income producers.
-----------------------------------
SOLD $325,000
$339,900 - Unit #207-N
U7754545
Handicapped modified condo - Wheel chair accessible shower
Sold in 8/2010 for $250,000 -
5 year mortgage taken out at $200,000
117 Days on Market as of 2/18
View of Gulf Waters - middle of complex
Listed at $359,000 10/2015 reduced to $349,000 on 1/2016 now $339,000
2 Br condo on the beach
asking $339,000
Monthly Condo Fee: $567.00 / - $6,804.00 Annual
Taxes: $4,419.28
Approximate Numbers
Loan Calculator - 215k loan at 4% 100k down
Principal And Interest $1026
Taxes and insurance $413
Total Payment $1,439
$17,268 annual
$567 month condo fee $6,804
$17,268 + $6,804 = $24,072
RENTAL HISTORY CAME FROM CURRENT PROPERTY
MANAGEMENT
2015/2014 Average Gross $47,000 Net $25,000 After 37% current mgt fee+3%reserves
Using same gross average with 18% property management fee =
NET $38,500
$38,500 minus $24,072 = appx NET $14,428
Add appreciation
3-5+% in rising market / current market add appx 2%
Note : Renters pay
the state sales and tourist tax.
Go to IRS publication 527 about the tax benefits of a vacation rental
home. Consult with your accountant or tax preparer about deductions for travel
and expenses to the unit etc.
Available - 20% management fee for OFF SITE Property Manager
that has about 20 units under management and a good track record
St Petersburg -Waterfront Income Condo List Price: $305,000 7-day min rental period
Condo Fee: $390.00 - Taxes: $5,317.00 U7714725 No Homestead. Boat Slip not included
Good rental history. Sold totally furnished Unit is rented for $2500 to $3100 a month
New kitchen, bath counters, cabinetry, water heater
------------------------------------------------------------------------------
If you have a boat and want to dock it at your waterfront unit. Consider this - If you will mostly rent the unit you might consider renting a boat rather than buying or renting a slip. (renting will also eliminate maintenance and security for your boat)
Cost of boat slips average $25,000 to $35,000. Monthly rental of boat slips average $150 to $250
Sample of nearby boat rentals > Indian Rocks Beach www.irbboatrentals.com
Madeira Beach
www.jacksboatrentals.com
Clearwater Beach
www.beachmotorboatrentals.com
BACK TO WATERFRONT FLORIDA CONDO MAIN PAGE
|
BACK TO WATERFRONT FL CONDOS MAIN PAGE
MAP OF THE GULF FRONT - BEACH SIDE
OF PINELLAS COUNTY FLORIDA
Liability. One of the biggest issues owners face in renting a property through Airbnb is liability. If an Airbnb guest is injured or
the property is damaged while being used as a transient rental, the owner's residential hazard insurance policy may not apply because the property is being used for commercial purposes.
Again, if you are working with buyers or property owners who want to use a home as a short-term rental, you should suggest they carefully consider their insurance coverage.
We only consider the Listing Price as the sellers starting point. We do extensive research for past sales and comparables to help our buyer determine a fair initial price offer range. Any information our buyers need such as finding hotels in the vicinity of the listings they want to view is supplied.
We are Buyers Agents and NOT Listing Agents. We have Access to All Tampa Bay Listings. The Brokerage name should appear at the bottom of the listings we post. We don't have any listings posted. We represent the Buyer and not the Seller.
--------------------------------
A local real estate agent was directed to this website from a buyer who told us they were NOT represented by any Florida agent...yet they were. Our extensive homework is for potential buyers who are searching for information - before making a decision on representation by a Buyers Agents. If you have agreed to be represented by another agent...it would only seem fair that they would do the research and homework to professionally service you. Remember, you should always be able to cancel an agreement, if you feel the service promised is not what you expected.
|
