Have you considered investing in a single family or multifamily investment property in Naples or Marco Island, Florida? If you have then you will also need to consider if you will personally handle the tenants and rentals or hire a property manager. As a local Real Estate Broker Associate in Naples, Florida I believe that some people are more likely to be quality landlords.
If you don’t like to receive phone calls from your renters with requests for repairs or complaints about neighbors then being a landlord may not be for you. On the other hand, if you enjoy fixing things or have a handymen at your disposal to keep your rental at a high standard then you may make a great landlord.
The process of finding a great investment property in Southwest Florida should include having an experienced real estate agent that has rental properties and understands how to find the right property for you. Consider speaking to your accountant before making a rental property purchase to see if the numbers make sense. Ask what kind of deductions you can take when acting as a landlord versus hiring a property management company.
I’ve personally used a management company in Marco Island for our beachfront vacation rental and will manage another property we own in Naples independently as it will be an annual rental as opposed to vacation rental. As a real estate professional and investor, it can be advantageous to use property management companies when your portfolio becomes too much to handle on your own or you live far away from the properties.
Vacation rental investment properties in Marco Island and Naples offer many options. If you buy a single family home with no rental restrictions then you could rent your property weekly or even daily if you wish. Condos often have limits on rentals but some in Marco Island have weekly and monthly rental options. The weekly rental buildings operate almost like a hotel. Often times renters will check in at the front desk and receive rules and regulations for the condo building. If a management company is involved in the rental then all communications will be handled via the management company for check-in and check-out.
There are a few major players in the property management field that do things well on Marco Island. Two property management companies I recommend are Marco Escapes and Marco Island Vacation Properties. Prime locations with private access to the beach will fetch higher rental rates during the high season which typically runs January, February and March. With monthly rentals it is not uncommon to be able to rent 6 to 8 months of the year depending on the location and amenities. Weekly rentals have the possibility of generating more revenue than monthly rentals as it is easier to find weekly renters in the off season.
Whether you decide to add rental properties to your portfolio or buy and hold a second home for investment, it’s always a good idea to have advice from a local real estate professional from Naples or Marco Island. Contact us with any questions about the local market and search for properties on www.napleshomerealestate.com.