hi all
I’ll be investing in some buy and holds and would like opinions on 55+ communities. I’m in Florida and obviously there are many retirees and snowbirds. These properties are less than others 30k-60k but obviously have age restrictions and also bring in less cash flow. The avg rent is 800.00 per month as many who rent are on a fixed income. I heard they make better tenants i.e. No children, no parties etc. Are there any 55+ landlords out there that can shed some light? Here are my monthly figures.btw,no lease restriction
54k cash 2/2
800.00 rent
231.00 hoa Inc. water, cable, bldg insurance, ground maintenance
40.00 property Taxes
529.00 cash flow
I’m just speculating here–I don’t have any direct experience–but you may get more of the proverbial 3 am toilet calls. Actually: When I’ve had good tenants, they’re good at handling the small things that need fixing or repair. Maybe a battery changed in a smoke alarm, for instance. Or a light bulb in a ceiling fixture.
Obviously, most 55-65 year olds can do that, too. But (again, just speculation), if you have a 75 or 80 year old tenant, you may end up getting more calls for minor issues that they no longer feel comfortable or safe doing.
Also, of course, you haven’t plugged in maintenance or vacancies into your cash flow calculations.
Hope that helps.
Buy and Hold Rentals
Hello @JMartinez
There are plenty baby boomers who are looking for a nice place to settle down, especially in Florida. What parts of Florida are you looking to invest in?