We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
We're Losing Money on our Florida Property - help!!!
Comments
-
Perhaps the callous responses are jealous not callous, that you're in a position to buy a seven bedroom property abroad!? It's a strange thing, especially as we're living in a capitalist society, where people are called greedy just for making investments.
Jealous of a nightmare? The op hasn't painted a pretty picture, why would anybody be jealous? There are good investments and bad investments. I do think it's unfair to call her greedy, but she has taken on more than she can chew. I think this is a lesson to all, that if you are going to spend an awful lot of money on something, really do your research before you go ahead, and don't just take what any sales person says at face value. If it sounds to good to be true - double check. I hope it works out for the op.0 -
This site gets trolls and SPAM on a daily basis. People on here can be a bit defensive because the size and nature of the site makes it slow to remove offenders, particularly trolls.SleepWalker wrote: »You what?!
Jesus, i just post up a message yesterday and because i don't reply immediately you think i'm a troller?!
You still haven't said where it is. What is the zip code? What does Zillow say for your place? (even though zillow isn't the greatest tool)SleepWalker wrote: »Well the original plan was to live in the property once i've paid the mortgage off hence the 7 bedrooms - admittedly this is a bit of an oversight as far as renting is concerned.
My only hope now is to hope someone snaps it up quick or hold off in the hope that my business merger happens soon.
Must admit i'd have appreciated some more warmer responses rather than the many callous ones received. But thanks anyway.A house isn't a home without a cat.
Those are my principles. If you don't like them, I have others.
I have writer's block - I can't begin to tell you about it.
You told me again you preferred handsome men but for me you would make an exception.
It's a recession when your neighbour loses his job; it's a depression when you lose yours.0 -
As a Floridian living here in the UK and who owns a few homes in Florida, I would advise a sale. Unfortunately, based on my management company, homes over 4 bedrooms rarely get let and when they do, they usually get trashed due to the number of people in the villa.
We have a few 3-4 bed properties and our 3 bedrooms are the ones with the least damage and best rental potential. They are in a rental bracket that more people can afford hence it is rarely not rented.
Check your contract with your management company. Ours reads that if they do not inspect property and deduct from deposits, then we can either sue or retain their funds due to them.
Good luck and not all Florida property is a bad investment. I learned to set my personal needs for a home off against those of a rental because they will never match up.0 -
If it was me, I'd sell it ASAP. Sitting and waiting and worrying would be a nightmare.
Sell it for whatever you can and be free of the worry.:snow_grin"Let it snow, let it snow, let it snow........":snow_grin0 -
Why would anyone be jealous?
If I wanted I could "snap up" a 7 bedroom Floridian McMansion tomorrow for around 300K sterling.
I wouldn't own the place. I'd just have a big mortgage, a house I hardly ever saw, and in a year's time, potentially massive negative equity.
Anyone jealous yet?
Meanwhile, back in grey old Blighty I could use that 300K to buy a one bedder "luxury" sty in one of the less salubrious parts of South East London. Niiice.0 -
Cut the OP some slack!! He didn't do his research, things haven't gone to plan (he's already said he intended to live in it one day!), and now he's asking advice on what to do!
When you bought the house, did the selling agent give you any written guarentees of rental income and an approximation of how often the property would be let out?
I would just cut your losses and sell ASAP, and maybe buy yourself something smaller, or do some research before hand on rental properties! 7 bed properties in the US are lovely, and I know a few people who live in them, but they are family homes, and definitely not suitable for the rental market!Should've = Should HAVE (not 'of')
Would've = Would HAVE (not 'of')
No, I am not perfect, but yes I do judge people on their use of basic English language. If you didn't know the above, then learn it! (If English is your second language, then you are forgiven!)0 -
Where have you been Meanmachine? :beer:meanmachine wrote: »....If I wanted I could "snap up" a 7 bedroom Floridian McMansion tomorrow for around 300K sterling.....
Anyway, you'd be spending much too much at £300k, look at this bargain, needs a bit of work but at £65k (plus closing costs probably) how can you go wrong?
http://www.flapropertyfinder.com/MLS_Property_Search/page_1847082.htmlA house isn't a home without a cat.
Those are my principles. If you don't like them, I have others.
I have writer's block - I can't begin to tell you about it.
You told me again you preferred handsome men but for me you would make an exception.
It's a recession when your neighbour loses his job; it's a depression when you lose yours.0 -
Can the property be divided into two or three property lets?
GGThere are 10 types of people in this world. Those who understand binary and those that don't.0 -
I understand your thinking there GG but large family houses in the US tend to be on reasonable sized plots and splitting them out would be tricky because of layout and re-arranging the facilities like kitchens. What happens over things like pools? How much would the rent be affected by the place no longer being detached? This is all assuming you could be this within the zoning laws in the area and I don't think they like allowing houses to be split in two on estates of houses.Gorgeous_George wrote: »Can the property be divided into two or three property lets?
GGA house isn't a home without a cat.
Those are my principles. If you don't like them, I have others.
I have writer's block - I can't begin to tell you about it.
You told me again you preferred handsome men but for me you would make an exception.
It's a recession when your neighbour loses his job; it's a depression when you lose yours.0 -
.......When you bought the house, did the selling agent give you any written guarentees of rental income and an approximation of how often the property would be let out?
Of course they gave them all the speil.
And it was all bullsh1t.dolce vita's stock reply templates
#1. The people that run these "sell your house and rent back" companies are generally lying thieves and are best avoided
#2. This time next year house prices in general will be lower than they are now
#3. Cheap houses are a good thing not a bad thing0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.2K Banking & Borrowing
- 253.2K Reduce Debt & Boost Income
- 453.7K Spending & Discounts
- 244.2K Work, Benefits & Business
- 599.3K Mortgages, Homes & Bills
- 177.1K Life & Family
- 257.7K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards