I've got a few rental properties here in the Monroe area that I've been successful with, but I'm looking to upgrade. I'm thinking about selling these, and buying a vacation property in Florida or Myrtle Beach.

Any tips on owning vacation properties that are managed by another party? Any particular areas more owner friendly than others? Any information would be much appreciated, and yes, I have googled it, but I was looking for a personal perspective with no agenda.

Thanks.

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Posted by Cash

Vail

Member since Feb 2005

37247 posts

Posted on 1/29/10 at 9:09 am to MonreauxTiger

think long and hard about this. the condo fees and insurance alone are a killer

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Posted by Lou

Modesto, CA

Member since Aug 2005

8289 posts

Posted on 1/29/10 at 9:20 am to MonreauxTiger

Check out LINK

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Posted by LSUwag

Florida man

Member since Jan 2007

17319 posts

Posted on 1/29/10 at 10:08 am to Lou

DON'T DO IT. Florida's rental markets are beyond the point of total saturation. I just read a report that said that it may toake as long as 20 years for the markets to get back to normal in Florida. Condos are having major issues with defaults which means that those who follow the rules will get hammered with having to pick up the slack for those who are not paying their fees.

I've lived here most of my life and I have never seen a state deteriorate as quickly as is going here right now. There are homes with "For Rent" signs sitting vacant everywhere.

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Posted by notiger1997

Metairie

Member since May 2009

58162 posts

Posted on 1/29/10 at 10:17 am to MonreauxTiger

I have been told over and over in the past five years that doing this in Florida for investment purposes is a bad idea.

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Posted by tirebiter

7K R&G chile land aka SF

Member since Oct 2006

9247 posts

Posted on 1/29/10 at 11:08 am to LSUwag

quote:
I've lived here most of my life and I have never seen a state deteriorate as quickly as is going here right now. There are homes with "For Rent" signs sitting vacant everywhere.

I don't know why anyone would buy a condo or other property with HOA fees in FL, either. If half or more of the current owners bail who is going to pay all the maintenance in the complex? Next thing you know monthly HOA fees are $3k and up per month, plus wind and storm coverage, etc. Sounds like nothing but a cesspool of potential large losses to me.

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Posted by MonreauxTiger

Member since Sep 2004

345 posts

Posted on 1/29/10 at 11:10 am to notiger1997