If you’re looking for an Orlando, FL investment property, there are a number of excellent options. You can buy a single family home in a new development or an established neighborhood. You can also buy a condo in a great community with lots of amenities. What you buy really depends on your personal preference as well as your investment goals.
Single Family Homes
Single family residences make great investment homes and it’s always what we recommend to the investors we work with. Houses with four bedrooms, two bathrooms and no pool often make the best sort of rentals for the Orlando area. It helps if there’s a two car garage; these are things Orlando tenants are looking for. Pools can be problematic simply because they are costly and tenants can often damage pools. Hiring a professional to take care of the pool is always an excellent option, but if you’re looking for a single family residence in Orlando, try to find a home that doesn’t come with a pool. Remember that size matters as well. In Orlando, it’s a good idea to buy something that is at least 2,000 square feet. This will ensure you have a constant supply of great tenants willing to rent your property.
If you’d rather invest in a condo or a townhome or a duplex, there are plenty of those on the market as well. Just remember that an HOA or a condo association can sometimes present a unique set of challenges for you and your property manager. Rules and regulations are strictly enforced and they don’t always favor people who turn their homes into rental properties. There will be association fees that are due on a regular basis and a lot of extra paperwork, especially when you decide to rent the place to tenants. Be careful not to buy in a condo association that doesn’t allow renters, otherwise you’ll lose a lot of money. There are often other rules in place such as the number of people who can rent a unit at one time. Sometimes, tenants have to be approved by the condo association and in some places; they aren’t allowed to live with people to whom they are not related. Associations can just be crazy, so don’t buy in one of these without the help of an experienced property manager.
Contact Hampton & Hampton Management and Leasing if you’re interested in buying investment property in the Orlando area, and we can guide you towards the best types of rentals.