Orlando Airbnb Properties to Buy
Want to buy an Orlando Airbnb Property?
Orlando has a huge vacation home market, so its no surprise that some buyers are interested in buying an Orlando Airbnb. Orlando is the #1 tourist destination in the world with 66 million visitors annually. When hotels have no vacancy, and families want to be together in a single family home, short term rentals homes can be the optimal accommodation.
Airbnb with its worldwide presence makes marketing much easier for property owners who want to rent to vacationers.
Airbnb has grown to a $25.5 billion business, that now there are companies such as Mashvisor that will help you analyze an Airbnb investments.
Many owners like to rent out their properties to people on vacation for 30 days or less. Orlando has an enormous short term rental market, so buying and operating an Airbnb property may be legal in most places.
Buy in the right location
If you buy in the right location that allows short term rentals, you can legally operate your Orlando Airbnb. Certain areas zoned for short term rentals are located around the theme park attractions that include parts of Kissimmee, South Clermont, parts of Davenport, and parts of Orlando around International Drive.
Buyers Broker of Florida knows where to search to keep your real estate investment legal.
Don’t have an Illegal Orlando Airbnb
There are plenty of illegal Orlando Airbnb properties being rented in non-short term rental areas. These owners are also not paying the local taxes and fees on their income. Orange county has seen a rise in Airbnb complaints of illegal properties, and in a recent Orlando Sentinel article it is noted, Airbnb will provide reports to the county on their rentals so the counties can make sure owners are paying their taxes. If not you could get fined.
Plenty of Inventory
There are over 1,000 short term rental properties for sale in the Orlando area from condos, town homes, single family pool homes, brand new homes, to luxury golf homes. Pricing will range depending on location and property type. Condition of properties vary, from brand new, turn key mint condition, to worn out condition or a true fixer upper. Sometime properties will need to be fixed up or updated before you advertise the rental. A great buyers agent will help you sort out the best home to maximize your income.
Steps for a Successful Airbnb
Buy in a community zoned for short term rental: This will ensure you can operate your Orlando Airbnb freely and effectively when you buy in the authorized location. In these areas, theme parks and restaurants and activities are the main attractions.
Apply for County Business License: Each county will require you to apply for initial licensing fees, and pay annual fees to operate a short term rental business.
Have adequate Insurance: Since you are renting to the public its is always advisable to seek a minimum of $1 million in additional liability coverage, it only costs $200 per year to add to that standard home owners insurance.
Get your property into top condition: Not all properties for sale are ready for renting. Many become overused, needing new carpet, new paint and new furniture to keep it fresh and modern. Let’s face it even when you book a hotel you do not want a worn out room. Plan to spend money updating your rental and fix all repairs to optimize your investment.
Get yourself set up with the property manager or someone to maintain your property: Most owners do not live locally or have enough time to help guests in emergencies or arrange contractors for repairs. There is no shortage of companies that specialize in managing short term rentals. However, ask a lot of questions and screen the right company as there is very few regulations and standards for these companies.
Market your property on Airbnb or other websites: Advertising your property on other websites, such as VRBO, or HomeAway if you are not getting enough bookings. Some owners that are really serious have their own personal website for bookings.
Pay all your short term rental taxes: Orlando growth and development has really gone upward in the last several years due to money received for tourist/resort taxes. You will have to pay taxes you on your Airbnb revenue.
Buying doing all of these things, (plus hiring an exclusive buyers agent to find the right property) your Orlando Airbnb will be off to great start for success. If you are in the market for an Orlando Airbnb property, call Buyers Broker of Florida for a complimentary consultation 407-539-1053.