Posted by Jim FL on April 18, 2002 at 16:22:57:
CT,
Well, I’m not in the area you mentioned, but we are in a GREAT location.
Feel free to drop me a line, I may just have something for you.
Take care,
Jim FL
Florida investors!! - Posted by Tim (CT)
Posted by Tim (CT) on April 18, 2002 at 11:18:04:
I’m looking to acquire a property in the Cocoa Beach, Cape Canaveral area of Florida. I’ve been told by a couple of other investors (in CT) that this area is pretty decent as far as renting for vacation properties (at this point, I’m looking at SFH). Is this true? My mom has cancer and she’s always wanted to have a place in Florida so she can vacation down there for a 2 or 3 weeks out of the year. I want to try my best to get something down there for her. The other weeks of the year I would want to rent it out to cover expenses.
I’m not sure if this is a good area in Florida to pursue this. I’m trying to stay away from the Orlando area because I’ve heard it’s saturated (not sure if that’s true either). The Cocoa Beach area looks promising because of its location (5 to 10 minutes from the beach and only 45 minutes from the Orlando area).
I know tourism is down now but I’m assuming it will turn around. My thoughts are to get a rental between 1 and 2 weeks out of every month. Maybe that’s ambitious too.
Any thoughts would be appreciated.
Thanks.
I am in the area - Posted by Richard-(FL)
Posted by Richard-(FL) on April 18, 2002 at 20:25:20:
Tim (CT),
I live in the Melbourne area.
Cocoa and the Cape are right up the road from me (about 20 minutes).
Drop me a line.
Hope to hear from you soon,
Richard-(FL)
Re: Florida investors!! - Posted by eric-fl
Posted by eric-fl on April 18, 2002 at 16:24:30:
I don’t know. Cocoa is kind of a surfer town, and surfers don’t spend a lot on vacation rentals. A Cocoa rental will mostly attract spring breakers and Shuttle gawkers. If you want a vacation rental in Florida, you’d probably be better off farther north, like in St. Augustine, or on the west coast, Cedar Key, or even better yet, the panhandle. My grandparents used to have a time-share in Destin (panhandle, pristine white beaches, sparkling blue water, yada yada) they went to religiously every year. They loved it. Lot’s of other old people (read: money) did too. If you really want to do this, that’s what I’d do. Find an area old people like, buy a condo ON THE BEACH, and sell timeshares in it. Yes, it will be much more expensive to buy directly on the beach, but that’s what the people want. They have this romantic notion about opening the windows at night and hearing the surf. And, since your income stream will be that much higher, it will really actually be LESS expensive in the long run.
Re: Florida investors!! - Posted by Tom
Posted by Tom on April 18, 2002 at 13:17:02:
Put her in a first class hotel and invest the money at home. You’ll both be better off.
Re: I am in the area - Posted by Carl
Posted by Carl on April 19, 2002 at 12:29:07:
Hey Richard, I’m also in Melbourne. Send me an email if interested in chatting offline sometime.
As far as this area for a rental condo, I’d agree with some of the other comments. This is probably not the best area for short term rentals. The management alone is a big task, I’ve looked into doing it and decided not to. That being said, it is probably one of the few areas in the country you can get an oceanfront efficiency for under $100k. Long term rentals here are fine, or if you aren’t concerned about the profit and just want to have a place to go a few times a year. I work with a business partner who spends 1 week per month here, he wants to buy a condo and have me manage & bill it to his company. The cost would be about the same as the hotel, and we would have an oceanfront room to use. I’ll bet a lot more relatives would come visit. Hmmm, maybe bad idea…
Carl
Re: Florida investors!! - Posted by Joanne (Gulf Coast, FL)
Posted by Joanne (Gulf Coast, FL) on April 19, 2002 at 19:33:50:
Come down to paradise. Punta Gorda, Fort Myers, Cape Coral, Bonita Springs, Estero…
That’s where the Real Snow Birds come for seasonal rentals, also y/r rentals or while their home is being built. Great area. Prices rising every day…
TimeShare may need a special license, be careful with those… if you’re out of area you need an experienced property manager. Also be near an airport. Ours brings in loads of Germans, so we have lot’s of German property managers. Tampa is good, Sarasota less good (think the airport is not getting flights), of course West Palm Beach is getting hot now, used to be blue collar workers for PB rich folk, now the young affluent moving there…
This whole swath happens to me my turf so I know first hand. Own condo’s in PG and always rented.
Good Luck!
Re: Florida investors!! - Posted by Tim (CT)
Posted by Tim (CT) on April 18, 2002 at 13:25:03:
Thanks for the response. This is what she wants. So, it’s what I’m going to try and do. Don’t get me wrong. This isn’t her final wish and fantasy. It’s just something she’s always talked about. And, she really likes Florida. To her, when she’s away from home, she’s on vacation. And, her spirits and attitude are heightened when she comes back. So, if I can give her the vehicle to feel that way, then, I think, I owe it to her to do my best to put it together.
Re: Florida investors!! - Posted by Ryan
Posted by Ryan on October 19, 2003 at 19:57:14:
I’m interested in Punta Gorda. Please write back with any info or houses you would like to flip.
Thanks a bunch,
Ryan