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AIPIS 105 - Garrett Kenny, Buying and Owning Property in Central Florida

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Central Florida is home to one of the biggest family vacation spots in the US. Renting single family homes, with private swimming pools, within one hour of Disney resorts is a lucrative business for foreign real estate investors. The area boasts 62 million visitors last year alone. This episode inspects ways to distinguish the good from the bad deals, and breaks down the ownership costs of a $210 nightly rental.

 

Key Takeaways:

[1:44] Great values inspired me to invest in Central Florida

[2:13] A common misconception is that everyone makes a fortune in real estate

[3:45] A medium-term hold is 5-7 years and a long-term is 10-15 years

[5:04] 62 million people visited Central Florida last year

[8:57] You make money on the day you buy the property and not on the day you sell it

[10:49] How to distinguish a good deal from a bad deal

[12:45] Local expert knowledge – using restaurants as an indicator

[14:30] The term, “the bank’s money”, means no skin in the game

[18:45] Paying an 8% interest rate without putting any money down

[21:09] Which banks are financing international investors?

[22:11] What’s so good about Florida?

[24:45] A vacation property that generates income while I’m not using it

[27:05] A 1600 sq. foot home for $260,000 rents for $210 a night

[28:33] Traditional management fees + rental fee + cleaning costs

[35:52] Jason’s team looks for deals with a 35% annual overall return on investment 

 

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