Buy to let in Orlando - madness/reasonable?
Discussion
well as it says above. We're starting on looking at whether a BTL in Orlando is a viable idea... size & pricewise we'd be looking at the lower end of the market (so in this case say 2/3 beds @ 150ish) and non-mortgaged.
I know that depending on where you buy you can expect to be bent over on HOA fees so that's an obvious factor to look into. I'd have thought that the biggest issue is finding a good managing agent out there (and then the fees associated with this service).
The 2/3 bed scenario seems to tick more boxes since you're then looking at the small family or young couples market rather than the large 6/8 bed villas which may well be of more interest to the 'party on crowd'.
A nice side effect of this is that we could then (if we wanted) take a break there during a quiet period.
An obvious question has to be regarding tax - do you pay this to the UK IRS (being as we live in the UK and it's income) or is it payable in the US seeing as that is where any funds are earned? I'd imagine that if you are able to get an account with a US bank which has an outlet over here that may make things easier since my understanding (very limited, but it's early days yet) is that it can be very difficult for a non-US resident to get a bank account,
Naturally full advice from an FA and accountant is going to be done, this is just a prelim
I know that depending on where you buy you can expect to be bent over on HOA fees so that's an obvious factor to look into. I'd have thought that the biggest issue is finding a good managing agent out there (and then the fees associated with this service).
The 2/3 bed scenario seems to tick more boxes since you're then looking at the small family or young couples market rather than the large 6/8 bed villas which may well be of more interest to the 'party on crowd'.
A nice side effect of this is that we could then (if we wanted) take a break there during a quiet period.
An obvious question has to be regarding tax - do you pay this to the UK IRS (being as we live in the UK and it's income) or is it payable in the US seeing as that is where any funds are earned? I'd imagine that if you are able to get an account with a US bank which has an outlet over here that may make things easier since my understanding (very limited, but it's early days yet) is that it can be very difficult for a non-US resident to get a bank account,
Naturally full advice from an FA and accountant is going to be done, this is just a prelim
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