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Buying a Condo in Orange County Florida, anyone know about this area?

Buying a Condo in Orange County Florida, anyone know about this area?

Old Mar 17th, 2010, 02:51 PM
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Buying a Condo in Orange County Florida, anyone know about this area?

I have come across a great deal on a condo and I am thinking about going ahead with it. It's located on Forest City Road zipcode 32810. It's roughly 20mins to Disney (which is a plus as we are planning on renting it for income) but we are not familiar with the area and wanted to know if you guys could help us out? Any tips, info or facts you have would be much appreciated!

Thanks guys
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Old Mar 17th, 2010, 03:03 PM
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I am a realtor in Orange County. Send me an email at [email protected].

I am very familiar with this area and could give you lots of information.
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Old Mar 17th, 2010, 03:39 PM
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Research carefully is all I can say. There are complexes in FL that are 90% empty due to the high foreclosure rate. The condo itself may be nice, but if it's in a ghost town... just be careful Good luck!
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Old Mar 17th, 2010, 04:07 PM
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Nor should you expect to rent it more than 30/40 days a year unless it has a stellar prior rental history which can be verified. Have know more than couple of people who thought there would get a free condo because the rental would pay the mortgage. Most unlikely.
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Old Mar 17th, 2010, 04:23 PM
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It's a marginal area and definitely much more than 20 minutes to Disney. I would estimate 40-45 minutes.

I think your best bet is to inspect it in person and, by all means, consult a realtor! Don't do this sight unseen.

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Old Mar 17th, 2010, 06:48 PM
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Yes, definitely consult a realtor. For all of the reasons noted above. This is not something you want to be navigating by yourself.
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Old Mar 18th, 2010, 04:54 AM
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We live a few minutes from Forest City Road. I can't imagine anyone going to Disney wanting to rent in this marginal area. Not to be snobby, but there are lots of low income complexes, and it is known as a rather "not safe" area. My DH works at Disney right now and it takes him a good 40 minutes or more to get there, and we are very convenient to rt.#I-4. Absolutely, work with a realator and also see it for yourself. A good deal is not a good deal if you can't rent it. Also, some condo complexes have very strict rental runles. You may not be able to rent it!
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Old Mar 18th, 2010, 06:51 AM
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Forest City is nothing surrounded by lots of urban sprawl -- and about 45-50 minutes from Disney. If you want a vacation condo to sublet, look around Kissimmee or International Drive. They're both ugly as well -- but closer.
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Old Mar 18th, 2010, 08:15 AM
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I cannot imagine anywhere on Forest City road that a tourist would want to stay! Not a good area, definitely not 20 minutes to Disney. Picture lower rent apartments and used car lots.
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Old Mar 18th, 2010, 09:30 AM
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Further to Newbe's comment, if you purchase a condo in a high vacancy complex past the handover date from the builder, you can be responsible for a high percentage of the property tax and insurance. Do your homework.
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Old Mar 30th, 2010, 12:56 PM
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Thanks for all the responses guys! I think I am going to pass on this one...and I am now working with a realtor and my SO and I will be heading down to FLA to check out some places in person.

Thanks again
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Old Mar 31st, 2010, 04:21 AM
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In general, any purchase of a second home or "investment" property based on the expectation of being able to rent it is not a good idea today. I know people who have been burned, sometimes badly, in Nag's Head, Nantucket, Cape Cod, and certainly in Florida.

If you can't afford it without the rental income, you can't afford it. If you can, the rental income can be nice, but you have to be very, very careful, especially in Florida.
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Old Mar 31st, 2010, 05:21 AM
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Whenever offered an investment deal that sounds really good take the advice of Don Vito Corleone and ask: "What have I done to deserve such generosity?"

There are reasons that assets sell cheap - it's either because there isn't a market for them or the assets aren't what people believe them to be.

I'm not an expert on Orlando real estate and you've gotten great advice from those that are. But, consider your "rental income" plan as being in competition for a decreased level of vacation spending of the near future.

Before considering an investment take a step-back and think about it from the prospect of someone that is your customer - which is effectively what someone who rents your unit will be.

How would someone find your unit? Is there a cost to you for them doing so? After deducting your cost of listing or fees to the broker on a rental, what's really left for you?

Most important as someone pointed out - if you can't afford it without rentals than you can't afford it. Renting your property should be seen as benefit to reducing your cost, not an integral part of how you will pay.

Before looking at something, I'd look at the rate of people "flipping" their units. Effectively, how many had the same idea but realized the reality and sold. You can ask what the average ownership length has been.

More importantly, ask what percent of their units that have been put up for sale have been purchased by EXISTING owners in the past year.

With so many having cash-flow problems vacation properties are usually an early decision to cut expenses. Not everyone is in that situation - which should mean that existing owners in a development know a good deal when they see it.
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Old Mar 31st, 2010, 06:13 AM
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I assume you are familiar with the following additional pieces of info:

the rather "unusual" way in which property taxes are assessed in the state of Florida

the requirements for getting your hazard insurance underwritten (assuming you'll need it) and the possible limitations and COSTS you may not be aware of
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Old Mar 31st, 2010, 06:24 AM
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Great point from Dukey.

I found an article I recalled reading a few years back on this subject. It's from 2006, but the issues may still be every relevant.

http://www.realestatejournal.com/buy...3-morales.html
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