Message Font: Serif | Sans-Serif
 
No. of Recommendations: 0
Thanks Dave. I knew we could count on you!

And thanks from me as well Dave! Your info is much appreciated.

Calabogie, if you find that the Codotel is too expensive to finance, consider finding a conventional condo for your needs and hiring a manager to run the VR. If you are only going to be there for 4 weeks a year, you might just want to rent a VR instead. FL is overwhelmed with them right now, both legally licensed and not, because people can't sell their homes. Check out http://www.vrbo.com and homeaway.com for places to start, or just google FL vacation rentals using the name of the town you are interested in.

I'm still in the market for something in the Orlando area (preferably outside of the city) but the condotel doesn't sound like it's going to be worth pursuing. I might have continued looking into it but the fact that USAA said they would make a loan on that type of property ANYWHERE but Florida made me leery. Now with what you 2 have told me I'll be looking at other possibilities.

A conventional condo is what I would want as a house or even a townhouse would be too much for what we need. As for renting, we have done that in the past and will continue doing it but it just seems that with housing prices falling so far it might be a good time to pick up an investment property in that area. Sure, things could stay bad or even get worse but it's not like we have any other mortgage payments. We rent here in Germany but the rent and all utilities are covered by our LQA (Living Quarters Allowance) which leaves the salary untouched.

Maybe you can help with some other questions I have. I know nothing about hiring a management company to keep up a property. I assume there are reputable firms out there who can be verified through the BBB or some such but my concern is not only how much they cost but what I should expect from them. Obviously all of the outside work (painting or whatever) would be handled by the condo association but the upkeep inside the condo such as appliance maintenance, plumbing, electrical, etc. is a big concern to me. When we were younger we rented a number of places where the management company handling things just didn't do a good job. Some of them were supposedly reputable but they certainly didn't live up to our expectations.

One thing we have going for us is that our dauther and her husband live in that area (which is why we vacation there) so they could keep an eye on things for us. I don't want to rely on that too heavily though as it would be imposing on them.

Anyway, any tips or hints or general info you could provide would be greatly appreciated.

Thanks,
Calabogie
Print the post  

Announcements

What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.