Finding the Right Vacation Home
The answer to finding the right vacation home investment property for you is understanding your individual needs and goals. Put that together with properties that fit those needs to ensure you are presented with the best possible information so you can make the right choices and ultimately the right decision.
Representation
Having the right representation might be the SINGLE MOST IMPORTANT decision you will make while researching for a vacation home in Orlando.
Getting the right education and having someone who understands the intricacies of the product cannot be stressed enough.
Cash and Financing
Paying cash is the easiest way to cut through a lot of the red tape that accompanies buying property in the USA. It will save you a considerable amount of money, allow you the leverage to negotiate a better price and save considerable time in the buying cycle. Taking advantage of interest rates can be the best way to get a great home.
The Offer Strategy
There is no fixed method to making an offer. Each sale is different and has to be viewed strategically depending on several variables such as asking price, length on market, seller motivation…
Proof of Funds
Most sellers ask for proof of funds as part of the contract, it shows the seller that a buyer has the means to perform and that they should be take the buyers offer seriously.
The Sellers Disclosure
Sellers disclosures were a great introduction to the real estate transaction, it put the responsibility on the seller to disclose all known defects that materially affected the value of the property.
Attorneys and Title Companies
A transaction is handled in Florida by the “Title company” who acts as the intermediary between the buyer and seller and has the responsibility of carrying out the necessary diligence to ensure ownership of the land and property is transferred from the seller to the buyer in compliance with the laws.
Remote Finance Closings
In a “traditional” closing, the documents are signed at the closing table at the title company’s office. But remote closings are very different.
Buying as an LLC
When purchasing a Vacation Home in Orlando, some buyers make the decision to to take title as an LLC (Limited Liability Company)…..
Understanding Virtual and Video Tours
Two of the fantastic services we offer are our video walk through tours and our virtual tours, understanding how they can help is important……
The Inspection Process
One of the first things that we have to do after we agree and execute a contract is have the home carefully inspected by a professional home inspector……
Twelve Important Reasons
It may be one of the most important
Investments choices you will make.
Understand the Benefits of Working with a Professional
The Short Term Rental Zone
The term zoned for “short term rental” or STR is something that you will read or hear about continuously during your research for a Orlando vacation home, but what exactly does that mean, and how does it affect you as a vacation home buyer?
HOA Fees
The HOA fees are a necessary mandatory expense. HOA fees (or home owners association ) are set by the HOA board who are selected by people who own in the community and are calculated to cover running costs. Generally the better the facilities the higher the fees.
Secrets to Renting
One of the most common questions that we are asked is “how much can I get in rental returns a year from my property”. We offer our top 10 tips!
Top 10 Tips
Every buyer has different needs but the important items are always the same, just in a different order.
So here are our 10 top tips for buying a vacation home in the Disney/Orlando area.
The Short Term Rental Program
If you have decided on buying a vacation home in Orlando you may want to consider putting your home in a Short Term Rental (STR) program to help offset the cost of owning the property.
Property Management
The job of the Property Management Company is to provide you with the services you require to oversee the daily management of your small hotel business.
Occupancy and Rate
Occupancy times rate = revenue.
Revenue minus expenses = profit.
Lets break that down.
Do The Bookings Convey?
One of the more complex items when buying a vacation home that is already in a rental program is the successful transfer of the business entity and the bookings that are in place. But do all the bookings convey?
Property Tax
Understanding how and when to pay property tax and any potential CDD is extremely important. You can lose your house if you are delinquent.
What is a CDD Fee?
A CDD fee is a Community Development District fee imposed by the developer of a neighborhood or subdivision to finance the cost of amenities in a neighborhood.
The Mortgage Process
If you are financing your purchase you will most likely have been per-qualified by a lender. This is the first step in the mortgage process and usually entails a lender asking you some basic questions about your financial status and qualifying you on those answers.
The 1031 Exchange
Learn more about the potential earnings and personal use options of a 1031 exchange in the Orlando
Return on Investment
What can you expect on a vacation home investment property and how do the numbers work?
Rental Potential
“How much revenue will this property make?” Probably the most commonly asked question we get on a weekly basis.
There are many unknowns to accurately answer this question but let’s dive a little deeper to understand more on the subject of potential rental revenue.
Currency Exchange
If you are transferring currency between countries than you should use a FX or Foreign Exchange company to do the transfer for you.
This path may save you several thousands of dollars in the exchange rate. Do not pass up this opportunity.
The ITIN Number
If you are not a US citizen you will need to get an ITIN# if you buy a vacation home rental property and intend to rent it.
FIRPTA
Most buyers are not aware that the FIRPTA withholding is actually a very good protection for them and it is something they should be aware of when buying.
Foreign National Financing
Foreign National Financing is a thing, you may qualify for financing in the USA even if you are not a citizen.
Things You Should Know
Some of the most obvious things to us as vacation home specialists might now be as obvious to you. There are questions you may not even think to ask. So we’ve answered them for you….
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