Questions from total novices (Orlando: rental, HOA, mortgage broker)

[Cloggs]

My family and I have some long term plans that include Florida. But first some background information.

We are UK citizens currently living in Germany and thinking about our long term future. We would like to buy a single family home in Florida and for various reasons (which we consider to be sound) we have ended up looking for a property around Orlando. We would like to finance this purchase from Germany (because of the favourable dollar-euro exchange rate) and therefore, for all intents and purposes, we can be considered to be cash buyers. We absolutely DO NOT want to buy an investment property in the 'Disney ghettos'. Rather, we would like to buy in a neighbourhood where normal families live. So far so good, so what's the problem? Our questions arise out of various considerations of how to finance the property and how to pay for the running costs

We plan to use the property ourselves for about 3 months a year. Explicitly, this means us and our relatives and very close friends. Not necessarily together. As a fall back, we want to have the option to rent out the property (long term rental). Is this possible in all residential areas or are some ruled out?

As a further fall back position, we would like to ACCOMPANY small groups of individuals (Germans, max. 6) and give them guided tours around Florida (in English). Would HOAs frown upon this?

Many thanks for all advice in advance.

[nickindependence]

Hi there, well im originally from Kent in UK but moved here when i married my wife 4 yrs ago.

There a number of very nice areas which are close to Disney but out of the tourist trap as i like to call it. I actually live in one of those areas and as a family we love it. Nice and quiet but close to everything. In terms of wanting to obtain your mortgage in Germany im sure you could go that way, but i advise my clients who are going to rent out the property for any period of time throughout the year that it is better to obtain a mortgage here in the US as you would loose alot of cash each time you transfer money back from rental income in $$$ to euros. There are some great programmes available for foreign nationals and as a relator i have come across a number of mortgage brokers who are offering great deals and rates.

In terms of renting out a property, you need to have a clear idea of how you want to rent out a property. If you intend on using a property your self for say 3 months a year then you would be better getting a property you can rent our for short periods of time like a week or two. To do this you would have to purchase a property which is in an area zoned for short term rental. If you are happy to rent out a property for say 12months then when the lease expires come over for your 3 months or such then go for a long term investment. There are pros and cons for both and only you can decide which would work best for your needs.

If you are intending to have guests who are paying for the tours, this may cause a problem as in essence your running a business and some HOA dont like this, but in all honst it purely depends on the HOA, and for that reason i would suggest looking at new home builders who you can sit down with their HOA and get in depth answers to your questions. I work with a number of builders and there are some great deals to be had.

Hope this has helped and if you need any further advice feel free to ask.

Happy New year

Nick