Orlando Can’t Be Beat When Considering Investment Property
Article written by guest blogger: Joann Whetstine, a timeshare owners advocate.
As everyone knows, Florida is a great place to plan a beach vacation, but what you may not know is that it’s also a great place to consider buying investment property. The main reason is because there is just so much to do there with every conceivable type of entertainment available in this Florida city which means that there will always be someone looking for a place to stay.
One of the biggest things to do is visit a theme park, and Orlando has the highest concentration of theme parks in the country. The Walt Disney Resorts include the Magic Kingdom, Epcot, and Disney’s Hollywood Studios. Plus, Universal Studios, Sea World, and even Gaterland, will also all vie for the attention of Orlando travelers.
Not only are there an abundance of theme parks, but, each one has something for everyone. Your youngest set will have the time of their lives in Walt Disney World’s Magic Kingdom. Grandma and Grandpa are sure to enjoy touring the world at Epcot. Head your teens to Sea World for the zero-gravity roll of the Kraken roller coaster. They’ll also enjoy experiencing the unique up-hill launch of the Incredible Hulk coaster at Universal’s Islands of Adventure.
The entire family will love the once-in-a-lifetime thrill of swimming with dolphins at Discovery Cove. Here you can also snorkel through Tropical Reef, a coral reef where you can feed graceful rays and swim among hundreds of tropical fish. Or lazily float on inner tubes down the heated Wind-Away River. Still wanting that Florida beach vacation? At Discovery Cove you can relax in hammocks on the white sand beaches along the shore of Serenity Bay.
We’ve just scratched the surface of all you can do in Orlando. When you purchase Orlando investment property you can choose to stay in the unit for your own vacation and of course rent it out to others when you are not there. There are many choices to consider for investment in an Orlando vacation experience, such as timeshares, vacation homes and rental property for personal use and investment. Do your own research before deciding which option is best for you.
Filed under Popular Orlando Investment Property Areas | Comment (0)Using Owner Financing to acquire Orlando investment property
Owner financing can either be for the full purchase price or it might just be for a percentage of the purchase price. When sellers do owner financing, they usually require a mortgage on the property. Owner financing is also a way for a seller to get a premium price for the property, often times one that would be unlikely that the investment property would appraise for. Ask yourself why would a seller carry a mortgage? Sometimes they are left with little choice, and it’s either sell quickly using owner financing, or leave the Orlando investment property on the market and chance a decline property value.
Owner financing can also be an option for more than just traditional homes. Property owners can potentially carry the note for commercial property, land, and most other types of real estate. Owner financing is not very common among homeowners and it is usually employed by investors buying investment property to rent out or flip. If a property is in a bad condition or the owner has a vacant home sitting on the market for a significant period of time, then he or she may consider owner financing. Owner financing or seller financing (also called “rent to own”) is a process by which the seller offers to hold the note for you. No banks or credit are needed for this type of Orlando investment property purchasing.
In owner financing the seller is helped while steady cash flows are generated and one can set terms like interest rate as well as payment terms too. This is thus a way in which win/win is ensured for all the concerned parties to the deal. In many cases, people are wiling to have the seller of the potential Orlando investment property help with the finances, which means that the owner doubles up as the bank too. Terms and conditions are laid out and agreed upon. The buyer pays off the amount according to the terms of the deal without having to go to the bank. There is an option of varying the quantity of payments and this is duly mentioned in the terms and conditions of the contract.
In some cases sellers ask for higher than usual down payments to safeguard their interests as compared to a mortgage lender. While most of the owner financing emanates from the owners savings, the terms mostly call for lower interest rates than what traditional lenders charge on Orlando investment property.
Interest rates have spreads that are determined by financial institutions. Generally 1.50% to 2.50% over prime is the general interest rate with those who want lower rates being required to do a lot of research. This is not required in the case of owner financing. In a few rare cases, the owner financing may be even at 0% interest, especially in cases when the seller is very keen on selling the Orlando investment property urgently.
Seller financing helps to sell Orlando investment properties much faster as it becomes extremely attractive to buyers. This helps in not only ensuring great buyer interest, but also the ability to generate higher price for the property being sold.
Filed under Tips for Investing in Orlando | Comment (1)