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Fort Myers - Cape Coral area Lee County
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Old 02-09-2012, 07:58 AM
 
4 posts, read 5,004 times
Reputation: 13

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[SIZE=3]Hi[/SIZE]
[SIZE=3] [/SIZE]
[SIZE=3]My wife and I like Sanibel island, although we haven’t been we only heard wonderful things. We are Canadians in our early 40s and would like to purchase a house/condo on this island in the hopes that we could rent it out for a few years until we could use it ourselves in our retirement. Is this ownership/rental a realistic scenario? Does anyone have any insight hear, is there anything we should consider?[/SIZE]
[SIZE=3] [/SIZE]
[SIZE=3]Thanks,[/SIZE]
[SIZE=3]Peter[/SIZE]
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Old 02-09-2012, 09:05 AM
 
376 posts, read 911,978 times
Reputation: 180
Houses on Sanibel can only be rented by the month ~ this limits lucrative weekly rentals in season. Some condos can be rented by the week. Find an honest real estate agent who can fill you in on the details.

Friends who own rentals here on Sanibel find that it it usually a break even situation. The most beautiful time to be here is the winter yet that's when you get the most rental income. So, owners may not use their places.

Sanibel is truly paradise to me and I love living here.

Hope this helps!
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Old 02-09-2012, 10:23 AM
 
4 posts, read 5,004 times
Reputation: 13
Thanks for the quick response. Considering the returns of other investments a break-even scenario is not a bad thing. I was wondering if your friend you referenced carry a mortgage or they own the property out-right? Assuming we purchase a condo for 400K and put 150K down and financed the remainder. Can you, or anyone on the forum, help me better understand the annual costs/revenue? Let me know if there is anything I overlooked.

Expenses
Insurance
Condo management fees
Utilities (water, electricity, cable)
Taxes
Rental management fees (cleaning/advertising)
Mortgage Interest – 250K * ?
Annual Interior Maintenance

Income
Rental Income
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Old 02-10-2012, 02:43 PM
 
Location: Port Charlotte, FL
3,979 posts, read 10,566,427 times
Reputation: 1940
Here is a list of possible expenses posted by the National Association of Realtor when renting out a home. Expenses can vary based on location and condition of home.

Advertisement for tenants
Background checks
Mortgage
Standard Property Insurance
Insurance – Liability/umbrella
Property taxes
Lawn/garden maintenance
Gutters
Roof
Pool maintenance
Hot water heater
A/C & Heat
Appliances
Cable TV
Wi-Fi or Internet
Phone
Utilities (Gas, electric, water)
Property Management
Accounting or Legal Professional
Homeowner association fees
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