Florida City rental

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Garrobo

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Location
Ohio
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200 - 499
I'm thinking seriously about buying a small house in Florida City which is a twenty minute drive from Key Largo. At first I thought that I would turn it over to a 'vacation rental' agency but on further consideration thought that it could be used for temporary lodging for divers and fishermen/women/persons who frequent this forum. Out of curiosity, if the price was low enough and people would take care of the place while they were using it and pay the fees promptly, what do you all think about the idea and would you be interested in participating?
 
what part of florida city? if it's not being used it would be a good idea to have a "station keeper" check on it once a day for you ..you might consider a R V trailer in the florida city r v park it's where i live btw fenced around the park just a thought .
 
gndpdr: There are a bunch of forclosed or short-sale properties on the southwest side of Florida City. A realtor told me that they were part of the Fannie Mae fiasco, sold to low (no) income folks who really couldn't afford to pay for them in the first place so the banks and mortgage companies own them. Of course they don't want to own houses so they are selling them for whatever they can get out of them. Some of the addresses are like SW 7th, 8th, etc. I'm leaving for the Keys Tuesday and will stop along the way when I pass thru FC and take a look at the neighborhoods and outside condition of the houses available. Got any opinions about the area? If the place is full of crack-heads/dealers and h*'s I won't be interested. Been there, done that.
 
if they are in the area close to city hall and the post office area on the edge of the redlands it's mostly "no hablas" i'll send you a pm with my landline number i could meet with you and take a ride around the area in question with you ?
 
"if the price was low enough", anything can happen. But it would have to be a very low price since places can be had in Key Largo under $100/nt and that is one boring drive. I'm speaking as a diver not a realtor, what it would take for me to stay in Florida City. I'm not sure I would at any price, to be honest. Convenience is high on my list when I am on a vacation and if my budget is that tight I would just stay home. When they get the new road complete it may be better.

"if people would take care of the place" is something else. Not everyone will. Ask Becky here, who rents condos in KL and has been screwed over (by people thru SB no less). You have to charge a deposit, make and enforce clear rules, and preferably have someone present to check up.

The question is can you make any money or even cover your note? If it was viable, would there not be lots of others already doing it?
 
I've kinda got to agree with Reefhound.

If I was wanting to vacation dive in the keys, I wouldn't be wanting to look for a place in Florida City. You might have some folks who would "just to save money", but as you've heard the savings that "you get what you pay for". That typically goes both ways with both locations and people who rent them.

Having owned rental property before, I just don't think that most people who are renters really care to take care of property that isn't theirs. just my opinion.


BTW... for the sake of discussion, does Florida City have any dive shops left with the closure of Divers Direct and Divers Supply in the last couple years?
 
:dork2:I've noticed several big red and white flags flying in front of some shops on the west side of the road on the way thru so I figure that they are dive shops. Haven't noticed if they are closed up lately. As far as the drive from FC to Largo, it's about 18 miles, not such a long drive. I've been making the drive from Fort Lauderdale, thru FC down to Largo or Islamorada each month for about four years. It has always been sort of interesting to me, watching the progress of the work on the road over the Causeway and the big bridge at Largo. Different strokes for different folks I guess.
 
I know it's not a long drive but the perception to many is that it is a long drive because it is a desolate two lane road with little scenery and you risk getting stuck behind a slowpoke (aka someone driving the speed limit). I think familiarity makes a drive seem shorter as you develop a sense of landmarks and view the drive as smaller segments. Most of your tenants are likely to be there for the first time or the first time in years.

I think you're also probably in the minority in finding the progression of road construction as "interesting". But I'm not trying to talk you out of it or say it is a bad idea. You haven't really stated your goals. Do you expect to see immediate positive cash flow? Or is this a long term investment? Or maybe you plan to live there one day and want to buy in while the market is down? Have you crunched any numbers to determine feasibility?
 
I'm thinking seriously about buying a small house in Florida City which is a twenty minute drive from Key Largo. At first I thought that I would turn it over to a 'vacation rental' agency but on further consideration thought that it could be used for temporary lodging for divers and fishermen/women/persons who frequent this forum. Out of curiosity, if the price was low enough and people would take care of the place while they were using it and pay the fees promptly, what do you all think about the idea and would you be interested in participating?

I sometimes stay at Homestead Air Reserve Base, turnpike exit 5. Usually on arrival day if coming in late or at the end of the trip when catching an early flight the next morning. I find the idea of a substantial fence and armed guards 24/7 comforting in that neck of the woods. Other than that the Homestead/FL City area has no appeal, even if the price was VERY low. I didn't realize Divers Supply had also closed. And with the closing of Long John Silver's sometime ago the last reason to stop is gone (to put it in some kind of perspective). I'll be there Tuesday also, just quickly passing through enroute to MM100. I think the distance to K.L. is more like 23 miles before hitting the more "interesting" stuff beginning ~MM105.
 
reefhound: I figure that the economy will sort itself out in the next three to five years at which time property values in southern Florida will increase substantially since there won't be many houses built in the area for quite a while. As low as some of these houses are selling for at the moment that amount probably won't cover the cost of a building lot in the area at that time in the future. I'm not concerned abut the house or any profits. If it will pay for itself, or nearly, I'd be satisfied. Real estate prices and sales is a revolving scenario, boom and bust. So I gamble twenty grand. I've lost more in a drunken poker game when I was young and stupid (er).
 
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