Looking to move to Orlando "area"?? (Altamonte Springs, Sanford: leasing, home owners insurance)

[flycessna]

Well, after years of talking we have actually began to start planning. Our move will not be for another two years but we are considering buying a home now and possibly renting it out.

I am looking for decent neighborhoods and school systems IN orlando and outside of it. I am only familiar with the college park area as I have family there.

I would like to find a 4br 2ba pool home for under 250k..

Would it be possible to rent a home like this and how rent could I get?

[Broker Dave]

You can rent any home as long as your monthly fits the area the property is located in, a home in a good school district will always do well.

I've seen postings here on City-Data asking about leasing a home in a good area, just be sure to do back ground and financial checks and get a lease signed.

Best way to get an ideal for rental rates is to get a rental analysis, other than that you can get thoughts on what individuals might be doing here.

Hope this helps,

[Minet]

Try Seminole County (specifically 32771), which has a much better school system than Orange County. You can definitely find a nice house for 250k but you may need to pay a bit more for a 4 bedroom.

I have to say though people are having an awful time renting out places right now because people who can't sell their houses are renting them out to just at least cover their mortgage payments and are trying to compete for renters.

[Broker Dave]

More and more tenants are asking questions and wanting properties that are not being short sold and the owner isn't paying the mortgage meaning a knock on the door by the sherriff with an eviction notice.

Hope this helps,

[flycessna]

I've owned and managed rentals for years up here in the northeast. orlando is a big area. iam looking for "where" I should be focusing my search to find a home in a goood school district that would meet my price range and also bring in a decent rent.

I am not paying cash so I need a rent that can cover the mortgage and expenses or at least a s close to it as possible.

I am partial to college park.. I like Orlando the city but am not familiar with the schools there. Outside of orlando Ive heard that lake brantley is the better school system but that was a while ago.. dont know what the current situation is?

It looks as though that zip covers Sanford.. is that where your talking about Minet???

[beckycat]

Originally Posted by flycessna

I've owned and managed rentals for years up here in the northeast. orlando is a big area. iam looking for "where" I should be focusing my search to find a home in a goood school district that would meet my price range and also bring in a decent rent.

I am not paying cash so I need a rent that can cover the mortgage and expenses or at least a s close to it as possible.

I am partial to college park.. I like Orlando the city but am not familiar with the schools there. Outside of orlando Ive heard that lake brantley is the better school system but that was a while ago.. dont know what the current situation is?

It looks as though that zip covers Sanford.. is that where your talking about Minet???

Minet is talking about the nice part of Sanford. Although, 32771 covers a nice area west of I4, it also covers a less desirable area. The other thing is that that area is zoned for Seminole High School. There are mixed opinions about SHS. If you have kids, want good schools, and be able to rent, you'd be better of staying in Seminole County. Some options would be Lake Mary, Longwood, Winter Springs, and Altamonte Springs.

[annerk]

I think you're going to have a hard time getting enough rent to cover the mortgage, home owners insurance, and taxes anywhere in an area with good schools unless you've got a really substantial downpayment.

[flycessna]

Originally Posted by beckycat

Minet is talking about the nice part of Sanford. Although, 32771 covers a nice area west of I4, it also covers a less desirable area. The other thing is that that area is zoned for Seminole High School. There are mixed opinions about SHS. If you have kids, want good schools, and be able to rent, you'd be better of staying in Seminole County. Some options would be Lake Mary, Longwood, Winter Springs, and Altamonte Springs.

Thanks!

are we talking lake brantley school district??

What going on on those areas with realestate.. how bad is it and is there good opportunities?

I would also be interested in investment property (2 or 3 families) but it would have to be newer construction.

[GregTraub]

Don't exclude Orange county at all! Seminole has a higher % of highly rated schools, but Orange has plenty of great schools as well.

To keep it under 250K for a 4+ bed, newer, pool home I'd look into Windermere (Summerport, Lakes of Windermere), Lake Mary (Timicuan area), Lake Nona (Northlake Park, East Park, Village Walk, North Shore at lake Hart to name a few), Waterford Lakes, Avalon Park, Oviedo (Sanctuary/Live Oak area and along lockwood), Longwood (Lake Brantley area...but expect older homes), Winter Springs (Tuskawilla Area).

LOTS of area's to choose from, best one's for rental area's though are Windermere, Waterford Lakes, Lake Nona, and to an extent, Avalon Park and Lake Mary aren't too bad either. Depending on your neighborhood and house features rents for a 4/2 with pool will usually range between 1300-2000....big range I know, that's why you need to have the research upfront. I am helping several investors right now and last year we were able to pick up quite a few that cashflow a bit, or at a minimum are breaking even....this is with it being professionally managed, and without considering tax benefits as well.

A pool home unfortunately will likely put you in the red, typically a pool doesn't increase the rent a property can get by as much as it costs to maintain the pool...and being as this property will eventually be your own home, i'm sure your going to want extra features that will go toward your enjoyment and not increase rental value. Either way, if you choose carefully there is no reason you should not be able to cover most of your expenses with rent for a couple years.

The big question to narrow things down is going to be where you will be working when you come to Orlando. All of these area's are on opposite sides of town, so if you will be working in Lake Mary, I wouldn't suggest you move to Lake Nona or Windermere.

[beckycat]

Originally Posted by flycessna

Thanks!

are we talking lake brantley school district??

What going on on those areas with realestate.. how bad is it and is there good opportunities?

I would also be interested in investment property (2 or 3 families) but it would have to be newer construction.

Lake Brantley High, Lake Mary High, Winter Springs High, Hagerty High. I forgot to also mention Oviedo.

There are good opportunities in those areas. Do a search on realtor.com or craigslist to get an idea.