We're Losing Money on our Florida Property - help!!!

mr.broderick

SleepWalker wrote: »

Hello,

We bought a seven bedroom Florida property off plan and have been renting it out for the last year and a half but the management company are useless.

We've had tenants stay just for a few days for a party who break things and leave stains on the sofas etc but the management company weren't taking any of their deposit from them.

We had been bearly getting enough people stay in the property in order to pay the mortgage each month so decided to put it on the market but it isn't selling.

We would switch to a better management company but as the property is up for sale different management companies aren't interested in taking us onboard.

Was just wondering if there's any others on here in the same situation or if anyone has any advice as to what we can do.

Get someone to set fire to it, make it look like an electrical fault.

jyonda

You are a bad man mr.broderick.

dolce_vita

You are entering murky waters mr.b

reformedEffortMaker_2

HugoSP -what an excellent post!...thanks

MissMoneypenny

pamaris wrote: »

Is this a wind up? I have never heard of anyone buying a 7 bed rental property. Even in the USA (where I'm from) rental properties are usually small family homes. Maybe the OP bought this as a holiday let?

I know someone who bought a 7 bedroom property as a holiday let in Kissimmee - about 2 years ago. He lost a lot of money in the last house price crash in the UK, so decided to try again in Florida:eek:

boyse7en

MissMoneypenny wrote: »

I know someone who bought a 7 bedroom property as a holiday let in Kissimmee - about 2 years ago. He lost a lot of money in the last house price crash in the UK, so decided to try again in Florida:eek:

He didn't exactly rush back into the property market, did he, considering the last HPC was about 20 years ago

MissMoneypenny

boyse7en wrote: »

He didn't exactly rush back into the property market, did he, considering the last HPC was about 20 years ago

No, because he had his fingers well and truly burnt on the student houses he owned in the 90s. His parents stopped him from losing his own house, by selling up and moving to a cheaper area. They said they were giving him his inheritance now.

Debt_Free_Chick

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.

Do you mean live in the property once THAT mortgage is paid off (i.e. once the mortgage on the Florida property is paid off)

What was the original plan with regards to financing the mortgage - is it dependant on you letting it out? Are you letting it as long-term or as a holiday let?

I think you need to go back to square one and re-evaluate the aim of the property (e.g. to live in?). If to live in, what's the time frame? How to finance the mortgage up until then.

It's all very well us suggesting that you sell it, but what does that do to your future plans? Presumably, you were planning on emigrating to Florida .... If you don't do that, what's the plan?

If you are intent on emigrating, must you live in this property? If so, then how much "pain" can you take re financing the mortgage?

I think we're all looking at this as a simple "investment gone wrong, get out" but I'm not sure from your posts that the situation is this clear-cut.

For example, if your plan is to emigrate and to live in this property - and you can finance the mortgage payments on it - then why not just sit it out? Presumably, when you come to emigrate, you'll have assets or a property here to sell which will pay off some of the mortgage on the Florida property?

Difficult to be "creative" without fully understanding all your objectives. Of course, you don't have to post them here, but you need to be clear about your goals and what it might cost to achieve them - then decide whether it's a price worth paying.

HTH

helliecopter_2

guys guys - what's going on? What happen to the true spirit of MSE? As a newbie to the site, I thought all postings where to be treat the same and post if you can offer help,advice and support. Slate me if I'm talking out of turn, but i don't think it's right to post low level jibes. Everyone makes life choices and sometimes they're the wrong ones but we all live with our choices good or bad. Something I'm sure we're all aware of!

SleepWalker - I hope it works out for you whatever you decide to do - I'm sorry I can't be of more pratical help. Good Luck!

SleepWalker_2

Look guys, i haven't got time to respond to every silly response i get from you. Fact is, this one Florida property investment hasn't gone right (i admit) but it's not my sole investment that i am relying on.

I have a thriving business that is being taken over by a group... a nice five bedroom place in the UK i am happy with... and three properties overseas in Europe. My eggs are not all in one basket!

So... thanks to the kind souls who were actually helpful but the rest of you, jeez - get a grip. It's just business...

Suffice to say i will save time in future and go elsewhere for advice. Jealousy will get you everywhere!