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Short term rentals in College Park?

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Deuce of Spades

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http://www.villasbychristi.com/index.html

saw an ad in the 'Park Press' (mailbox paper) for an 'Estate Escape'

"Luxurious short term rental in Downtown College Park"

little research and I found the location - behind the 7-11 off of Edgewater.
this is an interesting way of handling the slow market. I wonder if they will get any takers.
Never realized zoning would allow this.
 

Chris Colston

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Jul 24, 2003
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Certified Residential Appraiser
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Looks like they turned it into a B&B. Wonder if it was to offset their mortgage payment?

I saw something on TV about what to do with your house if you are having problems and facing foreclosure. The suggestion was to move out, and rent it to a tenant rather than lose it in a short sale. The suggestion was you might not be able to get all of the mortgage payment as rent, but some was better than none. The suggestion was also that the person having trouble, down size to a smaller rental until conditions improved and they could then move back into their original house.
 

Ken B

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Feb 18, 2004
Professional Status
Certified General Appraiser
State
Florida
Looks like they turned it into a B&B. Wonder if it was to offset their mortgage payment?

I saw something on TV about what to do with your house if you are having problems and facing foreclosure. The suggestion was to move out, and rent it to a tenant rather than lose it in a short sale. The suggestion was you might not be able to get all of the mortgage payment as rent, but some was better than none. The suggestion was also that the person having trouble, down size to a smaller rental until conditions improved and they could then move back into their original house.

The underlying assumption is that you can find a qualified renter and will eventually be able to "afford" to pay the mortgage payments on your original house.

Annual mortgage payment (PITI) on original house financed with zero down and interest only payments: $28,800

Annual market lease: $24,000
less one mo commission: -2,000
less frictional vacancy: -1,200
less maintenance: -1,200
less annual HOA: -1,800

Net income: $17,800
less debt service: -28,800

Net cash flow: $-9,000

Not considered: moving expenses, utlility hookups, higher insurance costs, possible higher taxes, collection loss.

If you can't afford to pay the mortgage, how can you afford to pay the rent.
 
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Deuce of Spades

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Nov 7, 2005
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State
Florida
Might have been an investment property and now they are stuck with it. It is brand new construction. Prior sale was 2/07 for $125k+-
Interesting concept

I think I might ride my bike and take a look this afternoon. Don't have much else to do....
 

nauthead

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Nov 26, 2004
Professional Status
Certified General Appraiser
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In my area, there are so may homes offered for rent that renters really have the upper hand right now. Marion Oaks: 433 listings, active 78 rentals. Silver Springs Shores: 622 listings, 78 active rentals. Most of the rentals are also offered for sale and most are new construction that have never been occupied. Good luck finding a tenant or a buyer right now.
 
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